CS/CS/HB 483 - Estoppel Certificates Summary

• Reduces the timeframe for associations to issue estoppel certificates from 15 days to 10 business days after receiving a written or electronic request from unit owners, mortgagees, or their designees.

• Requires condominiums, cooperatives, and homeowners' associations to designate a street or e-mail address on their website for estoppel certificate requests and to deliver certificates by hand delivery, regular mail, or e-mail on the date of issuance.

• Establishes specific fee caps for estoppel certificate preparation and delivery: $250 when no delinquent amounts are owed, plus up to $100 for expedited 3-day delivery, and up to $150 additional fee when delinquent amounts are owed; multiple unit requests capped at $750-$2,500 depending on quantity.

• Provides that amended estoppel certificates have no charge, effective periods vary by delivery method (30 days for hand/e-mail, 35 days for regular mail), and associations waive the right to collect amounts exceeding those specified in the certificate.

• Requires the Department of Business and Professional Regulation to adjust fees every 5 years based on the Consumer Price Index and publish updated amounts on its website.

• Effective date: July 1, 2017.