Title 020 | Chapter 001 | Regulation 090

20 KAR 1:090.Accounts for unclaimed property that was held in an interest-bearing demand, savings or time deposit.

Section 1.

When an interest-bearing account made assignable to the Department of Treasury is established in accordance with KRS 393.130(5), a record of the year the property was presumed abandoned shall be included.

Section 2.

The account created under KRS 393.130(5) shall yield a rate of interest equal to contract rate for the predecessor account. Interest accruing to the account shall be calculated by the financial institution and reported to the Department of the Treasury on or before November 1 of the next year.

Section 3.

Accounts created under KRS 393.130 shall remit to the Department of the Treasury in accordance with KRS 393.130(5). All accumulated interest shall remit with the account, and the account shall not be reduced by fees or charges assessed by the holder from and after the date the property was presumed abandoned.

HISTORY: (28 Ky.R. 994; 1344; eff. 12-19-2001; 30 Ky.R. 1583; 2015; eff. 3-18-2004; Crt eff. 6-12-2019.)

7-Year Expiration: 6/12/2026

Last Updated: 12/15/2021

Page Generated: 5/12/2023, 4:33:50 PM