HB 433 (BR 1159) - J. Tilley
AN ACT relating to condominiums and declaring an emergency.
Amend KRS 381.9105 to define "capital expenditure" and redefine "condominium" and "unit"; amend KRS 381.9145 to provide that a joinder of units does not alter the method of valuation; amend KRS 381.9167 to establish a fee structure for the issuance of a certificate necessary for the sale of a condominium, and provide an alternative method for making emergency assessments or repeal thereof; amend KRS 381.9179 to reduce the number of owners necessary to establish a quorum for the association to conduct of business; amend KRS 381.9187 to delete the requirement that an insurer of the association provide certificates of insurance related to common elements to every unit owner; amend KRS 381.9193 as it relates to the provide for association liens; amend KRS 381.9197 to require associations to prepare annual financial reports in accordance with standards based upon the income level of the association; amend KRS 381.9201 to exempt specified transfers from the sale certificate requirements; amend KRS 381.9203 to identify the required contents of a sale certificate; create a new section of KRS 381.9101 to 381.9207 to establish ethical standards for association board members and officers; amend KRS 381.9103, 381.9155, 381.9169, and 381.9175 to conform; repeal KRS 381.865; EMERGENCY.
HB 433 - AMENDMENTS
HCS - Retain original provisions; amend to provide that all financial statements are to be prepared by certified public accountants; declare an EMERGENCY.
Feb 21-introduced in House
Feb 22-to Judiciary (H)
Feb 27-posted in committee
Mar 7-reported favorably, 1st reading, to Consent Calendar with Committee Substitute
Mar 8-2nd reading, to Rules; posted for passage in the Consent Orders of the Day for Monday, March 12, 2012
Mar 12-3rd reading, passed 95-0 with Committee Substitute
Mar 13-received in Senate
Mar 15-to Judiciary (S)
Mar 22-reported favorably, 1st reading, to Consent Calendar
Mar 23-2nd reading, to Rules
Mar 28-posted for passage in the Consent Orders of the Day for Wednesday, March 28, 2012; 3rd reading, passed 37-0; 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. 99)