393A.740 Other civil penalties.

206 words·~1 min read·/ky/chapter-393a/393a-740

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

(1)If a holder enters into a contract or other arrangement for the purpose of evading an

obligation under this chapter or otherwise willfully fails to perform a duty imposed

on the holder under this chapter, the administrator may require the holder to pay the

administrator, in addition to interest as provided in KRS 393A.730, a civil penalty

of one thousand dollars ($1,000) for each day the obligation is evaded or the duty is

not performed, up to a cumulative maximum amount of twenty-five thousand

dollars ($25,000), plus twenty-five percent (25%) of the amount or value of

property that should have been but was not reported, paid, or delivered as a result of

the evasion or failure to perform.

(2)If a holder makes a fraudulent report under this chapter, the administrator may

require the holder to pay to the administrator, in addition to interest under KRS

393A.730, a civil penalty of one thousand dollars ($1,000) for each day from the

date the report was made until corrected, up to a cumulative maximum of twenty-

five thousand dollars ($25,000), plus twenty-five percent (25%) of the amount or

value of any property that should have been reported but was not included in the

report or was underreported.