(1) A person commits the offense of compounding a felony if the person knowingly accepts or agrees to accept any pecuniary benefit in consideration for:
(a) refraining from seeking prosecution of a felony; or
(b) refraining from reporting to law enforcement authorities the commission or suspected commission of any felony or information relating to a felony.
(2) A person convicted of compounding a felony shall be fined not to exceed $500 or be imprisoned in the county jail for a term not to exceed 6 months, or both.