2013 Kentucky Revised Statutes
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367.46981 Bond required for telemarketing companies -- Notification to
Attorney General of promotion offering premium.
Every telemarketing company shall maintain a bond issued by a surety
company admitted to do business in this state. The bond shall be in the amount
of fifty thousand dollars ($50,000) in favor of the Attorney General for the
benefit of any person suffering injury or loss by reason of any violation of KRS
367.46951 to 367.46999 to be paid under the terms of any order of a court of
competent jurisdiction obtained by the Attorney General, as a result of any
violation of KRS 367.46951 to 367.46999. A copy of the bond shall be filed with
At least ten (10) days prior to the inception of any promotion offering a
premium with an actual market value or advertised value of five hundred dollars
($500) or more, the telemarketing company shall notify the Attorney General in
writing of the details of the promotion, describing the premium and its current
market value, the value at which it is advertised or held out to the customer, the
date the premium shall be awarded, and the conditions under which the award
shall be made. The telemarketing company shall maintain an additional bond
for the greater of the current total market value or the advertised value of the
premiums held out or advertised to be available to a purchaser or recipient. A
copy of the bond shall be filed with the division. The bond, or a portion of it
necessary to cover the cost of the award, shall be forfeited if the premium is
not awarded to a bona fide customer within thirty (30) days of the date
disclosed as the time of award or the time otherwise required by law. The
proceeds of the bond shall be paid to any person suffering injury or loss by
reason of any violation of KRS 367.46951 to 367.46999 or shall be paid
pursuant to the terms of any order of a court of competent jurisdiction obtained
by the Attorney General, Commonwealth's attorney, or county attorney as a
result of any violation of KRS 367.46951 to 367.46999. The bond shall be
maintained until the telemarketing company files with the Attorney General
proof that the premium was awarded.
Effective:July 15, 2002
History: Amended 2002 Ky. Acts ch. 21, sec. 4, effective July 15, 2002. -- Created
1994 Ky. Acts ch. 302, sec. 10, effective July 15, 1994; and ch. 463, sec. 10,
effective July 15, 1994.
Legislative Research Commission Note (7/15/94). This statute was created by
1994 Ky. Acts chs. 302 and 463, which are substantively identical and have
been codified together. Minor variations have been resolved by giving
precedence to Acts ch. 463 which was enacted last.
CHAPTER 367 - CONSUMER PROTECTION
367.46981 Bond required for telemarketing companies -- Notification to Attorney General of promotion offering premium.
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