Ky. dual agency bill signed

Kentucky Gov. Ernie Fletcher on Tuesday signed a bill into law that seeks to improve protection for buyers of horses at auction or through private sales.

The bill, spurred in part by a lawsuit filed by California-based owner Jess Jackson against his former bloodstock advisers, makes it illegal for an agent to represent both a buyer and a seller in a transaction - a practice known as dual agency - without disclosing the two roles to both sides.

The legislation also requires a written bill of sale for any transaction involving the sale of a horse for breeding, racing, or show purposes. The bill must be signed by the buyer and seller or their authorized agents and include the purchase price of the horse.

Both the Senate and House passed versions of the bill by overwhelming margins earlier this year. Jackson had appeared before legislative committees to lobby for the bill.