This bill amends various sections of Florida law concerning the governance and financial management of condominium and cooperative associations, with a strong emphasis on enhancing financial transparency and accountability. Key provisions include the introduction of electronic delivery for financial reports, the establishment of an investment committee to oversee prudent investment decisions, and the requirement for structural integrity reserve studies for buildings three stories or higher. The bill also allows unit-owner-controlled associations to obtain lines of credit instead of maintaining reserves under certain conditions and mandates that associations managing 25 or more units post specific documents online to improve transparency.

Additionally, the bill modifies existing laws to clarify voting procedures, including the prohibition of general proxies and the requirement for a majority of voting interests to constitute a quorum. It outlines the responsibilities of investment advisers and mandates annual reviews of financial information to ensure compliance with prudent investment standards. The legislation also introduces new guidelines for the disclosure of financial documents to unit owners and establishes penalties for non-compliance, aiming to improve safety and accountability within condominium and cooperative associations while ensuring that members have access to essential information regarding their properties.

Statutes affected:
S 1742 Filed: 718.111