131.676 Provision of identifying or asset information not to be disclosed to delinquent taxpayer or debtor -- Penalty -- Financial institutions not liable -- General notice to account holders. - Kentucky Statutes

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Page 1 of 1 131.676 Provision of identifying or asset information not to be disclosed to delinquent taxpayer or debtor -- Penalty -- Financial institutions not liable --
General notice to account holders. (1) A financial institution furnishing a report or providing asset information about a delinquent taxpayer or debtor to the department shall not disclose to the delinquent
taxpayer or debtor that the name of that person has been received from or furnished
to the department. A financial institution may disclose to its depositors or account
holders that, under the financial institution match system, the department has the
authority to request certain identifying information on certain depositors or account
holders. (2) If a financial institution willfully violates the provisions of this section, the institution shall pay to the department the lesser of one thousand dollars ($1,000) or
the amount on deposit or in the account of the person to whom the disclosure was
made. (3) A financial institution shall incur no obligation or liability to a depositor or account holder or any other person arising from the furnishing of a report or information to
the department pursuant to KRS 131.670 to 131.676, or from the failure to disclose
to a depositor or account holder that the name of the person was included in a list or
report furnished by the financial institution to the department. (4) A financial institution shall not give notice to an account holder or customer of the financial institution that the financial institution has provided information or taken
any action pursuant to KRS 131.670 to 131.676 and shall not be liable for failure to
provide that notice; provided, however, that a financial institution may disclose to
its depositors or account holders that, under the data match system, the department
has the authority to request certain identifying information on certain depositors or
account holders. The department shall notify, not less than annually, affected
depositors or account holders who have not otherwise received notification. Effective: April 25, 2006
History: Created 2006 Ky. Acts ch. 252, Pt. XVII, sec. 4, effective April 25, 2006.