FL S1362

Repeals existing Florida statute 83.561 regarding termination of rental agreements upon foreclosure

Creates new section 83.5615 titled "Protecting Tenants at Foreclosure Act" that takes effect if the federal Protecting Tenants at Foreclosure Act is repealed

Requires successors in interest following foreclosure to provide tenants at least 90 days notice before requiring them to vacate

Allows bona fide tenants with existing leases entered before foreclosure notice to remain until the lease term ends, unless the property is sold to a purchaser who will use it as a primary residence

Defines bona fide lease criteria: tenant cannot be the mortgagor or their immediate family, lease must result from arms-length transaction, and rent must be at or near fair market value or be federally/state/locally subsidized

Effective date of July 1, 2020, with contingent effective date for section 83.5615 upon federal act repeal