AN ACT relating to residential communities.

Create new sections of KRS Chapter 381 to define terms related to planned communities; require newly organized planned communities to file a declaration in the office of the county clerk or clerks where the planned community is located; provide how an association shall be organized by declaration accompanied by bylaws that organize a board of directors and day to day functions of the board; provide the time period for periods of declarant control of the associations; provide for the duties and responsibilities of associations and their boards; provide for a process to amend declarations; provide requirements for declarations or bylaws of associations and for their board meetings; provide for rights and responsibilities of associations; require associations to keep certain financial records; provide owners the right to examine and copy certain records of associations; allow associations to assess lot owners for certain expenses; provide for annual assessments of each lot unless established otherwise in the declaration or the governing documents of the association and for an annual budget to be adopted by the association's board; require all owners, residents, tenants, and other persons to comply with any covenants, conditions, and restrictions of planned communities and associations; provide for associations to have a continuing lien for non-payment of levied assessments; provide that an 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; provide that the Act may be cited as the Planned Community Act.