CS/HB 7055 Summary

• Increases the voting threshold to reject a termination plan from 5% to 10% of total voting interests, and extends the waiting period before resubmitting a rejected plan from 18 to 24 months.

• Requires the Department of Business and Professional Regulation to review and approve termination plans for residential condominiums within 45 days, with plans presumed accepted if no response is provided.

• Mandates compensation for rejecting unit owners at 100% of fair market value, with special protections for original purchasers and homestead-exempt properties who must receive at least their original purchase price.

• Provides homestead owners a 1% relocation payment of termination proceeds and a 12-month lease option to remain in their units if units are subsequently offered for lease.

• Appropriates $89,052 ($85,006 recurring, $4,046 nonrecurring) and authorizes one new full-time position for the Department of Business and Professional Regulation, effective July 1, 2017.