Bill > HB31

This bill aims to regulate the purchase of single-family homes in Kentucky by large property owners. It defines key terms like "single-family home" and "affiliate," which refers to a person or entity that substantially owns, is owned by, or shares common ownership with another. The core provision prohibits individuals or entities that own 50 or more single-family homes primarily for rental purposes in Kentucky from acquiring additional single-family homes, unless those homes are intended for the owner's personal residence. This restriction applies to homes that have been on the market for less than 90 days, or less than 30 days if the buyer qualifies as a small business. However, nonprofit corporations are exempt from this prohibition. Violations of this bill will be considered violations of KRS 367.170, which deals with unfair, false, misleading, or deceptive trade practices, and will be subject to existing enforcement mechanisms and penalties. The bill also allows for the Attorney General to join affiliates of a party in enforcement actions to ensure accurate accounting of owned properties and proper enforcement of remedies, and courts can hold these joined parties jointly and severally liable for any awarded amounts.

Justice

https://apps.legislature.ky.gov/record/26RS/hb31.html