Utah Admin. Code R966-1-48 - Waiver of Interest and Penalties

(1) The administrator may waive, in whole or in part, interest under Subsections 67-4a-1206(1) of the Act and penalties under Subsection 67-4a-1206(2).

(a) This authority does not provide for waiver of penalties imposed for willful failure or filing a fraudulent report. However, the imposition of penalties under Section 15-1205 is not mandatory.

(b) The administrator may agree to reduce or waive interest and penalties as part of an audit resolution agreement pursuant to Subsection R966-1-42(13).

(c) Unless the holder willfully failed to report, pay, or deliver property within the time prescribed by the Act, the administrator will waive the payment of interest of less than 3 months.

(2) The administrator shall waive a penalty under Subsection 67-4a-1206(2) if the administrator determines that the holder acted in good faith and without negligence.

(a) Good faith is intended to apply to situations in which the holder has attempted to comply with the Act.

(b) If the holder has failed to file a report, there is a presumption that the holder did not act in good faith and without negligence.

(c) A holder who fails to report, pay, or deliver property within the time prescribed by the Act shall not be required to pay interest or be subject to penalties if the failure to report, pay, or deliver the property was due to the lack of knowledge of the death that established the period of abandonment under the Act.

Notes

Utah Admin. Code R966-1-48

Adopted by Utah State Bulletin Number 2020-05, effective 1/22/2020