RELATES TO: KRS 393.110, 393.150
NECESSITY, FUNCTION, AND CONFORMITY: KRS 393.180(4) allows the
State Treasurer to promulgate administrative regulations and any reasonable and
necessary rules for the enforcement of KRS Chapter 393. KRS 393.150 authorizes
the Treasurer to determine claims for unclaimed property. This administrative
regulation defines proof which may be accepted by the Treasurer when multiple
claims are received from a single claimant.
Section
1.
(1) A corporation having ten
(10) or more employees that is registered to do business in the Commonwealth of
Kentucky and is in good standing with the Kentucky Secretary of State and that
submits two (2) or more claims for unclaimed property during a fiscal year
shall submit its proof of entitlement as required by
20 KAR 1:040 for the
initial claim only.
(2) For all
claims made by the same corporation during the same fiscal year, the
corporation shall submit the Unclaimed Property Multiple Claims Form, which
identifies the property and serves as a continued proof of
entitlement.
Section 2.
Any corporation having ten (10) or more employees that submitted valid claims
for the unclaimed property during the prior fiscal year and is making its first
claim for a new fiscal year, shall not submit proof of entitlement to the
property, as required by
20 KAR 1:040. Instead the corporation shall submit a
Corporate Verification Form with its initial claim in the new fiscal
year.
Section 3. An individual or a
corporation having nine (9) or fewer employees that submits two (2) or more
claims on the Unclaimed Property Fund during a fiscal year shall submit its
proof of entitlement required by
20 KAR 1:040 for the initial claim only, so
long as the proof of entitlement is sufficient for the successive claims. The
entity shall submit one (1) signed and notarized Unclaimed Property Multiple
Claims Form.
Section 4.
Incorporation by Reference.
(1) The following
material is incorporated by reference:
(a)
"Corporate Verification Form", 2003; and
(b) "Unclaimed Property Multiple Claims
Form", 2003.
(2) This
material may be inspected, copied, or obtained, subject to applicable copyright
law, at the Department of the Treasury, Capitol Annex, Room 183, Frankfort,
Kentucky 40601, Monday through Friday, 8 a.m. to 5 p.m.
