An act relating to the State Treasurer and unclaimed property., the official text

UNOFFICIAL COPY                                                 26 RS HB 456/EN

1   AN ACT relating to the State Treasurer and unclaimed property.

2 Be it enacted by the General Assembly of the Commonwealth of Kentucky:

3   SECTION 1. A NEW SECTION OF KRS CHAPTER 2 IS CREATED TO

4 READ AS FOLLOWS:

5 The fourth week of September of each year is designated as Unclaimed Property Week.

6   Section 2. KRS 41.020 is amended to read as follows:

7 The Department of the Treasury shall be headed by the State Treasurer. He or she shall[

8 reside and] keep his or her office at the seat of government.

9   Section 3. KRS 393A.740 is amended to read as follows:

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

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

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

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

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

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

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

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

18  the evasion or failure to perform.

19 (2) If a holder makes a fraudulent report or files a report which fails to provide all

20  necessary information in their possession under this chapter, the administrator

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

22  393A.730, a civil penalty of one thousand dollars ($1,000) for each day from the

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

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

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

26  report or was underreported.

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    HB045620.100 - 1029 - XXXX 3/31/2026 1:09 PM                          Engrossed