2009 Kentucky Revised Statutes CHAPTER 131 DEPARTMENT OF REVENUE 131.674 Financial institutions to provide department with identifying information on delinquent taxpayers and debtors with account -- Fee for conducting data matches -- Confidentiality of information -- Limitation on liability.
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131.674 Financial institutions to provide department with identifying information
on delinquent taxpayers and debtors with account -- Fee for conducting data <br>matches -- Confidentiality of information -- Limitation on liability.
(1) Financial institutions doing business in the Commonwealth shall provide
identifying information each calendar quarter to the department for each delinquent <br>taxpayer or debtor identified by the department that is indebted to the <br>Commonwealth for delinquent taxes or debts and who maintains an account at the <br>institution.
(2) The financial institution shall be paid a fee for conducting data matches from the
delinquent taxpayer's account, not to exceed the actual cost.
(3) Except for the exchange of information between the department and financial
institutions necessary for the enforcement of KRS 131.670 to 131.676, any <br>information obtained by the department from financial institutions shall be subject <br>to confidentiality restrictions imposed on the department by KRS 131.190.
(4) A financial institution shall not be liable for encumbering or surrendering any assets
held by the financial institution in response to a lien or notice of levy issued by the <br>department, or any other action taken in good faith to comply with the requirements <br>of KRS 131.670 to 131.676.
Effective: April 25, 2006 <br>History: Created 2006 Ky. Acts ch. 252, Pt. XVII, sec. 3, effective April 25, 2006.
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