Sec. 45. (a) Except as provided in subsection (b), a holder that fails to pay or deliver the property within the time required by this chapter shall pay to the attorney general interest for the time the holder is delinquent. Interest shall accrue under this subsection at the following rates:

(1) The annual interest rate for a period of one (1) year or less after the time required by this chapter for payment or delivery of the property is:

(A) the one (1) year Treasury Bill rate published in the Wall Street Journal or its successor on the third Tuesday of the month in which the remittance was due; plus

(B) one (1) percentage point.

(2) The interest rate for each year after the initial year to which subdivision (1) applies is:

(A) the one (1) year Treasury Bill rate published in the Wall Street Journal or its successor on the third Tuesday of the month immediately preceding the anniversary; plus

(B) one (1) percentage point.

As used in this subdivision, "anniversary" means the anniversary of the date on which the property was originally due to be paid or delivered under this chapter.

(b) The attorney general may waive the payment of interest described in subsection (a), in whole or part.

(c) A holder who willfully refuses, after written demand by the attorney general, to pay or deliver property to the attorney general as required under this chapter commits a Class B misdemeanor.

[Pre-2002 Recodification Citation: 32-9-1.5-47.]

As added by P.L.2-2002, SEC.19. Amended by P.L.85-2005, SEC.2; P.L.229-2011, SEC.261.