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Can you summarize 66 TNCO Chapter 29, Part 1?
Abandoned or Unclaimed Property > Uniform Unclaimed Property Act
Short Summary
The provided legal document content pertains to the ‘Uniform Unclaimed Property Act’ in Tennessee. This Act governs the handling of abandoned or unclaimed property, civil penalties for evasion or failure to perform duty, making fraudulent reports, agreements between owners of unclaimed property and persons who assist in locating, delivering, recovering, or assisting in the recovery of such property, disclosure and use of confidential information, and maintenance of confidential information in a secure manner. It applies to entities holding unclaimed property and individuals or entities with a legal interest in unclaimed property. The document does not mention any specific exemptions. The treasurer may assess civil penalties for non-compliance or violation of the Act, including penalties for failure to report, pay, or deliver property within the prescribed time, evasion or failure to perform duty, and fraudulent reports. The penalties range from two hundred dollars ($200) per day up to a cumulative maximum amount of five thousand dollars ($5,000), to one thousand dollars ($1,000) per day up to a maximum of twenty-five thousand dollars ($25,000), plus an additional twenty-five percent (25%) of the amount or value of any property that should have been reported.
Whom does it apply to?
The Act applies to entities holding unclaimed property, individuals or entities with a legal interest in unclaimed property, holders who enter into contracts or arrangements to evade obligations or willfully fail to perform duties imposed on them, apparent owners who contract with a person to locate, deliver, recover, or assist in the location, delivery, or recovery of their property held by the treasurer, and holders who are required to include confidential information in a report to the treasurer.
What does it govern?
The Uniform Unclaimed Property Act governs the handling of abandoned or unclaimed property, civil penalties for evasion or failure to perform duty, making fraudulent reports, agreements between owners of unclaimed property and persons who assist in locating, delivering, recovering, or assisting in the recovery of such property, disclosure and use of confidential information, and maintenance of confidential information in a secure manner.
What are exemptions?
No specific exemptions are mentioned in the provided content.
What are the Penalties?
The treasurer may assess a civil penalty of two hundred dollars ($200) for each day a holder fails to report, pay, or deliver property within the prescribed time, up to a cumulative maximum amount of five thousand dollars ($5,000). In case of evasion or failure to perform duty, the treasurer may assess a civil penalty of one thousand dollars ($1,000) per day, up to a maximum of twenty-five thousand dollars ($25,000), plus an additional twenty-five percent (25%) of the amount or value of any property that should have been reported, paid, or delivered. For fraudulent reports, a civil penalty of one thousand dollars ($1,000) per day from the date of the fraudulent report until a true and correct report is filed can be assessed, up to a maximum of twenty-five thousand dollars ($25,000), plus an additional twenty-five percent (25%) of the amount or value of any property that should have been reported.
Jurisdiction
Tennessee