HB 391/LM (BR 485) - S. Brinkman, J. Jenkins, M. Marzian, T. Riner
AN ACT relating to condominiums.
Create new sections of KRS Chapter 381, relating to condominiums and the Uniform Condominium Act; define relevant terms; provide requirements and procedures for establishment of associations and for the conduct of business; establish rights and responsibilities of unit owners; provide criteria related to the sale of units by unit owners and collection of delinquent fees and assessments; establish procedure for distribution of proceeds as related to common elements; provide for the short title, "Kentucky Condominium Act"; provide that this Act becomes effective January 1, 2011.
HB 391 - AMENDMENTS
HCS/LM - Retain original provisions; amend Section 22 to permit withdrawal of all or a part of real estate from development only upon written consent of all owners within the development or portion thereof; amend Section 52 to delete language providing for the payment of unpaid assessments to the association prior to association's issuance of the certificate required to be issued to a proposed purchaser.
SCS/LM - Retain original provisions; amend to clarify that the period of declarant control of the association terminates upon the conveyance of a specified percentage of the units to persons other than the declarant and that upon the conveyance of lesser specified percentages of units to persons other than the declarant, the unit owners shall be entitled to elect members of the executive board of the association.
SFA (1, T. Jensen) - Amend Section 29 subsection (10) to clarify that a lien holder in a foreclosure proceeding against a portion of the real estate comprising a condominium may not foreclose on any part of that real estate which has already been developed as part of the common elements of the condominium; amend KRS 381.865 to provide that the books and records of a condominium regime shall be audited or reviewed at least once a year by an independent accountant.
Feb 5-introduced in House
Feb 8-to Judiciary (H)
Feb 12-posted in committee
Feb 17-reported favorably, 1st reading, to Consent Calendar with Committee Substitute
Feb 18-2nd reading, to Rules; posted for passage in the Consent Orders of the Day for Wednesday, February 24, 2010
Feb 24-3rd reading, passed 98-0 with Committee Substitute
Feb 25-received in Senate
Mar 1-to Judiciary (S)
Mar 11-reported favorably, 1st reading, to Calendar with Committee Substitute ; floor amendment (1) filed to Committee Substitute
Mar 12-2nd reading, to Rules
Mar 17-posted for passage in the Regular Orders of the Day for Thursday, March 18, 2010
Mar 18-3rd reading, passed 37-0 with Committee Substitute, floor amendment (1)
Mar 19-received in House; to Rules (H)
Mar 24-posted for passage for concurrence in Senate Committee Substitute, floor amendment (1)
Mar 29-House concurred in Senate Committee Substitute, floor amendment (1) ; passed 98-0; enrolled, signed by each presiding officer; delivered to Governor
Apr 8-signed by Governor (Acts ch. 97)