FL S0660

Revises exemption criteria for nonprofit religious organizations that facilitate sharing of contributions among participants for financial, physical, or medical needs by requiring they limit participants to those sharing common ethical or religious beliefs rather than requiring same religion.

Adds new requirements for exempt organizations including providing monthly accounting of shared qualified needs, conducting annual independent audits per generally accepted accounting principles, and making audits publicly available upon request or online.

Establishes that contribution amounts must have no assumption of risk and no promise to pay, whether between participants or from the organization to participants.

Requires organizations to provide a comprehensive written disclaimer on all applications and guideline materials stating the organization is not an insurance company, not subject to Florida Insurance Code protections, and that assistance is entirely voluntary with no legal compulsion.

Allows organizations to establish participation qualifications and cancel memberships when participants fail to meet membership conditions for over 60 days; takes effect July 1, 2018.