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AN ACT relating to the purchase of single-family homes. 1
Be it enacted by the General Assembly of the Commonwealth of Kentucky: 2
SECTION 1. A NEW SECTION OF KRS CHAPTER 367 IS CREATED TO 3
READ AS FOLLOWS: 4
As used in Sections 1 to 3 of this Act: 5
(1) "Advertised for sale" means placing a commercial message in any medium that 6
directly or indirectly aids, promotes, or assists a single-family home purchase 7
agreement; 8
(2) "Affiliate" means a person, other than an individual, that wholly or substantially 9
owns, is wholly or substantially owned by, or is under common ownership with 10
another person; 11
(3) "Individual" means a human being; 12
(4) (a) "Person" means a fiduciary, firm, association, partnership, limited liability 13
company, corporation, or other business entity or group acting as a unit. 14
(b) "Person" does not include a governmental entity; 15
(5) "Qualifying county" means a county with a population greater than thirty 16
thousand (30,000) based upon the most recent federal decennial census; 17
(6) "Single-family home" means a residential structure that is either a fully detached 18
or semi-detached building or that is a row or town home that: 19
(a) Is separated from any adjacent unit by a ground-to-roof wall; 20
(b) Does not share heating or air conditioning systems or utilities; and 21
(c) Does not have other units located above or below; and 22
(7) "Small business" has the same meaning as in KRS 13A.010. 23
SECTION 2. A NEW SECTION OF KRS CHAPTER 367 IS CREATED TO 24
READ AS FOLLOWS: 25
(1) A person or its affiliates shall not purchase a single-family home in a qualifying 26
county for a purpose other than use by the person as a residence if the person, 27 UNOFFICIAL COPY 25 RS BR 103
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including its affiliates, owns fifty (50) or more single-family homes in qualifying 1
counties that are used primarily for rental purposes. 2
(2) This section: 3
(a) Shall not apply when a single-family home has been advertised for sale for 4
ninety (90) days or more, unless the purchaser qualifies as a small business, 5
in which case this section shall not apply when a single-family home has 6
been advertised for sale for thirty (30) days or more; and 7
(b) Applies to purchases made on or after the effective date of this Act. 8
SECTION 3. A NEW SECTION OF KRS CHAPTER 367 IS CREATED TO 9
READ AS FOLLOWS: 10
(1) A violation of Sections 1 to 3 of this Act shall be deemed to be an unfair, false, 11
misleading, or deceptive act or practice in the conduct of trade or commerce in 12
violation of KRS 367.170. 13
(2) All of the remedies, powers, and duties provided to the Attorney General or any 14
other person under KRS 367.110 to 367.300, and the penalties provided in KRS 15
367.990, pertaining to acts declared unlawful by KRS 367.170 shall apply with 16
equal force and effect to a violation of Sections 1 to 3 of this Act. 17
(3) In an action arising under subsection (1) or (2) of this section, the court shall 18
grant a motion by the Attorney General for joinder of any affiliate of a party 19
named in the action for purposes of: 20
(a) Ensuring a proper accounting regarding the total number of single-family 21
homes owned by the named party and any affiliates; and 22
(b) Permitting proper enforcement, remedies, and damages. 23
(4) If a party is unable to pay an amount awarded by the court pursuant to this 24
section, the court may find any interested party joined pursuant to subsection (3) 25
of this section jointly and severally liable and make the award recoverable against 26
any or all of the joined parties. 27