Kentucky Attorney General Greg Stumbo is putting residents on alert to watch for price gouging.
Recent storms in Kentucky have resulted in widespread wind and flood damage. In attempts to recover, residents are purchasing building materials and other goods, as well as repair and reconstruction services.
Price Gouging legislation drafted by Stumbo, and for which he testified before the House and Senate, was overwhelmingly passed by the Legislature and signed into law this year (HB 471). It protects residents from price gouging in the event of a local, state or national emergency. Last week, Gov. Ernie Fletcher signed an Executive Order declaring a State of Emergency for the Commonwealth of Kentucky in the aftermath of damage from the severe storms across the state recently.
The price gouging statute makes illegal any increases during a declared national or local emergency which are grossly in excess of the price charged for goods and services immediately prior to the emergency.
Violations are punishable by a $5,000 penalty for the first violation and a $10,000.00 penalty for each subsequent violation.
Topics Windstorm
Was this article valuable?
Here are more articles you may enjoy.
Hedge Fund Money Is Reshaping a 180-Year-Old Insurance Model 
Palm Beach Billionaires Feud Over Who’s Really Protecting the Everglades 
Nationwide: Consumers Say Insurance Should Evolve for Micromobility Vehicles 
Carnival Cruise Passenger Served 14 Shots Awarded $300,000 After Fall Down Stairs 
