CS/CS/HB 1405 Summary

• Records and Websites: Associations with 500+ units (condos) or 7,500+ parcels (homeowners) must post digital copies of key documents on a protected website accessible only to members, including bylaws, budgets, financial reports, meeting notices, and board certifications.

• Financial Reporting: Eliminates provisions allowing associations to waive financial reporting requirements and requires associations that fail to provide financial reports to unit owners to submit copies to the Division, which must maintain and provide them to the public upon request.

• Termination Protections: Expands fair market value recovery to all original purchasers rejecting termination plans if they have homestead exemption status or own owner-occupied businesses and are current on obligations; increases relocation payments to 1% of termination proceeds for homestead-exempt units.

• Record Access: Outgoing board members must relinquish administrative rights to association websites and digital assets within 5 days of election; failure results in civil penalties; unit owners denied record access entitled to minimum damages of $50/day (up to 10 days).

• Declaration Amendments: Requires full text of existing provisions when proposing amendments with underlined additions and stricken deletions; rental restriction amendments only apply to new owners or those who consent.