This bill amends various sections of Florida law concerning condominium and cooperative associations, with a primary focus on enhancing the regulation of community association managers and management firms. Key provisions include a prohibition on individuals whose community association manager licenses have been revoked from holding any ownership or employment positions within management firms for ten years. The bill also mandates that community association managers maintain an online licensure account with the Department of Business and Professional Regulation, where they must provide and update specific information. Additionally, it requires community association management firms to disclose the managers they employ and establishes protocols for notifying associations when a manager's license is suspended or revoked. Other significant amendments address contractual obligations, financial management, and the establishment of investment committees, aiming to improve transparency, accountability, and financial integrity within community associations.

Furthermore, the bill introduces new requirements for structural integrity reserve studies, mandating that associations conduct these studies every ten years for buildings three stories or higher, with specific provisions for updating the studies based on funding methods and milestone inspections. It also enhances the insurance obligations of condominium associations, requiring adequate property insurance based on independent appraisals. The bill emphasizes the importance of digital accessibility by mandating that associations managing 150 or more units post digital copies of essential documents on their websites. Additionally, it modifies buyer protections by allowing buyers to extend the closing period after receiving inspection reports and clarifies that any waiver of voidability rights is ineffective. Overall, the bill aims to strengthen governance, protect consumer interests, and ensure the safety and structural integrity of community associations in Florida.

Statutes affected:
S 1742 Filed: 718.111
S 1742 c1: 553.899, 719.501, 914.21
S 1742 c2: 719.501, 914.21
S 1742 c3: 468.4335, 719.501, 914.21