Bill Summary: Community Associations (CS for CS for CS for SB's 1196 & 1222)

• Condominium Insurance Requirements: Unit owners must carry minimum $2,000 loss assessment coverage with deductibles not exceeding $250; insurers cannot pay more than the coverage limit for any single loss regardless of number of assessments.

• Fire Sprinkler Retrofitting: Condominiums and cooperatives may vote by majority to forego fire sprinkler retrofitting in existing buildings; associations must initiate permit applications by December 31, 2016 to comply by December 31, 2019, or vote to opt-out every 3 years.

• Distressed Condominium Relief Act: Creates new provisions allowing "bulk assignees" and "bulk buyers" to acquire distressed condominium inventory with limited developer liabilities, but only if parcels acquired before July 1, 2012; protections expire after specific triggers occur.

• Association Records and Governance: Exempts certain employee personnel records, security measures, and personal identifying information from member inspection; increases time for providing annual financial reports to 120 days; requires board certification requirements for new directors.

• Tenant Rent Diversion: Associations may demand delinquent unit owners' tenants pay rent directly to the association for 90+ day delinquencies; tenants receive immunity from owner claims and can credit payments against owner's obligations.