BR 108 - R. Alvarado

     AN ACT relating to common interest communities.
     Create new sections of KRS Chapter 381 to establish definitions for common interest communities which exclude condominiums; prohibit waiver of rights conferred by the bill; impose good faith obligation; establish a requirement to record a declaration for a common interest community with county clerks and set minimum contents of the declaration; limit application to communities created after the effective date or, for existing communities, apply only to events occurring after the effective date; specify that agreements between communities do not create a separate common interest community; require establishment of a unit owners association and specify methods of transfer of developer control to an association; set minimum powers of unit owners associations and boards; set duties and powers of board members; establish minimum requirements for recorded bylaws regarding board and association procedures; establish procedures for calling and conducting association meetings; establish procedures for calling and conducting executive board meetings; define quorum for meetings; create and limit voting methods for unit owners; limit foreclosure action by unit owners association; require records to be kept by association and determine methods of publicizing records; establish procedure for adopting and amending policy rules within the community; specify methods of providing notice to community members; provide for removal of executive board members; require budget and special assessment adoption and publication; allow cause of action to enforce rights and obligations; apply supplemental principles of law and equity.