Section 760.950 Waiver of Interest and Penalties

Section 760.950  Waiver of Interest and Penalties

a)

The

administrator may waive, in whole or in part, interest under Section 15-1204(a)

of the Act and penalties under Section 15-1204(b)

[765 ILCS

1026/15-1206(1)].

1)         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.

2)         The

administrator may agree to reduce or waive interest and penalties as part of an

audit resolution agreement (see Section 760.820).

3)         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.

b)

The

administrator shall waive a penalty under Section 15-1204(b) of the Act if the

administrator determines that the holder acted in good faith and without

negligence.

[765 ILCS 1026/15-1206(2)]

1)         Good

faith will only apply to situations in which the holder has attempted to comply

with the Act.

2)         If

the holder has failed to file a report, the holder did not act in good faith

and without negligence as the holder has not attempted to comply with the Act.

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.

[765 ILCS 1026/15-1204(c)]