CS for CS for SB 744 - Community Associations

• Creates requirement for condominium and cooperative buildings of 3+ stories without sprinkler systems to display State Fire Marshal-approved warning signs; State Fire Marshal to adopt rules governing sign specifications and placement.

• Prohibits officers, directors, and managers from soliciting or accepting kickbacks; establishes criminal penalties and mandatory removal from office if charged with specified crimes including forgery, theft, embezzlement, or destruction of association records.

• Expands association record-keeping requirements and access: increases time to provide records from 5 to 10 working days, allows authorized representatives and renters to inspect records, requires associations with 150+ units to post documents online by July 1, 2018.

• Modifies fire sprinkler retrofit requirements: eliminates mandatory retrofitting for buildings 75 feet or less in height and changes vote threshold from majority to two-thirds for buildings over 75 feet; extends compliance deadline to January 1, 2022.

• Prohibits use of debit cards issued in association name or billed to association; treats such use for non-lawful expenses as credit card fraud; prohibits board members and managers from purchasing units at foreclosure sales (except timeshare condominiums).

• Clarifies termination of condominiums provisions, reducing threshold for plan rejection from 10% to 5% and increasing consideration period from 18 to 24 months; eliminates debit card use and mandates financial reporting to division.