Fraud bill goes to governor

A bill that would require increased disclosure from agents in Kentucky horse sales is headed to Gov. Ernie Fletcher's office, where it is expected to be signed into law.

The legislation passed the Kentucky House in a 89-7 vote Monday. An amended form of the bill passed the Kentucky Senate last week, and the most recent House vote was to concur with the Senate version of the bill. The bill makes dual agency - the practice of a single agent representing both buyer and seller in a transaction - illegal unless both parties have given their written consent to it. The bill exempts sales of horses for $10,000 or less. The Senate's amendment specified that parties to the sale who are unaware of the dual agency would not be held liable.

The bill received strong support from Stonestreet Stables owner Jess Jackson, who personally lobbied Kentucky legislators for its passage. Jackson has sued his former bloodstock advisors, alleging they received undisclosed commissions on horses he purchased between 2003 and 2005.