FL S0854

Requires lenders to notify tenants or lessees before initiating foreclosure or short-sale proceedings on mortgaged rental properties

Grants tenants or lessees a first right of refusal to purchase the property at fair market value if they provide proof of rental agreement and at least 1 year of rental history

Mandates lenders use escrowed mortgage funds for closing costs if tenant or lessee purchases the property, or for relocation costs if they decline to purchase

Holds lenders liable for closing costs, relocation costs, attorney's fees, and related costs for failure to comply with notice requirements

Limits tenant or lessee damage claims to 90 days after notice or discovery of lender's failure to provide required notice; effective July 1, 2010