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. It prohibits individuals with revoked community association manager licenses from holding ownership or employment in management firms for a specified period. The bill mandates that community association managers maintain updated information on their online licensure accounts and requires the Division of Florida Condominiums, Timeshares, and Mobile Homes to notify relevant parties when a manager's license is suspended or revoked. Additionally, it establishes new contractual obligations for managers, including the inclusion of specific statements in contracts and the prohibition of waiving professional practice standards. The bill also introduces significant changes to financial management practices, requiring boards to create investment committees and ensuring compliance with fiduciary standards for investments.

Furthermore, the bill enhances transparency and accountability within condominium associations by mandating the maintenance of accurate online records and the provision of detailed financial assessments to unit owners. It allows associations to pause or reduce reserve contributions under certain conditions and introduces new requirements for structural integrity reserve studies, including the need for disclosures from professionals involved. The bill also modifies meeting procedures, allowing for videoconferencing and electronic voting while ensuring that all meetings are recorded. Key provisions include the requirement for timely updates to the division regarding community associations and the introduction of penalties for non-compliance with disclosure requirements. Overall, the bill aims to strengthen the regulatory framework surrounding condominium and cooperative associations, ensuring better compliance and protection for unit owners.

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