The proposed bill establishes new requirements for landlords, sellers, developers, and mobile home park owners regarding the disclosure of flood risks associated with residential properties. Landlords are mandated to 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 rent paid in advance. The bill also enhances flood risk disclosures for prospective purchasers of residential real property and for developers of residential condominiums and cooperatives, ensuring that all parties involved in real estate transactions are adequately informed about potential flood risks.

Additionally, 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 flood damage the owner is aware of, claims filed with insurance providers, and assistance received from agencies like FEMA. The bill outlines the rights of lessees, allowing them to terminate the rental agreement within 30 days of experiencing substantial loss due to flooding, with the owner required to refund any rent paid in advance 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