Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What happens if a holder does NOT report unclaimed property?

April 26, 2017happens Property report unclaimed

0

Posted

What happens if a holder does NOT report unclaimed property?

2 Answers

0

Posted

A holder who fails to report, pay or deliver property within the time prescribed by law, or fails to perform duties required by this law, such as due diligence, will be subject to all penalties under G.S. 116B-77. This could include a daily interest penalty, a $1,000 civil penalty each day the report is withheld, plus 25% of the value of any property that should have been reported. Also a holder who fails to report may be a likely audit candidate.

0

Posted

A holder who fails to report, pay or deliver property within the time prescribed by law will be subject to all penalties under KRS 393. Nonfilers may be subject to audit.