CHAPTER 311

FORMERLY

HOUSE BILL NO. 630

AN ACT TO AMEND CHAPTER 11, TITLE 12, DELAWARE CODE, RELATING TO THE ESCHEAT OF ABANDONED OR UNCLAIMED PROPERTY.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF DELAWARE:

Section 1. Amend Section 1152, Subchapter 11, Chapter Il, Title 12, Delaware Code, by striking the figure 15,000" as It appears therein and inserting in lieu thereof the figure "$2,500", and by adding thereto the following:

"Provided, however, that in no case shall the penalty imposed exceed 100% of the amount required by this subchapter to be reported or paid to the State Escheator."

Section 2. Section 1192, Subchapter III, Chapter 11, Title 12, Delaware Code, is amended to read as follows:

"§1192. Penalty for Failure to Report or Make Payment.

Any life insurance company failing to report or pay over any amounts as required by this subchapter shall be subject to a civil penalty of $25 for each day such report or payment is withheld, not to exceed a maximum of $2,500, except that the State Escheator may extend the time for filing the report or making payment and may waive all or any portion of the penalty if the failure is due to a reasonable cause. Provided, however, in no case shall the penalty imposed exceed 100% of the amount required by this subchapter to be reported or paid to the State Escheator."

Section 3. Section 1207(a), Subchapter IV, Chapter 11, Title 12, Delaware Code, is amended to read as follows;

"(a) Any person tailing to report or pay over any amounts or property as required by this subchapter shall be subject to a civil penalty of $25 for each day such report or payment is withheld, not to exceed a maximum of $2,500, except that the State Escheator may extend the time for filing the report or making payment and may waive all or any portion of the penalty if the failure is due to reasonable cause. Provided, however, to no case shall the penalty imposed exceed 100% of the amount required by this subchapter to be reported or paid to the State Escheator."

Section 4. Amend Section 1198 (9), Subchapter W, Chapter 11, Title 12, Delaware Code, relating to the definition of "person", by striking the comma and words "any court" as they appear therein.

Section 5. This Act shall take effect on July 1, 1982.

Approved June 30, 1982.