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FL H1393
Bill
Status
Failed
3/14/2022
Primary Sponsor
Joseph Geller
Click for details
AI Summary
- Prohibits developers and condominium/cooperative associations from waiving or reducing reserve fund amounts; removes the prior exception allowing a majority vote to provide no reserves or less reserves than required
- Requires associations to maintain a separate reserve account exclusively for life safety items (waterproofing, roof/balcony railing maintenance, fire/mechanical/electrical/structural standards), which may not be comingled with other reserve funds
- Mandates a licensed engineer or engineering firm conduct a reserve study every 2 years, with results and current reserve balances provided to the local authority having jurisdiction within 7 days of completion
- Requires local authorities to issue a recertification inspection notice once a residential condominium or cooperative building reaches 20 years of age, after which the board must hire a licensed architect or engineer within 90 days to conduct structural and electrical recertification inspections; repairs must be completed within 6 months, with fines of up to $2,000 per day for noncompliance and subsequent recertification every 5 years
- Requires newly elected or appointed board members to complete both a written certification and a division-approved educational curriculum within 90 days; adds reserve study reports and recertification reports to the documents that must be disclosed to prospective buyers or lessees of residential units
Legislative Description
Condominium and Cooperative Associations
Last Action
Died in Regulatory Reform Subcommittee
3/14/2022
Committee Referrals
Regulatory Reform Subcommittee1/14/2022
Full Bill Text
No bill text available