CS for CS for SB 1682 - Condominiums Summary

• 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.

• Requires condominium associations with 150+ units to post governing documents, financial reports, meeting notices, and conflict of interest disclosures on a website by July 1, 2018; grants renters right to inspect bylaws and rules.

• Imposes 8-year term limits on board members (maximum four consecutive 2-year terms) unless insufficient eligible candidates exist; prohibits board members, managers, and management companies from purchasing units at foreclosure sales.

• Establishes conflict of interest requirements for directors and officers, including mandatory disclosure of activities that may constitute conflicts; makes contracts entered without proper disclosure voidable.

• Prohibits associations from using debit cards issued in the association's name and classifies misuse as credit card fraud; removes requirement for certified arbitrators and extends hearing timeline to 30 days.