{"data":{"id":"us-ky/krs-367.815","jurisdiction":"us-ky","citation":"KRS 367.815","heading":"Liability for false, misleading, or deceptive representations -- Bond or","body":"deposit to insure veracity of statements -- Maintenance of records.\n(1) Any person who offers a business opportunity and makes representations that are\nfalse, misleading, or  deceptive shall be liable to the consumer/investor of such\nbusiness opportunity in an amount equal to the sum of his actual damages or fifteen\nhundred dollars ($1,500), whichever is greater, as well as the cost of the action\ntogether with reasonable attorney's fees, as determined by the court.\n(2) (a) All persons registering pursuant to KRS 367.805 shall either furnish a bond\nby a surety company authorized to do business in the Commonwealth or\nestablish a full cash certificate of deposit with a licensed an d insured bank or\nsavings institution located in the Commonwealth to insure the veracity of all\nstatements contained in the registration. The amount of the bond or certificate\nof deposit shall be in an amount equal to the total amount of the initial\npayments under all business opportunity agreements the offeror has entered\ninto in the Commonwealth during the previous year but in no case shall the\namount be less than seventy -five thousand dollars ($75,000). The bond or\ncertificate of deposit shall be in the favor of the Attorney General of\nKentucky.\n(b) Any person who is damaged by any violation of KRS 367.801 to 367.819, or\nby the offeror's breach of contract for the business opportunity sale, or of any\nobligation arising therefrom may bring an action agains t the bond or\ncertificate of deposit to recover damages suffered, provided that the aggregate\nliability of the surety or trustee shall be only for the actual damages and shall\nnot exceed the amount of the bond or trust account.\n(3) A person who has furnish ed a bond described in subsection (2) of this section may\npetition the office for release of the bond by submitting a verified statement that\nsuch person has not offered business opportunities in the state for the last five (5)\nyears.\n(4) Any offeror of a business opportunity who has offered or sold in this state shall\nmaintain a complete set of books, records, and accounts of its business opportunity\nsales. The sale documents shall be maintained on each transaction for a period of\nfour (4) years after the date of agreement. The offeror shall make the books and\nrecords available to the office upon demand at a location within the state.","path":["KRS Chapter 367"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=54561","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:05Z","sha256":"f9995e8865a9b410e5259936e68ba5c5350dd655b39e551df22ba899d12563de","source_id":"us-ky","stale":false,"prev":"us-ky/krs-367.813","next":"us-ky/krs-367.816"},"notice":"GroundRules: Original legal text. Not legal advice."}