The bill amends various sections of Florida law concerning condominium and cooperative associations, with a primary focus on enhancing the licensing and operational standards for community association managers and management firms. Key provisions include prohibiting individuals with revoked community association manager licenses from holding positions in management firms for a specified period, and requiring managers to maintain an online licensure account with the Department of Business and Professional Regulation. The bill also mandates that management firms disclose the managers they employ and establishes protocols for notifying associations of any license suspensions or revocations. Additionally, it introduces new requirements for financial management, including adequate property insurance, reserve fund management, and the necessity for structural integrity reserve studies, ensuring transparency and accountability in community association operations.

Further amendments address the conduct of meetings and elections within condominium associations, allowing for virtual participation and electronic voting while ensuring that meetings are recorded and accessible. The bill also enhances buyer protections by allowing an extended closing period after receiving inspection reports and clarifying that contracts not conforming to new requirements are voidable. It mandates that developers provide detailed prospectuses to prospective buyers, including financial information and descriptions of common facilities, while reinforcing the necessity for reserve accounts for capital expenditures and maintenance. Overall, the legislation aims to improve transparency, accountability, and financial stability within Florida's condominium and cooperative 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