Failure to File or Report Unclaimed Property
Any person who fails to pay or deliver abandoned property to the administrator as required by this title shall pay a penalty equal to 15 percent of the value of the property. The administrator may bring an action in a court of appropriate jurisdiction to require the filing of the report and to enforce delivery of the property. Willfully failing to render any report or perform any other duty required by Subtitle 3 of this title is subject to a fine of $100 for each day the report is withheld, but not more than $5,000.
The report shall be for the period of July 1 through June 30 of each year and filed no later than October 31 of that year. However, the reporting period for an insurance corporation shall be from January 1 through December 31 of each year and the report shall be filed no later than April 30 of the following year.