Kentucky Statutes 142.130 – Administration of KRS 142.100 to 142.135 by department — Interest and penalties — Board to cooperate with department — Refunds or credits
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(1) The department shall administer KRS § 142.100 to KRS § 142.135, and shall have all of necessary powers, rights, duties, and authority with respect to the assessment, collection, and administration of the CMRS prepaid service charge.
(2) Any CMRS prepaid service charges not paid on or before the due date shall bear interest at the interest rate established by KRS § 131.183 from the date due until the date of payment.
(3) KRS § 131.180 shall apply to the CMRS prepaid service charge for the purposes of assessing and imposing penalties.
(4) The board shall fully cooperate with the department and shall provide the department with any information requested to carry out KRS § 142.100 to KRS § 142.135.
(5) The CMRS prepaid service charge imposed and collected pursuant to KRS § 65.7634 and KRS § 142.100 to 142.135 may be refunded or credited as provided in KRS § 134.580 in the case of over payment or payment when no fee was due.
Effective: January 1, 2017
History: Created 2016 Ky. Acts ch. 111, sec. 22, effective January 1, 2017.
(2) Any CMRS prepaid service charges not paid on or before the due date shall bear interest at the interest rate established by KRS § 131.183 from the date due until the date of payment.
Terms Used In Kentucky Statutes 142.130
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
(3) KRS § 131.180 shall apply to the CMRS prepaid service charge for the purposes of assessing and imposing penalties.
(4) The board shall fully cooperate with the department and shall provide the department with any information requested to carry out KRS § 142.100 to KRS § 142.135.
(5) The CMRS prepaid service charge imposed and collected pursuant to KRS § 65.7634 and KRS § 142.100 to 142.135 may be refunded or credited as provided in KRS § 134.580 in the case of over payment or payment when no fee was due.
Effective: January 1, 2017
History: Created 2016 Ky. Acts ch. 111, sec. 22, effective January 1, 2017.