365.680 Permit fee -- Bond.

352 words·~2 min read·/ky/chapter-365/365-680

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

(1)Each application for a transient merchant permit shall be accompanied by a permit

fee pursuant to KRS 64.012, to be retained by the office of the county clerk or the

officer of an urban-county government having the responsibility for the issuance of

business permits and licenses generally. In addition, any applicant who will be

selling goods, wares or merchandise during the permit period which have an

aggregate market value of one thousand five hundred dollars ($1,500) or more, shall

secure and submit evidence of security, a cash bond or a surety bond in the amount

of one thousand dollars ($1,000) or five percent (5%) of the retail value of any

goods, wares or merchandise to be offered for sale, whichever sum is greater. Such

evidence of security shall be held by the Attorney General and he shall issue a

certificate of security to be used by the applicant as evidence of security.

(2)The surety bond required by this section shall be in favor of the Commonwealth of

Kentucky and shall assure the payment by the applicant of all taxes that may be due

from the applicant to the state or any political subdivision of the state, the payment

of any fines that may be assessed against the applicant or its agents or employees for

violation of the provisions of KRS 365.650 to 365.695, and for the satisfaction of

all judgments that may be rendered against the transient merchant or its agents or

employees in any cause of action commenced by any purchaser of goods, wares or

merchandise within one

(1)year from the date of the sale by such transient

merchant.

(3)The bond shall be maintained so long as the transient merchant conducts business in

the Commonwealth of Kentucky and for a period of one

(1)year after the

termination of such business and shall be released only when the transient merchant

furnishes satisfactory proof to the Attorney General that it has satisfied all claims of

purchasers of goods, wares or merchandise from such merchant, and that all state

and local sales taxes and other taxes have been paid.