2014 Kentucky Revised Statutes CHAPTER 131 - DEPARTMENT OF REVENUE 131.676 Provision of identifying or asset information not to be disclosed to delinquent taxpayer or debtor -- Penalty -- Financial institutions not liable -- General notice to account holders.
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131.676 Provision of identifying or asset information not to be disclosed to
delinquent taxpayer or debtor -- Penalty -- Financial institutions not liable
-- General notice to account holders.
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A financial institution furnishing a report or providing asset information about a
delinquent taxpayer or debtor to the department shall not disclose to the
delinquent taxpayer or debtor that the name of that person has been received
from or furnished to the department. A financial institution may disclose to its
depositors or account holders that, under the financial institution match system,
the department has the authority to request certain identifying information on
certain depositors or account holders.
If a financial institution willfully violates the provisions of this section, the
institution shall pay to the department the lesser of one thousand dollars
($1,000) or the amount on deposit or in the account of the person to whom the
disclosure was made.
A financial institution shall incur no obligation or liability to a depositor or
account holder or any other person arising from the furnishing of a report or
information to the department pursuant to KRS 131.670 to 131.676, or from the
failure to disclose to a depositor or account holder that the name of the person
was included in a list or report furnished by the financial institution to the
department.
A financial institution shall not give notice to an account holder or customer of
the financial institution that the financial institution has provided information or
taken any action pursuant to KRS 131.670 to 131.676 and shall not be liable
for failure to provide that notice; provided, however, that a financial institution
may disclose to its depositors or account holders that, under the data match
system, the department has the authority to request certain identifying
information on certain depositors or account holders. The department shall
notify, not less than annually, affected depositors or account holders who have
not otherwise received notification.
Effective:April 25, 2006
History: Created 2006 Ky. Acts ch. 252, Pt. XVII, sec. 4, effective April 25, 2006.
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