{"data":{"id":"us-ky/krs-367.4774","jurisdiction":"us-ky","citation":"KRS 367.4774","heading":"Maintenance fees on Kentucky recreational and retirement use land.","body":"(1) For any recreational and retirement use land physically located in this state,\nmaintenance fees paid shall be held in trust by the seller of recreational and\nretirement use land for the benefit of the owners of individual interests. The fees\nshall be depos ited into a separate account in a financial institution authorized to\nconduct business in this state. For purposes of this section, \"financial institution\"\nmeans a federally chartered bank, a state chartered bank, or a federally chartered\nsavings and loan association. If any agent is designated by the seller of recreational\nand retirement use land to collect maintenance fees, both the seller and the agent\nshall be trustees of the funds collected.\n(2) The maintenance fees shall be used only for the maintenan ce, care, and security of\nthe development. The Attorney General shall be entitled to demand and inspect the\nrecords necessary to verify compliance with this statute.\n(3) Nothing in this section shall be construed to limit the right of the seller of\nrecreational and retirement use land from assigning for collection purposes only any\nmaintenance fees which are more than sixty (60) days delinquent if:\n(a) The assignee for collection purposes receives no more than thirty -five percent\n(35%) of the delinquent fees collected; and\n(b) The assignee for collection purposes is not owned or controlled by the seller\nof recreational and retirement use land.","path":["KRS Chapter 367"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=34994","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:04Z","sha256":"8a91bfc13afa61aaaceb95281442fe55d2a8d354ab5b47c309632294bf241889","source_id":"us-ky","stale":false,"prev":"us-ky/krs-367.4772","next":"us-ky/krs-367.4776"},"notice":"GroundRules: Original legal text. Not legal advice."}