131.674 Financial institutions to provide department with identifying information

186 words·~1 min read·/ky/131-674

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

on delinquent taxpayers and debtors with account -- Fee for conducting data

matches -- Confidentiality of information -- Limitation on liability.

(1)Financial institutions doing business in the Commonwealth shall provide

identifying information each calendar quarter to the department for each delinquent

taxpayer or debtor identified by the department that is indebted to the

Commonwealth for delinquent taxes or debts and who maintains an account at the

institution.

(2)The financial institution shall be paid a fee for conducting data matches from the

delinquent taxpayer's account, not to exceed the actual cost.

(3)Except for the exchange of information between the department and financial

institutions necessary for the enforcement of KRS 131.670 to 131.676, any

information obtained by the department from financial institutions shall be subject

to confidentiality restrictions imposed on the department by KRS 131.190.

(4)A financial institution shall not be liable for encumbering or surrendering any assets

held by the financial institution in response to a lien or notice of levy issued by the

department, or any other action taken in good faith to comply with the requirements

of KRS 131.670 to 131.676.