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Can I collect financial information from participants in Kentucky? What are the requirements?

Based on the documents provided, it appears that you may be able to collect financial information from participants in Kentucky, but there are certain requirements that must be met.

Uniform Financial Information Report

According to [1.3]" >109 KYAR 13:010 Section 1, each county, city, or special taxing district in Kentucky is required to submit a uniform financial information report to the Governor’s Office for Local Development annually. Failure to submit the report may result in penalties. However, this regulation does not apply to individuals or private entities.

Participation Agreements for Savings Plan Trust

If you are collecting financial information from participants for a savings plan trust, the information obtained from a participant or a beneficiary and other personally identifiable records made by the trust in the administration of this chapter shall not be published or be open for public inspection pursuant to KRS 61.870 to 61.884, except as provided in [2.1]" >KYRS 164A.330 Section 2.

Records and Reports

Records shall be maintained for all receipts and disbursements from the fund and an annual audit of the transactions shall be conducted as part of the University of Kentucky annual audit at the end of each fiscal year, as stated in [2.5]" >KYRS 164A.815.

Conclusion

Based on the documents provided, it appears that there are no specific regulations that prohibit you from collecting financial information from participants in Kentucky. However, if you are a county, city, or special taxing district, you are required to submit a uniform financial information report. If you are collecting financial information for a savings plan trust, the information obtained should not be published or open for public inspection. Additionally, records should be maintained for all receipts and disbursements from the fund and an annual audit of the transactions should be conducted.

Source(s):
Jurisdiction

Kentucky