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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) "Nonprofit corporation" has the same meaning as in KRS 273.161; 13
(5) "Person": 14
(a) Means a fiduciary, firm, association, partnership, limited liability company, 15
corporation, or other business entity or group acting as a unit; and 16
(b) Does not include a governmental entity; 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 N EW 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 the 26
Commonwealth of Kentucky for a purpose other than use by the person as a 27
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residence if the person, including its affil iates, owns fifty (50) or more single -1
family homes in the Commonwealth of Kentucky that are used primarily for 2
rental purposes. 3
(2) This section: 4
(a) Shall not apply: 5
1. To nonprofit corporations; or 6
2. When a single -family home has been advertised for sal e for ninety 7
(90) days or more, unless the purchaser qualifies as a small business, 8
in which case this section shall not apply when a single -family home 9
has been advertised for sale for thirty (30) days or more; and 10
(b) Applies to purchases made on or after the effective date of this Act. 11
SECTION 3. A NEW SECTION OF KRS CHAPTER 367 IS CREATED TO 12
READ AS FOLLOWS: 13
(1) A violation of Sections 1 to 3 of this Act shall be deemed to be an unfair, false, 14
misleading, or deceptive act or practice in the conduct of trade or commerce in 15
violation of KRS 367.170. 16
(2) All of the remedies, powers, and duties provided to the Attorney General or any 17
other person under KRS 367.110 to 367.300, and the penalties provided in KRS 18
367.990, pert aining to acts declared unlawful by KRS 367.170, shall apply with 19
equal force and effect to a violation of Sections 1 to 3 of this Act. 20
(3) In an action arising under subsection (1) or (2) of this section, the court shall 21
grant a motion by the Attorney Gen eral for joinder of any affiliate of a party 22
named in the action for purposes of: 23
(a) Ensuring a proper accounting regarding the total number of single -family 24
homes owned by the named party and any affiliates; and 25
(b) Permitting proper enforcement, remedies, and damages. 26
(4) If a party is unable to pay an amount awarded by the court pursuant to this 27
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section, the court may find any interested party joined pursuant to subsection (3) 1
of this section jointly and severally liable and make the award recoverable a gainst 2
any or all of the joined parties. 3