FL S1490

Requires condominium associations to maintain a copy of their investment policy statement as an official record and prepare financial statements if investing funds in products other than standard depository accounts.

Authorizes associations to invest funds in various investment products if approved by majority vote of unit owners, with board developing a written annual investment policy statement addressing liquidity, safety, yield, goals, authorized investments, and transaction limits.

Mandates associations select a registered investment adviser who must comply with the prudent investor rule, act as a fiduciary under ERISA standards, and maintain at least 36 months of projected reserves in cash or cash equivalents at all times.

Prohibits investment portfolios from containing stocks, securities, or obligations that state agencies are prohibited from investing in under Florida law, and requires investment advisers to provide annual compliance certifications and monthly, quarterly, and annual reports.

Requires association funds to be made available within 15 business days of a written or electronic request and exempts registered investment advisers from contract bidding requirements under Florida law.