Page 1 of 1 131.670 Definitions for KRS 131.670 to 131.676. As used in KRS 131.670 to 131.676: <br>(1) "Debt" means a liquidated debt as defined in KRS 45.241(1)(b); <br>(2) "Debtor" means any person liable for a debt; <br>(3) "Department" means the Department of Revenue; <br>(4) "Delinquent taxpayer" means a person who has been assessed for a tax, the collection of which is administered by the Department of Revenue, and who has not <br>sought administrative or judicial review of the assessment as provided in KRS <br>131.110, or who has sought but exhausted all administrative and judicial review so <br>that the assessment is final, due, and owing. For a person to be considered a <br>"delinquent taxpayer," the following conditions must also be met: <br>(a) The tax remains unpaid after thirty (30) days from demand for payment by the department; and (b) The person is not making current timely installment payments on the tax liability under agreement with the department; and (5) "Financial institution" means: (a) A depository institution and an institution-affiliated party as defined in 12 U.S.C. sec. 1813(c) and (u); (b) Any federal or state credit union, including an institution-affiliated party as defined in 12 U.S.C. secs. 1752 and 1786(r); or (c) Any benefit association, insurance company, safe deposit company, money market mutual fund, brokerage firm, trust company, or similar entity <br>authorized to do business in the Commonwealth. Effective: April 25, 2006 <br>History: Created 2006 Ky. Acts ch. 252, Pt. XVII, sec. 1, effective April 25, 2006.
Page 1 of 1 131.670 Definitions for KRS 131.670 to 131.676. As used in KRS 131.670 to 131.676: <br>(1) "Debt" means a liquidated debt as defined in KRS 45.241(1)(b); <br>(2) "Debtor" means any person liable for a debt; <br>(3) "Department" means the Department of Revenue; <br>(4) "Delinquent taxpayer" means a person who has been assessed for a tax, the collection of which is administered by the Department of Revenue, and who has not <br>sought administrative or judicial review of the assessment as provided in KRS <br>131.110, or who has sought but exhausted all administrative and judicial review so <br>that the assessment is final, due, and owing. For a person to be considered a <br>"delinquent taxpayer," the following conditions must also be met: <br>(a) The tax remains unpaid after thirty (30) days from demand for payment by the department; and (b) The person is not making current timely installment payments on the tax liability under agreement with the department; and (5) "Financial institution" means: (a) A depository institution and an institution-affiliated party as defined in 12 U.S.C. sec. 1813(c) and (u); (b) Any federal or state credit union, including an institution-affiliated party as defined in 12 U.S.C. secs. 1752 and 1786(r); or (c) Any benefit association, insurance company, safe deposit company, money market mutual fund, brokerage firm, trust company, or similar entity <br>authorized to do business in the Commonwealth. Effective: April 25, 2006 <br>History: Created 2006 Ky. Acts ch. 252, Pt. XVII, sec. 1, effective April 25, 2006.
Page 1 of 1 131.670 Definitions for KRS 131.670 to 131.676. As used in KRS 131.670 to 131.676: <br>(1) "Debt" means a liquidated debt as defined in KRS 45.241(1)(b); <br>(2) "Debtor" means any person liable for a debt; <br>(3) "Department" means the Department of Revenue; <br>(4) "Delinquent taxpayer" means a person who has been assessed for a tax, the collection of which is administered by the Department of Revenue, and who has not <br>sought administrative or judicial review of the assessment as provided in KRS <br>131.110, or who has sought but exhausted all administrative and judicial review so <br>that the assessment is final, due, and owing. For a person to be considered a <br>"delinquent taxpayer," the following conditions must also be met: <br>(a) The tax remains unpaid after thirty (30) days from demand for payment by the department; and (b) The person is not making current timely installment payments on the tax liability under agreement with the department; and (5) "Financial institution" means: (a) A depository institution and an institution-affiliated party as defined in 12 U.S.C. sec. 1813(c) and (u); (b) Any federal or state credit union, including an institution-affiliated party as defined in 12 U.S.C. secs. 1752 and 1786(r); or (c) Any benefit association, insurance company, safe deposit company, money market mutual fund, brokerage firm, trust company, or similar entity <br>authorized to do business in the Commonwealth. Effective: April 25, 2006 <br>History: Created 2006 Ky. Acts ch. 252, Pt. XVII, sec. 1, effective April 25, 2006.
