Senate Bill 228
147th General Assembly (2013 - 2014)
The General Assembly has ended, the current status is the final status.
AN ACT TO AMEND TITLE 12, CHAPTER 11 OF THE DELAWARE CODE AND VOLUME 78, CHAPTER 317 OF THE LAWS OF DELAWARE RELATING TO ABANDONED PROPERTY.
This Act codifies the longstanding practice of the Department of Finance and the Secretary of State to hold as confidential the financial information obtained during the course of examinations, settlements, or voluntary self-disclosure agreements that are conducted pursuant to Title 12, Chapter 11 of the Delaware Code. The Act also changes the penalty for failing to file an abandoned property report from 5% per month to the lesser of 5% per month or $100 per day. The maximum penalty changes from 50% of the amount required to be shown on the report to $5,000. The Act also eliminates the assessment of interest on outstanding unpaid amounts. Finally, the Act extends the period that a holder may submit and the Secretary of State may accept a letter of intent to enter into an unclaimed property voluntary self-disclosure agreement from June 30, 2014 to September 30, 2014 and extend the sunset of the Secretary of State’s voluntary self-disclosure program by one year from July 1, 2015 to July 1, 2016 in order to provide sufficient time for all holders to complete and the Secretary of State to process all such voluntary self-disclosures agreements.