Kentucky condominium compliance, with the statute behind every deadline

At least once each year; the exact date is set by the bylaws.

“A meeting of the association shall be held at least once each year.”

Before levying a fine for a violation of the declaration, bylaws, or rules and regulations, give the unit owner notice and an opportunity to be heard.

“Impose charges for late payment of assessments and, after notice and an opportunity to be heard, levy reasonable fines for violations of the declaration, bylaws, and rules and regulations of the association that may include reimbursement to the association of reasonable fees and costs, including attorney fees, associated with the enforcement of this paragraph”

If the executive board adopts a budget for the condominium: provide a summary of the budget to all unit owners within 30 days after adoption; and, if the adopted budget increased more than 15% from the previous year's budget, set a meeting of the unit owners — not less than 14 nor more than 30 days after providing the summary — to consider ratifying it. The budget is deemed ratified, whether or not a quorum is present, unless a majority of all unit owners (or a larger vote the declaration specifies) rejects it at that meeting; a rejected budget means the last-ratified budget continues until a new one is adopted.

“If the executive board adopts a budget for the condominium, the board shall: (a) Provide a summary of the budget to all unit owners within thirty (30) days after the adoption; and (b) If the adopted budget contains an increase of greater than fifteen percent (15%) from the previous year's budget, set a date for a meeting of the unit owners to consider ratification of the budget, which meeting shall not be less than fourteen (14) days nor more than thirty (30) days after providing the summary.”

Not later than 60 days after the declarant has conveyed 25% of the units that may be created to unit owners other than the declarant, at least one member and not less than 25% of the executive board must be elected by unit owners other than the declarant. Not later than 60 days after conveyance reaches 50%, not less than 33-1/3% of the executive board must be elected by unit owners other than the declarant.

“units which may be created to unit owners other than a declarant, at least one (1) member and not less than twenty-five percent (25%) of the members of the executive board shall be elected by unit owners other than the declarant.”

Within 10 business days of a unit owner's written request, provide a recordable statement setting forth the amount of unpaid assessments against that unit.

“The association shall, upon written request, provide a unit owner a recordable statement setting forth the amount of unpaid assessments against his or her unit. The statement shall be delivered within ten (10) business days after receipt of the request and shall be binding on the association, the executive board, and every unit owner.”

Keep financial records detailed enough to comply with the association's certificate duty, and make all financial and other records reasonably available for examination by any unit owner and their authorized agents.

“The association shall keep financial records sufficiently detailed to enable the association to comply with KRS 381.9203 and, except for the statement of cash receipts and disbursements which shall be kept on a cash basis, all financial statements shall be prepared in accordance with generally accepted accounting principles. All financial and other records shall be made reasonably available for examination by any unit owner and his or her authorized agents.”

Commencing no later than the first conveyance of a unit to someone other than the declarant, keep in force, to the extent reasonably available: property insurance on the common elements against fire and extended-coverage perils, in a total amount not less than 100% of the actual cash value of the insured property at purchase and each renewal; and liability insurance, including medical payments coverage, in an amount the executive board sets but not less than any amount the declaration specifies, covering occurrences arising from use, ownership, or maintenance of the common elements.

“Commencing not later than the time of the first conveyance of a unit to a person other than a declarant, the association shall maintain, to the extent reasonably available: (a) Property insurance on the common elements insuring against fire and extended coverage perils and such other risks as may be determined by the association. The total amount of insurance after application of any deductibles shall be not less than one hundred percent (100%) of the actual cash value of the insured property at the time the insurance is purchased and at each renewal date”

Get affirmative agreement from owners holding at least 80% of the association's votes — including 80% of the votes not held by a declarant — before conveying a common element or subjecting one to a lien or security interest. Conveying or encumbering a limited common element additionally needs the agreement of every owner it's assigned to.

“Portions of the common elements may be conveyed or subjected to a lien or security interest by the association if persons entitled to cast at least eighty percent (80%) of the votes in the association, including eighty percent (80%) of the votes allocated to units not owned by a declarant, or any larger percentage the declaration specifies, agree to that action”