The bill establishes new disclosure requirements for landlords, sellers, and developers regarding flood risks associated with residential properties. Landlords are mandated to provide a flood disclosure document to prospective tenants before executing a rental agreement, detailing any known flooding issues and encouraging tenants to consider flood insurance. If a landlord fails to provide truthful information and the tenant experiences substantial loss due to flooding, the tenant can terminate the rental agreement and receive a refund for any rent paid in advance. The bill also defines key terms such as "flooding" and "substantial loss" to clarify the scope of these disclosures.

Additionally, the bill amends existing laws to require sellers and developers of residential properties, including mobile home parks, to provide similar flood risk disclosures to prospective buyers and lessees. This includes information about past flooding incidents and the necessity of separate flood insurance. Mobile home park owners are specifically required to disclose their knowledge of any past flooding incidents and related claims, as well as inform potential renters that standard homeowners and renters insurance policies do not cover flood damage. The bill outlines penalties for non-compliance, allowing lessees to terminate their agreements and receive refunds if they suffer substantial loss due to flooding. The act is set to take effect on October 1, 2025.

Statutes affected:
S 948 Filed: 689.302, 718.503
S 948 c1: 689.302, 718.503, 719.503
S 948 c2: 689.302, 718.503, 719.503
S 948 e1: 689.302, 718.503, 719.503
S 948 er: 689.302, 718.503, 719.503