(1) A person who fails to pay or deliver property within the time prescribed by this act shall pay to the administrator interest at the current monthly rate of 1 percentage point above the adjusted prime rate per annum per month on the property or value of the property from the date the property should have been paid or delivered. The term “adjusted prime rate” means the average predominant prime rate quoted by not less than 3 commercial banks to large businesses, as determined by the department of treasury. The adjusted prime rate is to be based on the average prime rate charged by not less than 3 commercial banks during the 12-month period ending on September 30. The resulting current monthly interest rate based on the 12-month period ending September 30 will become effective on January 1 of the following year.
  (2) A person who willfully fails to render any report or perform other duties required under this act shall pay a civil penalty of $100.00 for each day the report is withheld or the duty is not performed, but not more than $5,000.00.

Terms Used In Michigan Laws 567.255

  • Administrator: means the state treasurer. See Michigan Laws 567.222
  • Conviction: A judgement of guilt against a criminal defendant.
  • Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
  • month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j
  • Person: means an individual, business association, state or other government, governmental subdivision or agency, public corporation, public authority, estate, trust, 2 or more persons having a joint or common interest, or any other legal or commercial entity. See Michigan Laws 567.222
  • Property: means tangible or intangible personal property owned by a person. See Michigan Laws 567.222
  (3) A person who willfully fails to pay or deliver property to the administrator as required under this act shall pay a civil penalty equal to 25% of the value of the property that should have been paid or delivered.
  (4) A person who willfully refuses after written demand by the administrator to pay or deliver property to the administrator as required under this act is guilty of a misdemeanor and upon conviction may be punished by a fine of not less than $500.00, nor more than $25,000.00, or imprisonment for not more than 6 months, or both.
  (5) The administrator or an authorized representative of the administrator may waive interest and civil fines imposed under this section.
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