Real Estate Legislation - Kentucky

Create new sections of KRS Chapter 381 relating to the disposition of historic or prehistoric human remains; declare public policy of the Commonwealth regarding historic or prehistoric human remains; define terms relating to the disposition of historic or prehistoric human remains; establish property confirmation process by which property owners or developers verify whether property contains known human remains; authorize the Kentucky Heritage Council to promulgate administrative regulations related to the disposition of historic and prehistoric human remains; prohibit the issuance of building permits under KRS Chapter 198B until the property owner or developer has completed the preconditions relating to human remains; formulate the procedures and requirements for a human remains outcome review; prescribe the procedures and requirements for an adverse effects determination; list prohibited actions subject to the penalties prescribed in KRS 381.990 regarding the disposition of human remains;[...]

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Amend KRS 198B.700 to conform and to define "home inspector"; amend KRS 198B.702 to conform; amend KRS 198B.704 to clarify term of members of the board and require adherence to duly adopted code of ethics; amend KRS 198B.706 stipulate penalties the board may invoke for violations; amend KRS 198B.712 to prohibit advertising as a home inspector by unlicensed persons; amend KRS 198B.722 to require late fees, if applicable, and background checks; amend KRS 198B.732 to stipulate violators guilty of a second offense within five years shall be guilty of a Class A misdemeanor under KRS 534.040; repeal KRS 198B.734 and reenact as a new section of KRS Chapter 413, amended to require that claims be brought within one year of the date of inspection and prohibit home inspectors acting in their capacity as inspectors from indicating compliance with the building code; amend KRS 227.660 to permit the office to authorize licensed home inspectors to assist in the inspection of mobile homes and recreational [...]

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Create a new section of Subtitle 1 of KRS Chapter 286 to authorize the Office of Financial Institutions to provide free mortgage foreclosure counseling and education to homeowners who have defaulted or are in danger of defaulting on the mortgages on their homes; require the office to work with the Kentucky Housing Corporation if it determines to establish such a program; provide that the program may include a toll-free telephone number homeowners may call to receive mortgage foreclosure counseling and education; permit the office to establish standards for certification of counselors; permit the office to establish in the State Treasury a fund known as the "Mortgage Foreclosure Counseling and Education Trust Fund"; permit the fund to receive from the county clerk a surcharge for recording and indexing of real estate mortgages; amend KRS 64.012 to establish a surcharge of $1.50 to be added to the fee for recording and indexing real estate mortgages, which shall be payable to the mortgage [...]

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Create new sections of KRS Chapter 324, relating to real estate brokers, to allow an out-of-state broker to practice in Kentucky relative to commercial real estate through a cooperation agreement with a Kentucky real estate broker; define "commercial real estate," "cooperation agreement"; "Kentucky cooperating broker," "out-of-state principal broker," and "out-of-state licensee," require that out-of-state licensees be licensed with and work under the direct supervision of an out-of-state principal broker; set out minimum contents of cooperation agreements, to include terms of compensation, description of the parties, and the start and end date of the agreement; mandate that, for transactions that fall within the scope of the cooperation agreement, out-of-state brokers work under the supervision and control of the Kentucky cooperating broker and supply the commission with an affiliation notice and insurance certification; include licensure status and other disclosures; limit types of transactions [...]

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Create a new section of KRS Chapter 198A to permit the Kentucky Homeownership Protection Center to be established by or through the Kentucky Housing Corporation; declare the purpose of the center to be providing a centralized location for information on public services to assist a homeowner who is in default or in danger of default on a home loan; create a new section of Subtitle 2 of KRS Chapter 286 to require the mortgagee to provide to the homeowner at the time of closing any brochure, pamphlet, or brief document prepared or approved by the Kentucky Housing Corporation that describes services provided by the center; create a new section of Subtitle 2 of KRS Chapter 286 to declare it is unlawful for a person in the course of a mortgage transaction to improperly influence the development, report, result, or review of a real estate appraisal in connection with a mortgage loan; amend KRS 286.8-010 to define terms; amend KRS 286.8-020 to clarify who is subject to the subtitle; establish procedure [...]

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