FL S1520

Requires condominium termination plans to be approved by the Division of Florida Condominiums, Timeshares, and Mobile Homes before submission to unit owners, with the division having 45 days to review for procedural sufficiency or the plan is presumed accepted.

Lowers the voting threshold to reject a termination plan from 10 percent to 5 percent of total voting interests, and extends the waiting period before a new termination plan can be considered from 18 months to 24 months after rejection.

Expands homestead owner protections by lowering the threshold for disclosure from 50 percent to 25 percent ownership, and entitles homestead owners and owner-occupied business owners to compensation at least equal to their original purchase price rather than fair market value.

Requires termination plans to include sworn statements disclosing bulk ownership, acquisition details, board member relationships to bulk owners, and factual circumstances demonstrating compliance with public policy objectives including infrastructure maintenance and property value preservation.

Appropriates $85,006 in recurring funds and $4,046 in nonrecurring funds for fiscal year 2017-2018 and authorizes one full-time equivalent position to implement the new requirements, effective July 1, 2017.