This bill amends various sections of Florida law concerning condominium and cooperative associations, with a strong emphasis on enhancing the regulation of community association managers and management firms. Key provisions include prohibiting individuals with revoked community association manager licenses from holding ownership or employment in management firms for ten years, and requiring managers to maintain an online licensure account with the Department of Business and Professional Regulation. The bill also mandates that community association management firms disclose their employed managers and notify associations of any license suspensions or revocations. Additionally, it introduces stricter regulations on financial reporting, investment management, and the conduct of board meetings, including the option for video conferencing, to promote transparency and accountability.

Further amendments focus on structural integrity reserve studies, requiring associations to conduct these studies every ten years for buildings three stories or higher, and to maintain adequate reserve funding for capital expenditures and deferred maintenance. The bill also establishes new requirements for the management of official records, including the posting of digital copies of documents for larger associations and clarifying buyer disclosures in residential unit sales. It enhances the rights of unit owners to access records and imposes penalties for violations related to record-keeping. Overall, the legislation aims to improve governance, financial practices, and safety within condominium and cooperative associations in Florida, ensuring better protection for residents and their investments.

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