15.844 Data match agreements between office and financial institutions --

333 words·~2 min read·/ky/15-844

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

Surrender of assets when parent is subject to lien -- Fee -- Financial

institutions not liable.

(1)Financial institutions doing business in the Commonwealth shall enter into

cooperative agreements with the Office of the Attorney General or its designee to

operate a data match system. Pursuant to the agreements, the financial institution

shall be required to provide identifying information each calendar quarter for each

obligated parent who maintains an account at the institution and who owes an

arrearage, and who shall be identified by the Office of the Attorney General.

(2)The cooperative agreement shall include provisions for financial institutions to

encumber or surrender assets held by the institutions on behalf of any obligated

parent who is subject to a child support lien pursuant to KRS 15.850.

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

obligor's account, not to exceed the actual cost.

(4)No liability shall arise for the Commonwealth or the financial institution under this

section with respect to any disclosure of financial records for the establishment,

modification, or enforcement of a child support obligation of the individual.

(5)The financial institution shall not be liable for encumbering or surrendering any

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

by the Office of the Attorney General, for any other action taken in good faith to

comply with the requirement of this section.

(6)"Financial institution" means:

(a)A depository institution and an institution-affiliated party as defined by 12

U.S.C. sec. 1813(c) and (u);

(b)Any federal or state credit union, including an institution-affiliated party of

that credit union, as defined by 12 U.S.C. sec. 1752 and 12 U.S.C. sec.

1786(r); or

(c)Any benefit association, insurance company, safe deposit company, money

market mutual fund, brokerage firm, trust company, or similar entity

authorized to do business in the Commonwealth.

(7)The Office of the Attorney General may promulgate administrative regulations to

implement the requirements of this section.