Kentucky Statutes 393A.230 – Content of report
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(1) The report required under KRS § 393A.220 shall:
(a) Be signed by or on behalf of the holder and verified as to its completeness and accuracy;
(b) If filed electronically, be in a secure format approved by the administrator which protects confidential information of the apparent owner in the same manner as required of the administrator and the administrator’s agent under KRS § 393A.770 to KRS § 393A.830;
(c) Describe the property;
(d) Except for a traveler’s check, money order, or similar instrument, contain the name, if known, last-known address, if known, and Social Security number or taxpayer identification number, if known or readily ascertainable, of the apparent owner of property with a value of fifty dollars ($50) or more;
(e) For an amount held or owing under a life or endowment insurance policy or annuity contract, contain the name and last-known address of the insured, annuitant, or other apparent owner of the policy or contract and of the beneficiary;
(f) For property held in or removed from a safe-deposit box, indicate the location of the property, where it may be inspected by the administrator, and any amounts owed to the holder under KRS § 393A.360;
(g) Contain the commencement date for determining abandonment under KRS
393A.040 to 393A.140;
(h) State that the holder has complied with the notice requirements of KRS
393A.270;
(i) Identify property that is a non-freely transferable security and explain why it is a non-freely transferable security; and
(j) Contain other information the administrator prescribes.
(2) A report under KRS § 393A.220 may include in the aggregate items valued under fifty dollars ($50) each. If the report includes items in the aggregate valued under fifty dollars ($50) each, the administrator shall not require the holder to provide the name and address of an apparent owner of an item unless the information is necessary to verify or process a claim in progress by the apparent owner.
(3) A report under KRS § 393A.220 may include personal information as described in KRS § 393A.780(1) about the apparent owner or the apparent owner’s property to the extent not otherwise prohibited by federal law.
(4) If a holder has changed its name while holding property presumed abandoned or is a successor to another person that previously held the property for the apparent owner, the holder shall include in the report under KRS § 393A.220 its former name or the name of the previous holder, if any, and the known name and address of each previous holder of the property.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 23, effective July 14, 2018.
(a) Be signed by or on behalf of the holder and verified as to its completeness and accuracy;
Terms Used In Kentucky Statutes 393A.230
- Administrator: means the Kentucky State Treasurer. See Kentucky Statutes 393A.010
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Apparent owner: means a person whose name appears on the records of a holder as the owner of property held, issued, or owing by the holder. See Kentucky Statutes 393A.010
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Confidential information: means records, reports, and information that are confidential under KRS §. See Kentucky Statutes 393A.010
- Contract: A legal written agreement that becomes binding when signed.
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Holder: means a person obligated to hold for the account of, or to deliver or pay to, the owner, property subject to this chapter. See Kentucky Statutes 393A.010
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
- Person: means an individual, estate, business association, public corporation, government or governmental subdivision, agency, or instrumentality or other legal entity. See Kentucky Statutes 393A.010
- Security: means :
(a) A security as defined in KRS §. See Kentucky Statutes 393A.010 - State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Kentucky Statutes 393A.010
(b) If filed electronically, be in a secure format approved by the administrator which protects confidential information of the apparent owner in the same manner as required of the administrator and the administrator’s agent under KRS § 393A.770 to KRS § 393A.830;
(c) Describe the property;
(d) Except for a traveler’s check, money order, or similar instrument, contain the name, if known, last-known address, if known, and Social Security number or taxpayer identification number, if known or readily ascertainable, of the apparent owner of property with a value of fifty dollars ($50) or more;
(e) For an amount held or owing under a life or endowment insurance policy or annuity contract, contain the name and last-known address of the insured, annuitant, or other apparent owner of the policy or contract and of the beneficiary;
(f) For property held in or removed from a safe-deposit box, indicate the location of the property, where it may be inspected by the administrator, and any amounts owed to the holder under KRS § 393A.360;
(g) Contain the commencement date for determining abandonment under KRS
393A.040 to 393A.140;
(h) State that the holder has complied with the notice requirements of KRS
393A.270;
(i) Identify property that is a non-freely transferable security and explain why it is a non-freely transferable security; and
(j) Contain other information the administrator prescribes.
(2) A report under KRS § 393A.220 may include in the aggregate items valued under fifty dollars ($50) each. If the report includes items in the aggregate valued under fifty dollars ($50) each, the administrator shall not require the holder to provide the name and address of an apparent owner of an item unless the information is necessary to verify or process a claim in progress by the apparent owner.
(3) A report under KRS § 393A.220 may include personal information as described in KRS § 393A.780(1) about the apparent owner or the apparent owner’s property to the extent not otherwise prohibited by federal law.
(4) If a holder has changed its name while holding property presumed abandoned or is a successor to another person that previously held the property for the apparent owner, the holder shall include in the report under KRS § 393A.220 its former name or the name of the previous holder, if any, and the known name and address of each previous holder of the property.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 23, effective July 14, 2018.