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.
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<![CDATA[ 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 -- <br>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 <br>taxpayer or debtor that the name of that person has been received from or furnished <br>to the department. A financial institution may disclose to its depositors or account <br>holders that, under the financial institution match system, the department has the <br>authority to request certain identifying information on certain depositors or account <br>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 <br>the amount on deposit or in the account of the person to whom the disclosure was <br>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 <br>the department pursuant to KRS 131.670 to 131.676, or from the failure to disclose <br>to a depositor or account holder that the name of the person was included in a list or <br>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 <br>any action pursuant to KRS 131.670 to 131.676 and shall not be liable for failure to <br>provide that notice; provided, however, that a financial institution may disclose to <br>its depositors or account holders that, under the data match system, the department <br>has the authority to request certain identifying information on certain depositors or <br>account holders. The department shall notify, not less than annually, affected <br>depositors or account holders who have not otherwise received notification. Effective: April 25, 2006 <br>History: Created 2006 Ky. Acts ch. 252, Pt. XVII, sec. 4, effective April 25, 2006. ]]>