131.620 Proof of qualified escrow fund.
144 words·~1 min read·
/ky/chapter-131/131-620A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)The Attorney General may, at any time, require from the nonparticipating
manufacturer proof from the financial institution in which the manufacturer has
established a qualified escrow fund, for the purpose of compliance with KRS
131.600 and 131.602, of the amount of money in the fund, exclusive of interest, the
amount and date of each deposit to the fund, and the amount and date of each
withdrawal from the fund.
(2)To promote compliance with the provisions of KRS 131.602, the Attorney General
may promulgate regulations requiring a nonparticipating manufacturer subject to the
requirements of KRS 131.602 to make the escrow deposits required in quarterly
installments during the year in which the sales covered by such deposits are made.
The Attorney General may require production of information sufficient to enable
the Attorney General to determine the adequacy of the amount of the installment
deposit.