(1) A holder that fails to report, pay, or deliver property within the time prescribed by this chapter shall pay to the administrator interest at the tax interest rate determined under KRS 131.183 on the property or value of the property from the date the property should have been reported, paid, or delivered to the administrator until the date reported, paid, or delivered. (2) Except as otherwise provided in KRS 393A.740 or 393A.750, the administrator may require a holder that fails to report, pay, or deliver property within the time prescribed by this chapter to pay to the administrator, in addition to interest included under subsection (1) of this section, a civil penalty of two hundred dollars ($200) for each day the duty is not performed, up to a cumulative maximum amount of five thousand dollars ($5,000).
‹ Prev All Kentucky sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.