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2018 Kentucky Revised Statutes
CHAPTER 393A - REVISED UNIFORM UNCLAIMED PROPERTY ACT
.630 Administrator's contract with another to conduct examination.

Universal Citation: KY Rev Stat § 393A.630 (2018)
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393A.630 Administrator's contract with another to conduct examination. (1) (2) (3) (4) (5) As used in this section, "related to the administrator" means an individual who is: (a) The administrator's spouse, partner in a civil union, domestic partner, or reciprocal beneficiary; (b) The administrator's child, stepchild, grandchild, parent, stepparent, sibling, stepsibling, half-sibling, aunt, uncle, niece, or nephew; (c) A spouse, partner in a civil union, domestic partner, or reciprocal beneficiary of an individual in paragraph (b) of this subsection; or (d) Any individual residing in the administrator's household. The administrator may contract with a person to conduct an examination under KRS 393A.550 to 393A.650. If the person with whom the administrator contracts under subsection (2) of this section is: (a) An individual, the individual shall not be related to the administrator; or (b) A business entity, the entity shall not be owned in whole or in part by the administrator or an individual related to the administrator. If the administrator contracts with a person under subsection (2) of this section: (a) The contract may provide for compensation of the person based on a fixed fee, hourly fee, or contingent fee; (b) A contingent fee arrangement shall not provide for a payment that exceeds ten percent (10%) of the amount or value of property paid or delivered as a result of the examination; and (c) On request by a person subject to examination by a contractor, the administrator shall deliver to the person a complete and unredacted copy of the contract and any contract between the contractor and a person employed or engaged by the contractor to conduct the examination. A contract under subsection (2) of this section shall be subject to KRS 61.870 to 61.884. Effective: July 14, 2018 History: Created 2018 Ky. Acts ch. 163, sec. 63, effective July 14, 2018.
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