Vermont Statutes Title 27 Sec. 1595
Terms Used In Vermont Statutes Title 27 Sec. 1595
- Administrator: means the Vermont State Treasurer. See
- Contract: A legal written agreement that becomes binding when signed.
- Holder: means a person obligated to hold for the account of, or to deliver or pay to, the owner, property subject to this chapter. See
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: means tangible property described in section 1465 of this title or a fixed and certain interest in intangible property held, issued, or owed in the course of a holder's business or by a government, governmental subdivision, agency, or instrumentality. See
§ 1595. Other civil penalties
(a) If a holder enters into a contract or other arrangement for the purpose of evading an obligation under this chapter or otherwise willfully fails to perform a duty imposed on the holder under this chapter, the Administrator may require the holder to pay the Administrator, in addition to interest as provided in subsection 1594(a), a civil penalty of $1,000.00 for each day the obligation is evaded or the duty is not performed, up to a cumulative maximum amount of $25,000.00, plus 25 percent of the amount or value of property that should have been but was not reported, paid, or delivered as a result of the evasion or failure to perform.
(b) If a holder makes a fraudulent report under this chapter, the Administrator may require the holder to pay to the Administrator, in addition to interest under subsection 1594(a) of this title, a civil penalty of $1,000.00 for each day from the date the report was made until corrected, up to a cumulative maximum of $25,000.00, plus 25 percent of the amount or value of any property that should have been reported but was not included in the report or was underreported. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)