us-nm/stat
NMSA 1978, § 7-8A-24 — Interest and penalties
(a)
A holder who fails to report, pay or deliver property within the time prescribed by
the Uniform Unclaimed Property Act (1995) shall pay to the administrator interest at the
annual rate set forth in Section 7-1-67 NMSA 1978 on the property or value thereof from
the date the property should have been reported, paid or delivered.
(b)
Except as otherwise provided in Subsection (c) of this section, a holder who fails
to report, pay or deliver property within the time prescribed by the Uniform Unclaimed
Property Act (1995), or fails to perform other duties imposed by that act, shall pay to the
administrator, in addition to interest as provided in Subsection (a) of this section, a civil
penalty of one hundred dollars ($100) for each day the report, payment or delivery is
withheld, or the duty is not performed, up to a maximum of five thousand dollars
($5,000).
(c)
A holder who willfully fails to report, pay or deliver property within the time
prescribed by the Uniform Unclaimed Property Act (1995), or willfully fails to perform
other duties imposed by that act, shall pay to the administrator, in addition to interest as
provided in Subsection (a) of this section, a civil penalty of two hundred fifty dollars
($250) for each day the report, payment or delivery is withheld, or the duty is not
performed, up to a maximum of seven thousand five hundred dollars ($7,500), plus
twenty-five percent of the value of any property that should have been but was not
reported.
(d)
A holder who makes a fraudulent report shall pay to the administrator, in addition
to interest as provided in Subsection (a) of this section, a civil penalty of five hundred
dollars ($500) for each day from the date a report under the Uniform Unclaimed
Property Act (1995) was due, up to a maximum of twelve thousand five hundred dollars
($12,500), plus twenty-five percent of the value of any property that should have been
but was not reported.
(e)
The administrator for good cause may waive, in whole or in part, penalties under
Subsections (b) and (c) of this section, and shall waive penalties if the holder acted in
good faith and without negligence.
Source: official text