FL H0975

Amends s. 718.116, F.S. to change liability cap for first mortgagees acquiring condominium units through foreclosure from "greater" to "lesser of" either 12 months of unpaid assessments or 1 percent of original mortgage debt.

Amends s. 720.3085, F.S. to apply the same "lesser of" liability standard to first mortgagees acquiring homeowners' association parcels through foreclosure or deed in lieu of foreclosure.

First mortgagees remain fully liable for all assessments and related costs that accrue from the judgment of foreclosure or deed in lieu of foreclosure forward until title transfers.

Liability limitations apply only if the first mortgagee joined the association as a defendant in the foreclosure action, with exceptions for dissolved associations or those without discoverable service of process addresses.

Effective date: July 1, 2015.