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367.964 Consumer security account.
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Any person selling preneed cemetery merchandise contracts or
preconstruction mausoleums, columbarium or underground crypt contracts
shall pay to the Attorney General five dollars ($5) for each said contract
entered into of which the gross sales price as defined in KRS 367.932 to
367.974 and 367.991 is five hundred dollars ($500) or less and ten dollars
($10) for each said contract entered into of which the gross sales price is over
five hundred dollars ($500), to be paid into a special income earning account
known as "Consumer security account." The above said fees shall be remitted
to the Attorney General at least once each month.
The funds in said account shall be used solely for the purpose of providing
restitution to consumers who have suffered pecuniary loss in the purchase of a
preneed cemetery merchandise contract or a preconstruction mausoleum,
columbarium or underground crypt contract. The fund shall be applied only to
restitution that is ordered by Circuit Court in a lawsuit brought under KRS
367.932 to 367.974 and 367.991 by the Attorney General and which is
determined by the Attorney General to be noncollectible from the judgment
debtor.
Whenever restitution is paid by the fund, the fund shall be subrogated to the
amount of such restitution, and the Attorney General shall engage in all
reasonable post judgment collection steps to collect said restitution from the
judgment debtor and reimburse the fund.
The fund shall not be applied toward any restitution for losses in any lawsuit
initiated by the Attorney General prior to July 13, 1984.
Notwithstanding any other provision of this section, the payment of restitution
from the fund shall be a matter of grace and not of right and no person shall
have any vested rights in the fund as a beneficiary or otherwise.
Effective:July 13, 1984
History: Created 1984 Ky. Acts ch. 116, sec. 19, effective July 13, 1984.
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