2014 Kentucky Revised Statutes CHAPTER 205 - PUBLIC ASSISTANCE AND MEDICAL ASSISTANCE 205.772 Data match agreements between cabinet and financial institutions -- Surrender of assets when parent is subject to lien -- Fee -- Financial institutions not liable.
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205.772 Data match agreements between cabinet and financial institutions -Surrender of assets when parent is subject to lien -- Fee -- Financial
institutions not liable.
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Financial institutions doing business in the Commonwealth shall enter into
cooperative agreements with the cabinet or its designee to operate a data
match system. Pursuant to the agreements, the financial institution shall be
required to provide identifying information each calendar quarter for each
obligated parent who maintains an account at the institution and who owes an
arrearage, and who shall be identified by the cabinet.
The cooperative agreement shall include provisions for financial institutions to
encumber or surrender assets held by the institutions on behalf of any
obligated parent who is subject to a child support lien pursuant to KRS
205.778.
The financial institution shall be paid a fee for conducting data matches from
the obligor's account, not to exceed the actual cost.
No liability shall arise for the Commonwealth or the financial institution under
this section with respect to any disclosure of financial records for the
establishment, modification, or enforcement of a child support obligation of the
individual.
The financial institution shall not be liable for encumbering or surrendering any
assets held by such financial institution in response to a notice of lien or levy
issued by the cabinet, for any other action taken in good faith to comply with
the requirement of this section.
"Financial institution" means:
(a) A depository institution and an institution-affiliated party as defined by 12
U.S.C. sec. 1813(c) and (u);
(b) Any federal or state credit union, including an institution-affiliated party of
that credit union, as defined by 12 U.S.C. sec. 1752 and 12 U.S.C. sec.
1786(r);
(c) Any benefit association, insurance company, safe deposit company,
money market mutual fund, brokerage firm, trust company, or similar
entity authorized to do business in the Commonwealth.
The cabinet may promulgate administrative regulations to implement the
requirements of this section.
Effective:July 15, 1998
History: Created 1998 Ky. Acts ch. 255, sec. 42, effective July 15, 1998.
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