367.4774 Maintenance fees on Kentucky recreational and retirement use land.

228 words·~1 min read·/ky/chapter-367/367-4774

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)For any recreational and retirement use land physically located in this state,

maintenance fees paid shall be held in trust by the seller of recreational and

retirement use land for the benefit of the owners of individual interests. The fees

shall be deposited into a separate account in a financial institution authorized to

conduct business in this state. For purposes of this section, "financial institution"

means a federally chartered bank, a state chartered bank, or a federally chartered

savings and loan association. If any agent is designated by the seller of recreational

and retirement use land to collect maintenance fees, both the seller and the agent

shall be trustees of the funds collected.

(2)The maintenance fees shall be used only for the maintenance, care, and security of

the development. The Attorney General shall be entitled to demand and inspect the

records necessary to verify compliance with this statute.

(3)Nothing in this section shall be construed to limit the right of the seller of

recreational and retirement use land from assigning for collection purposes only any

maintenance fees which are more than sixty

(60)days delinquent if:

(a)The assignee for collection purposes receives no more than thirty-five percent

(35%) of the delinquent fees collected; and

(b)The assignee for collection purposes is not owned or controlled by the seller

of recreational and retirement use land.