Current through 2016 Legislative Session, Act 399
(a) In the case of the failure to file any report required by this chapter on or before the due date prescribed therefor (determined with regard to any extension of time for filing), unless it is shown that such failure is due to reasonable cause and not wilful neglect, there shall be added to the amount of abandoned or unclaimed property required to be shown on the report the lesser of 5% of the amount thereof if the failure is not for more then 1 month, with an additional 5% for each additional month or fraction thereof during which such failure continues, not to exceed 50% in the aggregate or a civil penalty of $100 for each day the report is withheld or the duty is not performed, but not more than $5,000.
(b) In the case of the failure to pay the amount of abandoned or unclaimed property required to be shown on any report required by this chapter on or before the due date prescribed for the payment of such property (determined with regard to any extension of time for payment), unless it is shown that such failure is due to reasonable cause and not wilful neglect, there shall be added to the amount of such property required to be shown on any report 0.5% of the amount of such property if the failure is for not more than 1 month, with an additional 0.5% for each additional month or fraction thereof during which such failure continues, not to exceed 25% in the aggregate. For purposes of this subsection, the amount of property shown on any report shall be reduced by the amount of any property which is paid on or before the beginning of the month for which a calculation is made under this subsection.
(c) If any part of a deficiency in payment of abandoned or unclaimed property required to be shown on any report is due to fraud, there shall be added to the property required to be shown on the report an amount equal to 75% of the portion of the deficiency in payment which is attributable to fraud. The penalty prescribed by this section shall apply only in cases where a report of abandoned or unclaimed property is filed and only to that part of the deficiency in payment the Escheator establishes is attributable to fraud.
(d) Interest at 0.5% per month on outstanding unpaid amounts shall accrue from the date the amounts or property were due under this subchapter until paid, unless it is shown that such failure is due to reasonable cause and not willful neglect as determined by the State Escheator. Interest due in accordance with this subsection shall in no event exceed 25% of the amount required to be paid; provided, however, that penalties under subsection (a), (b), or (c) of this section shall not be deemed to be interest for purposes of this subsection. This subsection shall be effective for any late-filed unclaimed property that is reported and remitted on or after March 1, 2016.
Amended by Laws 2015, ch. 114,s 2, eff. 7/22/2015.
Amended by Laws 2013, ch. 278,s 1, eff. 6/30/2014.
12 Del. C. 1953, § 1207; 58 Del. Laws, c. 426, § 12; 63 Del. Laws, c. 311, §3; 68 Del. Laws, c. 122, §6; 73 Del. Laws, c. 417, § 2.;