Resolve "Wrong Password Terminal Locked" Error in PAX SP30

What is causing this Error? 

If you receive an error on the PAX SP30 PIN Pad stating "Wrong Password Terminal Locked," this means that the password was entered incorrectly too many times. 

How do I resolve this Error? 

To resolve this, power cycle the PIN Pad and enter today's date in MM/DD/YYYY format.

Note: On EU PAX devices, if the password in MM/DD/YYYY format does not work, try the European format: YYYY/MM/DD.