{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-2540.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-2540.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-2540.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-2540.html"}],"law_id":55112,"edition_id":1,"section_id":55112,"structure_id":12710,"section_number":"55.1-2540","catch_line":"Interest and penalties","history":"1984, c. 121, \u00a7 55-210.26:1; 1988, c. 378; 1992, c. 583; 2000, cc. 733, 745; 2019, c. 712.","full_text":"A\n\nAny person who fails to pay or deliver property within the time prescribed by this chapter shall be required to pay to the administrator interest at the same annual rate as is applicable to delinquent taxes under § 58.1-1812 on the property or value thereof from the date the property should have been paid or delivered. Such interest rate shall vary with the rate specified in § 58.1-1812.B\n\nAny person who does not exercise due diligence as defined in § 55.1-2500 shall pay a civil penalty not to exceed $50 for each account upon which due diligence was not performed.C\n\nExcept as otherwise provided in subsection D, a holder that (i) fails to report, pay, or deliver property within the time prescribed by this chapter; (ii) files a false report; or (iii) fails to perform other duties imposed by this chapter without good cause shall pay to the administrator, in addition to interest as provided in subsection A, a civil penalty of $100 for each day the report, payment, or delivery is withheld or the duty is not performed, up to a maximum of the lesser of $10,000 or 25 percent of the value of the property that should have been but was not reported.D\n\nA holder that (i) willfully fails to report, pay, or deliver property within the time prescribed by this chapter; (ii) willfully fails to perform other duties imposed by this chapter without good cause; or (iii) makes a fraudulent report to the administrator shall pay to the administrator, in addition to interest as provided in subsection A, a civil penalty of $1,000 for each day the report, payment, or delivery is withheld or the duty is not performed, up to a maximum of the lesser of $50,000 or 100 percent of the value of the property that should have been but was not reported.E\n\nThe administrator for good cause may waive, in whole or in part, interest under subsection A and penalties under subsections B, C, and D. All civil penalties shall be payable to the State Treasurer and credited to the Literary Fund.","order_by":null,"text":{"0":{"id":202083,"text":"Any person who fails to pay or deliver property within the time prescribed by this chapter shall be required to pay to the administrator interest at the same annual rate as is applicable to delinquent taxes under § 58.1-1812 on the property or value thereof from the date the property should have been paid or delivered. Such interest rate shall vary with the rate specified in § 58.1-1812.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":202084,"text":"Any person who does not exercise due diligence as defined in § 55.1-2500 shall pay a civil penalty not to exceed $50 for each account upon which due diligence was not performed.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":202085,"text":"Except as otherwise provided in subsection D, a holder that (i) fails to report, pay, or deliver property within the time prescribed by this chapter; (ii) files a false report; or (iii) fails to perform other duties imposed by this chapter without good cause shall pay to the administrator, in addition to interest as provided in subsection A, a civil penalty of $100 for each day the report, payment, or delivery is withheld or the duty is not performed, up to a maximum of the lesser of $10,000 or 25 percent of the value of the property that should have been but was not reported.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":202086,"text":"A holder that (i) willfully fails to report, pay, or deliver property within the time prescribed by this chapter; (ii) willfully fails to perform other duties imposed by this chapter without good cause; or (iii) makes a fraudulent report to the administrator shall pay to the administrator, in addition to interest as provided in subsection A, a civil penalty of $1,000 for each day the report, payment, or delivery is withheld or the duty is not performed, up to a maximum of the lesser of $50,000 or 100 percent of the value of the property that should have been but was not reported.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":202087,"text":"The administrator for good cause may waive, in whole or in part, interest under subsection A and penalties under subsections B, C, and D. All civil penalties shall be payable to the State Treasurer and credited to the Literary Fund.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D"}},"ancestry":[{"id":12710,"edition_id":1,"name":"Procedural and Administrative Matters","identifier":"3","label":"article","depth":4,"order_by":1,"parent_id":12709,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":248045,"object_type":"structure","relational_id":12710,"identifier":"3","token":"55.1\/V\/25\/3","url":"\/55.1\/V\/25\/3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12709,"edition_id":1,"name":"Virginia Disposition Of Unclaimed Property Act","identifier":"25","label":"chapter","depth":3,"order_by":1,"parent_id":12708,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":247943,"object_type":"structure","relational_id":12709,"identifier":"25","token":"55.1\/V\/25","url":"\/55.1\/V\/25\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12708,"edition_id":1,"name":"Miscellaneous","identifier":"V","label":"subtitle","depth":2,"order_by":1,"parent_id":12707,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":247771,"object_type":"structure","relational_id":12708,"identifier":"V","token":"55.1\/V","url":"\/55.1\/V\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12707,"edition_id":1,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":244769,"object_type":"structure","relational_id":12707,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":53937,"structure_id":12710,"section_number":"55.1-2524","catch_line":"Report and remittance to be made by holder of funds or property presumed abandoned; holder to exercise due diligence to locate owner","url":"\/55.1-2524\/","token":"55.1\/V\/25\/3\/55.1-2524","metadata":false},{"id":73610,"structure_id":12710,"section_number":"55.1-2525","catch_line":"Notices to be published by administrator","url":"\/55.1-2525\/","token":"55.1\/V\/25\/3\/55.1-2525","metadata":false},{"id":66200,"structure_id":12710,"section_number":"55.1-2526","catch_line":"Holder relieved of liability for property paid or delivered to administrator; payment to owner by holder; proceedings against prior holder; notice to administrator and Attorney General; reimbursement of holder","url":"\/55.1-2526\/","token":"55.1\/V\/25\/3\/55.1-2526","metadata":false},{"id":63169,"structure_id":12710,"section_number":"55.1-2527","catch_line":"Crediting of dividends, interest, or increments to owner's account","url":"\/55.1-2527\/","token":"55.1\/V\/25\/3\/55.1-2527","metadata":false},{"id":66817,"structure_id":12710,"section_number":"55.1-2528","catch_line":"Periods of limitation","url":"\/55.1-2528\/","token":"55.1\/V\/25\/3\/55.1-2528","metadata":false},{"id":81656,"structure_id":12710,"section_number":"55.1-2529","catch_line":"Sale of abandoned property by administrator","url":"\/55.1-2529\/","token":"55.1\/V\/25\/3\/55.1-2529","metadata":false},{"id":71834,"structure_id":12710,"section_number":"55.1-2530","catch_line":"Securities received in name of owner","url":"\/55.1-2530\/","token":"55.1\/V\/25\/3\/55.1-2530","metadata":false},{"id":55939,"structure_id":12710,"section_number":"55.1-2531","catch_line":"Disposition of funds received under chapter; records to be kept by administrator","url":"\/55.1-2531\/","token":"55.1\/V\/25\/3\/55.1-2531","metadata":false},{"id":60102,"structure_id":12710,"section_number":"55.1-2532","catch_line":"Filing claim to property or proceeds of sale of such property","url":"\/55.1-2532\/","token":"55.1\/V\/25\/3\/55.1-2532","metadata":false},{"id":71685,"structure_id":12710,"section_number":"55.1-2533","catch_line":"Consideration of and hearing on claim by administrator; payment; interest","url":"\/55.1-2533\/","token":"55.1\/V\/25\/3\/55.1-2533","metadata":false},{"id":76385,"structure_id":12710,"section_number":"55.1-2534","catch_line":"Judicial review of decision of administrator","url":"\/55.1-2534\/","token":"55.1\/V\/25\/3\/55.1-2534","metadata":false},{"id":83185,"structure_id":12710,"section_number":"55.1-2535","catch_line":"Election of administrator not to receive property or to postpone taking possession of funds","url":"\/55.1-2535\/","token":"55.1\/V\/25\/3\/55.1-2535","metadata":false},{"id":72223,"structure_id":12710,"section_number":"55.1-2536","catch_line":"Requests for verified reports and examinations of records","url":"\/55.1-2536\/","token":"55.1\/V\/25\/3\/55.1-2536","metadata":false},{"id":65026,"structure_id":12710,"section_number":"55.1-2537","catch_line":"Retention of records","url":"\/55.1-2537\/","token":"55.1\/V\/25\/3\/55.1-2537","metadata":false},{"id":80599,"structure_id":12710,"section_number":"55.1-2538","catch_line":"Confidentiality of information and records","url":"\/55.1-2538\/","token":"55.1\/V\/25\/3\/55.1-2538","metadata":false},{"id":79673,"structure_id":12710,"section_number":"55.1-2539","catch_line":"Enforcement of chapter","url":"\/55.1-2539\/","token":"55.1\/V\/25\/3\/55.1-2539","metadata":false},{"id":55112,"structure_id":12710,"section_number":"55.1-2540","catch_line":"Interest and penalties","url":"\/55.1-2540\/","token":"55.1\/V\/25\/3\/55.1-2540","metadata":false},{"id":81697,"structure_id":12710,"section_number":"55.1-2541","catch_line":"Determinations; appeal procedures; regulations of administrator","url":"\/55.1-2541\/","token":"55.1\/V\/25\/3\/55.1-2541","metadata":false},{"id":62395,"structure_id":12710,"section_number":"55.1-2542","catch_line":"Agreements to locate reported property; penalty","url":"\/55.1-2542\/","token":"55.1\/V\/25\/3\/55.1-2542","metadata":false},{"id":64814,"structure_id":12710,"section_number":"55.1-2543","catch_line":"Property presumed abandoned or escheated under laws of another state","url":"\/55.1-2543\/","token":"55.1\/V\/25\/3\/55.1-2543","metadata":false},{"id":80911,"structure_id":12710,"section_number":"55.1-2544","catch_line":"Property held or payable pursuant to Title 51.1","url":"\/55.1-2544\/","token":"55.1\/V\/25\/3\/55.1-2544","metadata":false},{"id":68580,"structure_id":12710,"section_number":"55.1-2545","catch_line":"Construction of chapter","url":"\/55.1-2545\/","token":"55.1\/V\/25\/3\/55.1-2545","metadata":false}],"previous_section":{"id":79673,"structure_id":12710,"section_number":"55.1-2539","catch_line":"Enforcement of chapter","url":"\/55.1-2539\/","token":"55.1\/V\/25\/3\/55.1-2539","metadata":false},"next_section":{"id":81697,"structure_id":12710,"section_number":"55.1-2541","catch_line":"Determinations; appeal procedures; regulations of administrator","url":"\/55.1-2541\/","token":"55.1\/V\/25\/3\/55.1-2541","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2540\/","history_text":"

This law was first created in 1984. The record of its establishment is cataloged in chapter 121 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1984 \u201cActs\u201d aren\u2019t available online. It has been modified 4 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1988, chapter 378; in 1992, chapter 583; in 2000, chapters 733<\/a> and 745<\/a>; in 2019, chapter 712<\/a>.<\/p>","references":[{"id":81697,"section_number":"55.1-2541","catch_line":"Determinations; appeal procedures; regulations of administrator","order_by":null,"url":"\/55.1-2541\/"}],"refers_to":[{"id":58539,"section_number":"55.1-2500","catch_line":"Definitions","order_by":null,"url":"\/55.1-2500\/"},{"id":72336,"section_number":"58.1-1812","catch_line":"Assessment of omitted taxes by the Department of Taxation","order_by":null,"url":"\/58.1-1812\/"}],"permalink":{"id":248111,"object_type":"law","relational_id":55112,"identifier":"55.1-2540","token":"55.1\/V\/25\/3\/55.1-2540","url":"\/55.1-2540\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-2540\/","token":"55.1\/V\/25\/3\/55.1-2540","dublin_core":{"Title":"Interest and penalties","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2540","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Any person<\/span> who fails to pay or deliver property within the time prescribed by this chapter shall be required to pay to the administrator<\/span> interest at the same annual rate as is applicable to delinquent taxes under § 58.1-1812<\/a> on the property or value thereof from the date the property should have been paid or delivered. Such interest rate shall vary with the rate specified in § 58.1-1812<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Any person<\/span> who does not exercise due diligence<\/span> as defined in § 55.1-2500<\/a> shall pay a civil penalty<\/span> not to exceed $50 for each account upon which due diligence<\/span> was not performed. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Except as otherwise provided in subsection D, a holder<\/span> that (i) fails to report, pay, or deliver property within the time prescribed by this chapter; (ii) files a false report; or (iii) fails to perform other duties imposed by this chapter without good cause shall pay to the administrator<\/span>, in addition to interest as provided in subsection A, a civil penalty<\/span> of $100 for each day the report, payment, or delivery is withheld or the duty is not performed, up to a maximum of the lesser of $10,000 or 25 percent of the value of the property that should have been but was not reported. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> A holder<\/span> that (i) willfully fails to report, pay, or deliver property within the time prescribed by this chapter; (ii) willfully fails to perform other duties imposed by this chapter without good cause; or (iii) makes a fraudulent report to the administrator<\/span> shall pay to the administrator<\/span>, in addition to interest as provided in subsection A, a civil penalty<\/span> of $1,000 for each day the report, payment, or delivery is withheld or the duty is not performed, up to a maximum of the lesser of $50,000 or 100 percent of the value of the property that should have been but was not reported. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> The administrator<\/span> for good cause may waive<\/span>, in whole or in part, interest under subsection A and penalties under subsections B, C, and D. All civil penalties shall be payable<\/span> to the State Treasurer and credited to the Literary Fund. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINTEREST AND PENALTIES (\u00a7 55.1-2540)\n\nA. Any person who fails to pay or deliver property within the time prescribed by\nthis chapter shall be required to pay to the administrator interest at the same\nannual rate as is applicable to delinquent taxes under § 58.1-1812 on the\nproperty or value thereof from the date the property should have been paid or\ndelivered. Such interest rate shall vary with the rate specified in §\n58.1-1812.\n\nB. Any person who does not exercise due diligence as defined in § 55.1-2500\nshall pay a civil penalty not to exceed $50 for each account upon which due\ndiligence was not performed.\n\nC. Except as otherwise provided in subsection D, a holder that (i) fails to\nreport, pay, or deliver property within the time prescribed by this chapter;\n(ii) files a false report; or (iii) fails to perform other duties imposed by\nthis chapter without good cause shall pay to the administrator, in addition to\ninterest as provided in subsection A, a civil penalty of $100 for each day the\nreport, payment, or delivery is withheld or the duty is not performed, up to a\nmaximum of the lesser of $10,000 or 25 percent of the value of the property that\nshould have been but was not reported.\n\nD. A holder that (i) willfully fails to report, pay, or deliver property within\nthe time prescribed by this chapter; (ii) willfully fails to perform other\nduties imposed by this chapter without good cause; or (iii) makes a fraudulent\nreport to the administrator shall pay to the administrator, in addition to\ninterest as provided in subsection A, a civil penalty of $1,000 for each day the\nreport, payment, or delivery is withheld or the duty is not performed, up to a\nmaximum of the lesser of $50,000 or 100 percent of the value of the property\nthat should have been but was not reported.\n\nE. The administrator for good cause may waive, in whole or in part, interest\nunder subsection A and penalties under subsections B, C, and D. All civil\npenalties shall be payable to the State Treasurer and credited to the Literary\nFund.\n\nHISTORY: 1984, c. 121, \u00a7 55-210.26:1; 1988, c. 378; 1992, c. 583; 2000, cc.\n733, 745; 2019, c. 712.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}