Kentucky
General Assembly

02/26/08	introduced in House
02/27/08	to Licensing & Occupations (H)
02/28/08	posted in committee
03/05/08	reported favorably, 1st reading, to Calendar with Committee Substitute
03/06/08	2nd reading, to Rules
03/10/08	posted for passage in the Regular Orders of the Day for Tuesday, March 11, 2008
03/11/08	floor amendment (1) filed to Committee Substitute
03/13/08	3rd reading, passed 93-0 with Committee Substitute
03/14/08	received in Senate
03/18/08	to Licensing, Occupations and Administrative Regulations (S)
03/25/08	reported favorably, 1st reading, to Consent Calendar with Committee Substitute
03/26/08	2nd reading, to Rules
04/02/08	posted for passage in the Consent Orders of the Day for Wednesday, April 2 3rd reading, passed 38-0 with Committee Substitute received in House to Rules (H)
04/14/08	taken from Rules posted for passage for concurrence in Senate Committee Substitute House concurred in Senate Committee Substitute passed 94-0 enrolled, signed by Speaker of the House
04/15/08	enrolled, signed by President of the Senate delivered to Governor
04/24/08	signed by Governor (Acts Ch. 156)

Amendment	House Committee Substitute 1
Summary	Retain original provisions, except clarify various portions of text to more accurately narrow their focus toward relevant commercial real estate transactions; restrict the scope of the Real Estate Commission's administrative regulations to only the items specifically listed, when the regulations relate to the information required on a written cooperation agreement or a notice of affiliation; remove the requirement that out-of-state principal brokers and licensees submit a form to the commission stating that they carry errors and omissions insurance; limit commission background checks to those conducted in verification of the notice of affiliation, rather than allowing the commission to conduct the checks at any time before or after it has received the notice of affiliation; delete the amendment to KRS 324.287, which would have added a "notice of affiliation" fee to be paid to the commission by out-of-state brokers; remove all references to this amendment.
Index Headings	Effective Dates, Delayed - Real estate brokerage, cooperation agreements allowing out-of-state brokers to practice Licensing - Real estate brokerage, cooperation agreements allowing out-of-state brokers to practice Occupations and Professions - Real estate brokerage, cooperation agreements allowing out-of-state brokers to practice Property - Commercial real estate, cooperation agreements allowing out-of-state brokers to buy or sell Real Estate - Commercial real estate, cooperation agreements allowing out-of-state brokers to buy or sell State Agencies - Real Estate Commission, jurisdiction over out-of-state brokers working under cooperation agreements Corrections Impact - Real Estate Commission, jurisdiction over out-of-state brokers working under cooperation agreements

Amendment	House Floor Amendment 1
Sponsor	R. Palumbo
Summary	Exempt community association managers from the purview of this Act; establish qualifications to be met for designation as a community association manager.
Index Headings	Effective Dates, Delayed - Real estate brokerage, cooperation agreements allowing out-of-state brokers to practice Licensing - Real estate brokerage, cooperation agreements allowing out-of-state brokers to practice Occupations and Professions - Real estate brokerage, cooperation agreements allowing out-of-state brokers to practice Property - Commercial real estate, cooperation agreements allowing out-of-state brokers to buy or sell Real Estate - Commercial real estate, cooperation agreements allowing out-of-state brokers to buy or sell State Agencies - Real Estate Commission, jurisdiction over out-of-state brokers working under cooperation agreements Corrections Impact - Real Estate Commission, jurisdiction over out-of-state brokers working under cooperation agreements

Amendment	Senate Committee Substitute 1
Summary	Retain original provisions, except redefine "commercial real estate" to exclude agricultural and mining properties; make an "out-of-state principal broker" mean the designated broker with whom out-of-state licensees are affiliated, rather than the broker responsible for the operation and supervision of the company; narrow the scope of cooperation agreements to refer to specific transactions; exempt multistate portfolio listings from the regular advertising requirement by mandating that the Kentucky broker be printed in legible type and not necessarily with equal prominence in the advertising; designate the cooperating Kentucky broker, and not the Real Estate Commission, as the recipient of the notice of affiliation; require that a notice of affiliation contain the consent of the out-of-state broker to allow the service of process on the Secretary of State, rather than the commission, for legal actions commenced against the out-of-state broker; limit commission criminal records checks of out-of-state brokers to those conducted as a part of a disciplinary investigation; remove mandatory expiration of a notice of affiliation after 12 months; delete commission power to pursue criminal prosecution for false statements in a notice of affiliation; declare that preliminary exchanges of materials, discussions, and investment or other advice by an out-of-state broker do not constitute the practice of real estate; prohibit the commission from requiring that an out-of-state broker forfeit any improperly received fee, commission, or other consideration; delete delayed effective date.
Index Headings	Effective Dates, Delayed - Real estate brokerage, cooperation agreements allowing out-of-state brokers to practice Licensing - Real estate brokerage, cooperation agreements allowing out-of-state brokers to practice Occupations and Professions - Real estate brokerage, cooperation agreements allowing out-of-state brokers to practice Property - Commercial real estate, cooperation agreements allowing out-of-state brokers to buy or sell Real Estate - Commercial real estate, cooperation agreements allowing out-of-state brokers to buy or sell State Agencies - Real Estate Commission, jurisdiction over out-of-state brokers working under cooperation agreements Corrections Impact - Real Estate Commission, jurisdiction over out-of-state brokers working under cooperation agreements