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Can I collect bank account information from participants in Kentucky? What are the requirements?
Collecting Bank Account Information from Participants in Kentucky
Based on the provided context documents, it appears that you may need to obtain a license to collect bank account information from participants in Kentucky [2.1]. The requirements for obtaining a license are outlined in KYRS 286.11-009. The application for a license must be made in writing and include various information such as the legal name of the applicant, business addresses, and residential addresses, if applicable, of the applicant, and any fictitious or trade name used by the applicant in conducting its business. Additionally, the applicant must provide information concerning any bankruptcy, reorganization, or receivership proceedings involving or affecting the applicant or the proposed responsible individual. The commissioner may waive any requirement of this section with respect to any license application or permit a license applicant to submit substituted information in its license application in lieu of the information required by this section.
It is important to note that bank account information is considered confidential information [1.5]. No officer or director of a bank or trust company, employee of the department, or employee of a state or federal regulatory authority shall release any information contained in the examination, except when required in a proper legal proceeding in which a subpoena and protective order insuring confidentiality has been issued by a court of competent jurisdiction or the information is referred to an appropriate prosecuting attorney for possible criminal proceedings, to outside persons providing professional services to the bank, or to outside persons for the purpose of evaluating the bank for possible acquisition.
It is recommended that you consult with a legal professional to ensure that you are in compliance with all applicable laws and regulations.
Source(s):
- [2.1] Contents of application – Additional information to be provided by corporate applicants – Power of commissioner to waive requirements.
- [1.5] Information obtained by examination to be confidential – Exceptions – Reports as evidence.
Jurisdiction
Kentucky