367.964 Consumer security account.

300 words·~1 min read·/ky/chapter-367/367-964

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

(1)Any person selling preneed cemetery merchandise contracts or preconstruction

mausoleums, columbarium or underground crypt contracts shall pay to the Attorney

General five dollars ($5) for each said contract entered into of which the gross sales

price as defined in KRS 367.932 to 367.974 and 367.991 is five hundred dollars

($500) or less and ten dollars ($10) for each said contract entered into of which the

gross sales price is over five hundred dollars ($500), to be paid into a special

income earning account known as "Consumer security account." The above said

fees shall be remitted to the Attorney General at least once each month.

(2)The funds in said account shall be used solely for the purpose of providing

restitution to consumers who have suffered pecuniary loss in the purchase of a

preneed cemetery merchandise contract or a preconstruction mausoleum,

columbarium or underground crypt contract. The fund shall be applied only to

restitution that is ordered by Circuit Court in a lawsuit brought under KRS 367.932

to 367.974 and 367.991 by the Attorney General and which is determined by the

Attorney General to be noncollectible from the judgment debtor.

(3)Whenever restitution is paid by the fund, the fund shall be subrogated to the amount

of such restitution, and the Attorney General shall engage in all reasonable post

judgment collection steps to collect said restitution from the judgment debtor and

reimburse the fund.

(4)The fund shall not be applied toward any restitution for losses in any lawsuit

initiated by the Attorney General prior to July 13, 1984.

(5)Notwithstanding any other provision of this section, the payment of restitution from

the fund shall be a matter of grace and not of right and no person shall have any

vested rights in the fund as a beneficiary or otherwise.