Delaware Code Title 12 Sec. 1185 – Waiver of interest and penalty
(a) The State Escheator may, for good cause, waive, in whole or in part, interest and penalties under § 1183 or § 1184 of this title, subject to the following requirements:
(1) Except as provided in (a)(2) of this section, interest must be no less than 20% per incident for any holder who receives a notice of examination after August 1, 2021.
(2) Interest must be 1% per incident for any holder who receives a notice of examination after August 1, 2021, who completes and remits payment pursuant to a Department of Finance expedited examination process under § 1172(c) of this title.
(3) For the purposes of this section, “per incident” means the total past-due examination liability, including any estimated liability under § 1176(a) of this title.
Terms Used In Delaware Code Title 12 Sec. 1185
- Holder: means any person having possession, custody, or control of the property of another person and includes a post office, a depository, a bailee, a trustee, a receiver or other liquidating officer, a fiduciary, a governmental department, institution or agency, a municipal corporation and the fiscal officers thereof, a public utility, service corporation, and every other legal entity incorporated or created under the laws of this State or doing business in this State. See Delaware Code Title 12 Sec. 1130
- State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Delaware Code Title 12 Sec. 1130
(b) The Secretary of State may waive interest due on outstanding unpaid amounts reported through the Secretary of State’s voluntary disclosure program pursuant to § 1173 of this title.
(c) [Repealed.]
81 Del. Laws, c. 1, § 2; 81 Del. Laws, c. 48, § 7; 83 Del. Laws, c. 59, § 22;