352.520. Department, duties--fines levied against qualified organizations for failure to comply. - Missouri Statutes

Department, duties--fines levied against qualified organizations forfailure to comply.

352.520. The department of insurance, financial institutions andprofessional registration may enforce performance of the requirements ofsections 352.505 and 352.510 by sending a letter by certified mail, returnreceipt requested, demanding that the qualified organization comply with therequirements of sections 352.505 and 352.510. The department of insurance,financial institutions and professional registration may fine the qualifiedorganization in an amount not to exceed one thousand dollars per qualifiedcharitable gift annuity agreement issued until such time as the qualifiedorganization complies with sections 352.505 and 352.510. However, the failureof a qualified organization to comply with the notice requirements imposedpursuant to section 352.505 or section 352.510 does not prevent a charitablegift annuity that otherwise meets the requirements of sections 352.500 to352.520 from constituting a qualified charitable gift annuity.

(L. 1996 S.B. 768 § 5, A.L. 2001 H.B. 664)