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365.680 Permit fee -- Bond.
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Each application for a transient merchant permit shall be accompanied by a
permit fee pursuant to KRS 64.012, to be retained by the office of the county
clerk or the officer of an urban-county government having the responsibility for
the issuance of business permits and licenses generally. In addition, any
applicant who will be selling goods, wares or merchandise during the permit
period which have an aggregate market value of one thousand five hundred
dollars ($1,500) or more, shall secure and submit evidence of security, a cash
bond or a surety bond in the amount of one thousand dollars ($1,000) or five
percent (5%) of the retail value of any goods, wares or merchandise to be
offered for sale, whichever sum is greater. Such evidence of security shall be
held by the Attorney General and he shall issue a certificate of security to be
used by the applicant as evidence of security.
The surety bond required by this section shall be in favor of the
Commonwealth of Kentucky and shall assure the payment by the applicant of
all taxes that may be due from the applicant to the state or any political
subdivision of the state, the payment of any fines that may be assessed
against the applicant or its agents or employees for violation of the provisions
of KRS 365.650 to 365.695, and for the satisfaction of all judgments that may
be rendered against the transient merchant or its agents or employees in any
cause of action commenced by any purchaser of goods, wares or merchandise
within one (1) year from the date of the sale by such transient merchant.
The bond shall be maintained so long as the transient merchant conducts
business in the Commonwealth of Kentucky and for a period of one (1) year
after the termination of such business and shall be released only when the
transient merchant furnishes satisfactory proof to the Attorney General that it
has satisfied all claims of purchasers of goods, wares or merchandise from
such merchant, and that all state and local sales taxes and other taxes have
been paid.
Effective:January 1, 2007
History: Amended 2006 Ky. Acts ch. 255, sec. 30, effective January 1, 2007; and
ch. 255, sec. 33, effective January 1, 2007. -- Created 1986 Ky. Acts ch. 70,
sec. 7, effective July 15, 1986.
Legislative Research Commission Note (1/1/2007). This section was amended
by 2006 Ky. Acts ch. 255, secs. 30 and 33, which are identical and have been
codified together.
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