12RS HB425
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HB425

12RS

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HB 425/FN (BR 1814) - D. Ford

     AN ACT relating to recovery funds and making an appropriation therefor.
     Amend KRS 324.410 to redefine the current statutory purposes of the real estate education, research, and recovery fund; broaden the purposes of the fund to include benefiting those seeking a license, licensees, and consumers served by licensees; authorize the reimbursement to the trust and agency account for expenses incurred in subsidizing the programs and activities under the responsibility of the recovery fund; set cap not to exceed $250,000 annually for transfers or reimbursements of funds from the recovery fund to the trust and agency account; direct that the statement of income and expenses of the fund are in accordance with state financial reporting requirements.

HB 425 - AMENDMENTS


     HCS/FN - Retain original provisions, except amend KRS 324.410 to broaden the current statutory purposes of the real estate education, research, and recovery fund to include benefiting those seeking a real estate license in addition to those licensed under the chapter, but without including consumers served by real estate licensees, and the advancement of communications and technology in the field; restore the existing language for the current enumerated statutory purposes of the fund rather than removing these purposes; add language to amend KRS 330.192 to include under the current statutory purposes of the auctioneer's education, research, and recovery fund benefiting those seeking an auctioneer license in addition to those licensed under the chapter; authorize reimbursement to the trust and agency account for expenses incurred in subsidizing the programs and activities under the responsibility of the recovery fund; set cap not to exceed $250,000 annually for transfers or reimbursements of funds from the recovery fund to the trust and agency account; direct that the statement of income and expenses of the fund are in accordance with state financial reporting requirements and made available within 120 days after the end of each fiscal year on the board's Web site or through other public media.
     HCA (1/Title, R. Rand) - Make title amendment.
     SFA (1, D. Seum) - Direct the Kentucky Real Estate Commission to hire accountants to conduct an annual independent audit of the commission's financial activities; make the annual opinions and reports of the accountants available to the Governor and the Auditor of Public Accounts; authorize the Auditor of Public Accounts to access and examine the papers and property of the commission; permit the Auditor of Public Accounts to exercise all the powers of that office under KRS Chapter 43 with respect to the commission.

     Feb 21-introduced in House
     Feb 22-to Appropriations & Revenue (H)
     Mar 2-posted in committee
     Mar 13-reported favorably, 1st reading, to Consent Calendar with Committee Substitute, committee amendment (1-title)
     Mar 14-2nd reading, to Rules; posted for passage in the Consent Orders of the Day for Friday, March 16, 2012
     Mar 16-3rd reading, passed 93-0 with Committee Substitute, committee amendment (1-title)
     Mar 19-received in Senate
     Mar 21-to Licensing, Occupations, & Administrative Regulations (S)
     Mar 23-floor amendment (1) filed
     Mar 26-reported favorably, 1st reading, to Calendar
     Mar 27-2nd reading, to Rules
     Mar 28-posted for passage in the Regular Orders of the Day for Wednesday, March 28, 2012; 3rd reading; floor amendment (1) withdrawn ; passed 35-0; received in House
     Mar 29-enrolled, signed by Speaker of the House
     Mar 30-enrolled, signed by President of the Senate; delivered to Governor
     Apr 11-signed by Governor (Acts ch. 98)

Vote History
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