205.776 Disclosure of information about data match system to depositors -- Penalty -- Liability of financial institution -- Fee. - Kentucky Statutes

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Page 1 of 1 205.776 Disclosure of information about data match system to depositors -- Penalty -- Liability of financial institution -- Fee. (1) A financial institution furnishing a report or providing asset information of an individual owing past-due support to the Cabinet for Health and Family Services
under either subsection (1) or subsection (2) of KRS 205.774 shall not disclose to a
depositor or an account holder that the name of that person has been received from
or furnished to the Cabinet for Health and Family Services. An institution may
disclose to its depositors or account holder that under the financial institution match
system the Cabinet for Health and Family Services 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 by releasing asset information of an individual owing child support to the Cabinet for Health and
Family Services, the institution shall pay to the Cabinet for Health and Family
Services 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 Cabinet for Health and Family Services under KRS 205.774, or from the failure
to disclose to a depositor or account holder that the name of the person was
included in a list furnished by the financial institution to the Cabinet for Health and
Family Services, or in a report furnished by the financial institution to the Cabinet
for Health and Family Services. (4) Regardless of whether the action was specifically authorized or described in KRS 205.715 to 205.800 or an agreement, a financial institution shall not be liable for
providing or disclosing of any information; for encumbering, holding, refusing to
release, surrendering, or transferring any account balance or asset; or any other
action taken by a financial institution pursuant to KRS 205.715 to 205.800 or
agreement as required by KRS 205.774. (5) 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 205.715 to 205.800 or the agreement 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 cabinet has the authority to request certain identifying
information on certain depositors or account holders. The cabinet shall notify, not
less than annually, affected depositors or account holders who have not otherwise
received notification. (6) A financial institution may charge an account levied on by the Cabinet for Health and Family Services a fee of not more than twenty dollars ($20) which may be
deducted from the account prior to remitting any funds to the Cabinet for Health
and Family Services. Effective: June 20, 2005
History: Amended 2005 Ky. Acts ch. 99, sec. 270, effective June 20, 2005. -- Created 1998 Ky. Acts ch. 255, sec. 47, effective July 15, 1998.