This bill amends various sections of Florida law concerning condominium and cooperative associations, with a strong emphasis on enhancing transparency, accountability, and financial management. Key provisions include the prohibition of individuals with revoked community association manager licenses from holding positions in management firms for ten years, and the requirement for community association managers to maintain online licensure accounts with the Department of Business and Professional Regulation. The bill also mandates that community associations conduct structural integrity reserve studies every ten years for buildings three stories or higher, and it establishes protocols for financial management, including the necessity for adequate property insurance based on independent appraisals and the formation of investment committees to oversee reserve funds.

Additionally, the bill introduces new requirements for digital transparency, mandating that associations managing 150 or more units post essential documents online within 30 days of receipt or creation. It extends the deadline for delivering financial reports to unit owners from 120 days to 180 days after the fiscal year ends and allows buyers to extend the closing period by up to 7 days after receiving inspection reports. The legislation also emphasizes the importance of compliance with state laws, providing the Division of Florida Condominiums, Timeshares, and Mobile Homes with enhanced enforcement powers, including the ability to impose civil penalties for violations. Overall, the bill aims to improve governance and protect the interests of unit owners within community associations.

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