Cal. Civ. Proc. Code § 1577
Compliance and Enforcement
Redline — January 1, 2011 → current.View current text →
Current — January 1, 2023
As of January 1, 2011
In addition to any damages, penalties, or fines for which a person may be liable under other provisions of law, any person who fails to report, pay, or deliver unclaimed property within the time prescribed by this chapter, unless that failure is due to reasonable cause, shall pay to the Controller interest at the rate of 12 percent per annum on that property or value thereof from the date the property should have been reported, paid, or delivered. If a holder pays or delivers unclaimed property in a timely manner, but files a report that is not in substantial compliance with the requirements of Section 1530, the interest payable shall not exceed ten thousand dollars ($10,000). The holder shall not be subject to any interest payment if the holder’s failure to report in substantial compliance with the requirements of Section 1530 is due to reasonable cause.
(a) In addition to any damages, penalties, or fines for which a person may be liable under other provisions of law, any person who fails to report, pay, or deliver unclaimed property within the time prescribed by this chapter, unless that failure is due to reasonable cause, shall pay to the Controller interest at the rate of 12 percent per annum on that property or value thereof from the date the property should have been reported, paid, or delivered.
(b) If a holder reports and pays or delivers unclaimed property within the time prescribed by this chapter, but files a report that is not in substantial compliance with the requirements of Section 1530 or 1532, the interest payable on the unclaimed property that is paid or delivered in the time prescribed by this chapter shall not exceed ten thousand dollars ($10,000).
(c) The Controller may waive the interest payable under this section if the holder’s failure to file a report that is in substantial compliance with the requirements of Section 1530 or 1532 is due to reasonable cause.
(d) The Controller shall waive the interest payable under this section if the holder participates in and completes all of the requirements of the California Voluntary Compliance Program under Section 1577.5, subject to the right to reinstate, as specified.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.