Bill > SB233

This bill exempts property owner associations for planned communities and condominiums with 14 or fewer units from certain financial reporting and document retention requirements. Specifically, it amends existing laws (KRS 381.794 for planned communities and KRS 381.9197 for condominiums) to remove the obligation for these smaller associations to keep detailed financial records, prepare annual financial reports, and make those reports available to owners, unless they voluntarily choose to do so in their governing documents. These requirements, which vary based on the association's annual revenue, are designed to ensure transparency and accountability in how association funds are managed.

Government Affairs

https://apps.legislature.ky.gov/record/26RS/sb233.html