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286.5-991 Penalties.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Any person who violates any provision of subsection (2) of KRS 286.5-041
shall be fined not more than five thousand dollars ($5,000), and each day of
violation constitutes a separate offense.
Any person guilty of conduct for which civil liability is provided for by subsection
(1) of KRS 286.5-231 shall be punished in the manner prescribed for stealing
property of the same value as the property so used, disposed of, assigned,
transferred or canceled.
Every association, officer, agent or manager that fails to make the report
required by KRS 286.5-131, and to furnish any information called for by the
commissioner under oath and attestation of its officers shall be severally fined
not less than one hundred dollars ($100).
The president and secretary of any association that fails to make and file any
report required by this subtitle within thirty (30) days after it is due, shall be
fined not more than one hundred dollars ($100).
Any examiner who violates subsection (3) of KRS 286.5-710 shall be fined not
less than one hundred dollars ($100) nor more than five hundred dollars
($500).
Any examiner in the office who knows of the insolvency or unsafe condition of
any association, or knows that it is inexpedient to permit an association to
continue business, and who neglects to immediately present a signed report of
that fact to the commissioner, or who illegally discloses any information
obtained by him or her by virtue of his or her office, or who violates any of the
provisions of this subtitle or fails to perform any duty imposed upon him by this
subtitle except as provided in subsection (5), shall be fined not less than one
hundred dollars ($100) nor more than two thousand dollars ($2,000) for each
offense.
Any commissioner who knows of the insolvency or unsafe condition of any
association or knows that it is inexpedient to permit an association to continue
business, and who willfully fails to take the action provided in this subtitle, or
who illegally discloses any information obtained by him or her by virtue of his or
her office, or violates any of the provisions of this subtitle, or fails to perform
any duty imposed upon him or her by this subtitle, shall forfeit the office and be
fined not less than five hundred dollars ($500) nor more than five thousand
dollars ($5,000) for each offense.
Except as provided in subsection (3), any association which knowingly fails to
make any report required by law or by the commissioner within the specified
time, or to include any matter required, or to pay the fees for filing reports or for
examinations when due, shall be fined twenty-five dollars ($25) for each day of
delinquency. The aggregate penalty for each offense shall not exceed two
hundred and fifty dollars ($250).
Every person or association that willfully makes or transmits a false report, or
refuses to submit its books, papers or assets for examination, or any officer of
an association who refuses to be examined under oath concerning the affairs
of the association, shall severally be fined not less than one hundred dollars
($100) nor more than five hundred dollars ($500).
(10) Whenever any penalty imposed by this section is not paid, the Attorney
General shall institute an action, in the name of the state, in the Franklin Circuit
Court or the Circuit Court of the county in which the offense was committed, for
the recovery of the penalty.
(11) Any association that violates KRS 286.5-805 by not carrying the required
statement, or by carrying a statement that an application for insurance is
pending when in fact it is not, shall be fined five hundred dollars ($500) for
each offense.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 24, sec. 713, effective July 15, 2010. -Amended 1972 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 5(2). -- Amended 1966 Ky.
Acts ch. 255, sec. 234, effective June 16, 1966. -- Created 1964 Ky. Acts
ch. 138, sec. 65, effective June 18, 1964.
Formerly codified as KRS 289.991.
Legislative Research Commission Note (7/12/2006). In accordance with 2006
Ky. Acts ch. 247, secs. 38 and 39, this statute has been renumbered as a
section of the Kentucky Financial Services Code, KRS Chapter 286, and KRS
references within this statute have been adjusted to conform with the 2006
renumbering of that code.
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