(1) If a holder enters into a contract or other arrangement for the purpose of evading an obligation under this article 13 or otherwise willfully fails to perform a duty imposed on the holder under this article 13, the administrator may require the holder to pay the administrator, in addition to interest as provided in section 38-13-1204 (1), a civil penalty of one thousand dollars for each day the obligation is evaded or the duty is not performed, up to a cumulative maximum amount of twenty-five thousand dollars, plus twentyfive percent of the amount or value of property that should have been but was not reported, paid, or delivered as a result of the evasion or failure to perform.
(2) If a holder makes a fraudulent report under this article 13, the administrator may require the holder to pay to the administrator, in addition to interest under section 38-13-1204 (1), a civil penalty of one thousand dollars for each day from the date the report was made until corrected, up to a cumulative maximum amount of twenty-five thousand dollars, plus twentyfive percent of the amount or value of any property that should have been reported but was not included in the report or was underreported.
Source: L. 2019: Entire article R&RE, (SB 19-088), ch. 110, p. 454, § 1, effective July 1, 2020.