UNOFFICIAL COPY 24 RS BR 1873
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AN ACT relating to investment firms. 1
Be it enacted by the General Assembly of the Commonwealth of Kentucky: 2
ď˘SECTION 1. A NEW SECTION OF KRS CHAPTER 381 IS CREATED TO 3
READ AS FOLLOWS: 4
(1) As used in this section: 5
(a) "Investment firm" means any corporation or trust engaged in the business 6
of investing the pooled capital of investors in financial securities or 7
otherwise engaged in the business of investing in real estate; and 8
(b) "Single family residence" has the same meaning as in KRS 383.545. 9
(2) An investment firm shall not enter into an executory contract to purchase a single 10
family residence until at least ninety (90) days after the date the single family 11
residence is listed for sale. 12
(3) To enter into an executory contract for the purchase of a single family residence, 13
an investment firm must be represented by a real estate broker who is: 14
(a) Licensed pursuant to KRS Chapter 324; and 15
(b) Not an employee of the investment firm or any of the investment firm's 16
subsidiaries. 17