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HB 446 (BR 1268) - De. Butler
AN ACT relating to the sales of horses.
Create a new section of KRS Chapter 230 to require that any sale involving a racehorse, prospective racehorse, stallion, or broodmare or an interest in such horses be in writing and signed by both the buyer and seller; prohibit a person from acting as the agent for both the buyer and seller unless full disclosure is given and the written consents of the purchaser and seller are obtained; prohibit an agent from accepting compensation or another item of value from a party other than the one he or she represents without disclosing the payment to both the buyer and the seller and obtaining the consent of the person for whom the agent works; require the agent, upon demand, to submit to the buyer or seller copies of all records and documents relating to the transaction involving the racehorse, prospective racehorse, stallion, or broodmare; permit an injured party to recover treble damages, costs, and attorney's fees for violations.
HB 446 - AMENDMENTS
HCS - Retain original provisions, except add provisions to allow the signature of the syndicate manager or stallion manager in a transaction solely relating to a season or fractional interest in the stallion to be used in lieu of the purchaser's and seller's signatures; allow the auction receipt and the signature of the purchaser or the purchaser's agent to satisfy the bill of sale and signature requirements; define what constitutes dual agency; clarify that the prohibition against compensation, fees, or gratuities from a person, other than the agent's principal, applies only if the compensation, fees, or gratuities exceed $100; permit the prevailing party in litigation occurring under this section to receive reasonable litigation expenses; clarify that disclosures required under this section may exclude compensation arrangements if a dual agency does not exist.
HFA (1, M. Denham) - Increase the limit on the value of the compensation, fees, or gratuities an agent may receive from a third party without disclosure in writing to affected parties from $100 to $1,000; make provisions of section applicable to sales over $25,000; clarify that a series of transactions involving the same purchaser or purchasers within a 15-day period shall be deemed a single transaction.
HFA (2, D. Butler) - Increase the amount of the compensation, fees or gratuities that an agent may receive from a third party from $100 to $500; clarify that the syndicate manager's or stallion manager's signature will be required only in a specific instance; clarify that an agent must disclose information concerning a transaction if requested by the principal rather than the requesting party.
HFA (3, M. Denham) - Create a two year statute of limitations for an action brought in a court of law for alleged violations of this Act that begins to run from the date of the sale, purchase, or transfer of the equine.
HFA (4, M. Denham) - Exempt from provisions of this Act sales, purchases, or transfers of equines used for showing if the sale, purchase, or transfer is $10,000 or less.
SFA (1, D. Thayer) - Delete subsection that awards treble damages; clarify that the injured party will receive three times the amount received by the dual agent from his or her principals and that the prevailing party will be entitled to the costs of the suit, reasonable litigation expenses, and reasonable attorney fees.
SFA (2, D. Thayer) - Delete exemption from the provisions of this bill for sale, purchase, or transfer of horses for $10,000 or less.
SFA (3, D. Thayer) - Specify that financial records and documents are to be disclosed; clarify that the financial records subject to disclosure do not include the agent's or owner's work product used to internally evaluate the equine; specify how treble damages will be computed; specify that liability under this section shall apply to persons who have actual knowledge of the conduct constituting a violation.
SFA (4, D. Thayer) - Specify that financial records and documents are to be disclosed; clarify that the financial records subject to disclosure do not include the agent's or owner's work product used to internally evaluate the equine; specify how treble damages will be computed; specify that liability under this section shall apply to persons who have actual knowledge of the conduct constituting a violation.
Jan 24-introduced in House
Jan 25-to Licensing and Occupations (H)
Jan 30-posted in committee
Feb 8-reported favorably, 1st reading, to Calendar with Committee Substitute
Feb 9-2nd reading, to Rules; posted for passage in the Regular Orders of the Day for Friday, February 10, 2006
Feb 10-floor amendment (1) filed to Committee Substitute
Feb 13-floor amendment (2) filed to Committee Substitute
Feb 15-floor amendment (3) filed to Committee Substitute
Feb 16-floor amendment (4) filed to Committee Substitute
Feb 21-3rd reading, passed 84-14 with Committee Substitute, floor amendments (2) and (4)
Feb 22-received in Senate
Feb 24-to Licensing, Occupations & Administrative Regulations (S)
Feb 28-reported favorably, 1st reading, to Calendar; floor amendment (1) filed
Mar 1-2nd reading, to Rules; floor amendment (2) filed
Mar 8-posted for passage in the Regular Orders of the Day for Thursday, March 9, 2006
Mar 9-passed over and retained in the Orders of the Day
Mar 10-floor amendment (3) filed ; passed over and retained in the Orders of the Day
Mar 14-passed over and retained in the Orders of the Day; floor amendment (4) filed
Mar 15-3rd reading; floor amendments (1) (2) and (3) withdrawn ; passed 36-0 with floor amendment (4)
Mar 16-received in House; to Rules (H)
Mar 17-posted for passage for concurrence in Senate floor amendment (4) for Monday, March 20, 2006
Mar 20-House concurred in Senate floor amendment (4) ; passed 89-7
Mar 21-enrolled, signed by each presiding officer; delivered to Governor
Mar 28-signed by Governor (Acts ch. 70)
Vote History
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