The proposed bill establishes new requirements for landlords, sellers, and developers regarding flood risk disclosures in residential real estate transactions. It mandates that landlords provide a flood disclosure to prospective tenants before executing a rental agreement, detailing any known flood damage and encouraging tenants to consider flood insurance. If a landlord fails to disclose this information truthfully and the tenant suffers substantial loss due to flooding, the tenant has the right to terminate the rental agreement and receive a refund for any prepaid rent. The bill also defines "flooding" and "substantial loss or damage" to clarify the terms of these disclosures.

Furthermore, the bill introduces specific requirements for mobile home park owners, who must provide a separate flood disclosure document before executing a lot rental agreement or at the time of occupancy. This document must include information about any known flood damage, insurance claims related to flood damage, and assistance received from agencies like FEMA. Lessees are granted the right to terminate their rental agreement within 30 days of experiencing substantial loss due to flooding, with the owner required to refund any prepaid rent for the period following termination. The provisions of this act are set to take effect on October 1, 2025.

Statutes affected:
H 1015 Filed: 689.302, 718.503
H 1015 c1: 689.302, 718.503
H 1015 c2: 689.302, 718.503, 719.503