FL S0386

Clarifies that mobile home park owners may require purchasers to enter into a new rental agreement and prospectus upon expiration of an assumed rental agreement.

Allows mobile home park owners to increase rental amounts at their discretion when an assumed rental agreement expires, provided the new prospectus and rental agreement are delivered to the purchaser before occupancy.

Removes the requirement that rent increases be imposed in a manner consistent with the initial offering circular or prospectus.

Maintains that lifetime leases remain nonassumable unless the lease agreement provides otherwise or the transferee is the homeowner's spouse.

Effective July 1, 2012.