AN ACT relating to residential communities.

Create new sections of KRS Chapter 381 to define terms related to planned communities; require planned communities to file a declaration in the office of the county clerk or clerks where the planned community is located; provide for homeowners' associations duties and responsibilities; provide for owners' and prospective purchasers' or their agents' right to examine and copy certain records of the homeowners' association; provide for annual assessments of each lot to be equal unless established otherwise in the declaration or the governing documents of the homeowners' association; provide guidelines for revitalization of defunct declarations and homeowners' associations; establish guidelines for civil liabilities of planned communities and homeowners' association; provide for damages to be paid to homeowners' associations when any portion of a common area is taken or damaged under the power of eminent domain; provide that a homeowners' association shall not prohibit the outdoor display of political yard signs from 30 days before any primary, regular election, or special election until seven days after that election.