33-20-705. Failure to provide required notice. The failure of a charitable organization to comply with the notice requirements imposed under 33-20-703 and 33-20-704 does not prevent a charitable gift annuity that otherwise meets the requirements of this part from constituting a qualified charitable gift annuity. The commissioner may enforce performance of the requirements of 33-20-703 and 33-20-704 by sending a letter by certified mail, return receipt requested, demanding that the charitable organization comply with the requirements of 33-20-703 and 33-20-704. The commissioner may fine the charitable organization in an amount not to exceed $1,000 for each qualified charitable gift annuity agreement issued until the time that the charitable organization complies with 33-20-703 and 33-20-704.

     History: En. Sec. 5, Ch. 482, L. 2003.