Kentucky Statutes 393A.570 – Administrative regulations for conducting examination
Current as of: 2024 | Check for updates
|
Other versions
(1) The administrator shall promulgate administrative regulations in accordance with KRS Chapter 13A governing procedures and standards for an examination under KRS § 393A.560, including rules for use of an estimation, extrapolation, and statistical sampling in conducting an examination.
(2) An examination under KRS § 393A.560 shall be performed under administrative regulations promulgated under subsection (1) of this section and with generally accepted examination practices and standards applicable to an unclaimed-property examination.
(3) If a person subject to examination under KRS § 393A.560 has filed the reports required under KRS § 393A.220 and KRS § 393A.550 and has retained the records required by KRS § 393A.250, the following shall apply to the examination:
(a) The examination shall include a review of the person’s records;
(b) The examination shall not be based on an estimate unless the person expressly consents in a record to the use of an estimate; and
(c) The person conducting the examination shall consider the evidence presented in good faith by the person in preparing the findings of the examination under KRS § 393A.610.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 57, effective July 14, 2018.
(2) An examination under KRS § 393A.560 shall be performed under administrative regulations promulgated under subsection (1) of this section and with generally accepted examination practices and standards applicable to an unclaimed-property examination.
Terms Used In Kentucky Statutes 393A.570
- Administrator: means the Kentucky State Treasurer. See Kentucky Statutes 393A.010
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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
- Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Kentucky Statutes 393A.010
(3) If a person subject to examination under KRS § 393A.560 has filed the reports required under KRS § 393A.220 and KRS § 393A.550 and has retained the records required by KRS § 393A.250, the following shall apply to the examination:
(a) The examination shall include a review of the person’s records;
(b) The examination shall not be based on an estimate unless the person expressly consents in a record to the use of an estimate; and
(c) The person conducting the examination shall consider the evidence presented in good faith by the person in preparing the findings of the examination under KRS § 393A.610.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 57, effective July 14, 2018.