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§ 17-323. Remedies and sanctions

West's Annotated Code of MarylandCommercial LawEffective: October 1, 2022

West's Annotated Code of Maryland
Commercial Law
Title 17. Disposition of Abandoned Property (Refs & Annos)
Subtitle 3. Abandoned Property in this State (Refs & Annos)
Effective: October 1, 2022
MD Code, Commercial Law, § 17-323
§ 17-323. Remedies and sanctions
Currentness
(a)(1) A person who fails to pay or deliver abandoned property to the Administrator as required by this title shall pay a penalty equal to 15% of the value of the property.
(2) If a person fails to file any report or refuses to deliver property to the Administrator as required by this title, 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.
(b) A person who willfully fails to render any report or perform any other duty required by this subtitle is subject to a fine of $100 for each day the report is withheld, but not more than $5,000.
(c) In addition to the provisions of subsection (a) of this section, a person who willfully refuses to pay or deliver abandoned property to the Administrator as required by this subtitle is subject to a fine of not less than $500 nor more than $5,000 or imprisonment for not more than six months or both.
(d) The Administrator may waive any penalty required under this section.

Credits

Added by Acts 1975, c. 49, § 3, eff. July 1, 1975. Amended by Acts 1981, c. 752; Acts 1981, c. 773, § 2; Acts 1981, c. 774, § 2; Acts 1998, c. 663, § 1, eff. June 1, 1998; Acts 2022, c. 361, § 1, eff. Oct. 1, 2022.
Formerly Art. 95C, § 22.
MD Code, Commercial Law, § 17-323, MD COML § 17-323
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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