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 to prospective tenants before executing a rental agreement, which must include information about any known flooding, related insurance claims, and a definition of flooding. If a landlord fails to provide this information truthfully and the tenant experiences substantial loss, defined as damage costing 50% or more of the personal property's market value, the tenant has the right to terminate the rental agreement and receive a refund for any rent paid in advance.

Additionally, the bill extends similar disclosure requirements to sellers and developers of residential properties, including mobile home parks, necessitating that they inform prospective buyers and lessees about any past flooding incidents and the need for separate flood insurance. Mobile home park owners are specifically required to provide a flood disclosure document before a rental agreement is executed or at the time of occupancy, detailing their knowledge of past flooding and encouraging renters to consider flood insurance. If a lessee suffers substantial loss due to flooding, they can terminate the rental agreement within 30 days and receive a refund for any rent paid in advance. 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