# 74 Ill. Adm. Code 760.950: Section 760.950 Waiver of Interest and Penalties

> Illinois · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T74_P760_S760_950

## Section

- **Citation:** 74 Ill. Adm. Code 760.950
- **Heading:** Section 760.950 Waiver of Interest and Penalties
- **Jurisdiction:** Illinois
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Illinois Administrative Code / Title 74 PUBLIC FINANCE / CHAPTER V: TREASURER / Part 760 REVISED UNIFORM UNCLAIMED PROPERTY ACT / Section 760.950 Waiver of Interest and Penalties

## Text

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)]

## Nearby sections

- [74 Ill. Adm. Code 760.900 Section 760.900  Purpose of Enforcement](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T74_P760_S760_900.md)
- [74 Ill. Adm. Code 760.910 Section 760.910  Verified Report of Property](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T74_P760_S760_910.md)
- [74 Ill. Adm. Code 760.920 Section 760.920  Administrative Subpoenas](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T74_P760_S760_920.md)
- [74 Ill. Adm. Code 760.930 Section 760.930  Determination of Liability](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T74_P760_S760_930.md)
- [74 Ill. Adm. Code 760.950 Section 760.950  Waiver of Interest and Penalties](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T74_P760_S760_950.md)
- [74 Ill. Adm. Code 760.960 Section 760.960  Judicial Enforcement](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T74_P760_S760_960.md)
- [74 Ill. Adm. Code 760.970 Section 760.970  Action Involving Another State or Foreign Country](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T74_P760_S760_970.md)
- [74 Ill. Adm. Code 760.980 Section 760.980  Periods of Limitation and Repose](https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T74_P760_S760_980.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_IL_IAC_T74_P760_S760_950. Check the current official text before relying on it. Not legal advice.