Bill > SB76

This bill amends two sections of Kentucky law related to real estate improvement contracts, making two primary changes. First, it increases the threshold for creating escrow accounts for real estate improvement contracts from $500,000 to $2,000,000, which means that contracts below $2 million will no longer be required to establish a separate escrow account for retained funds. Second, the bill prohibits contracts from waiving any provisions of the escrow account requirements, ensuring that parties cannot contractually opt out of the legal protections established by the law. The bill also updates language to include various types of local governments (such as charter counties, unified local governments, and consolidated local governments) in the list of entities exempt from the escrow account requirements. These changes aim to provide more flexibility for smaller construction contracts while maintaining important legal protections for contractors and property owners.

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https://apps.legislature.ky.gov/record/25RS/sb76.html