FL S1942

Prohibits condominium and cooperative associations (and developers) from waiving or reducing reserve fund amounts, and requires a separate reserve account exclusively for Life Safety Code items such as waterproofing, roof maintenance, and fire, mechanical, electrical, and structural standards

Requires boards to hire a licensed engineer every 2 years to conduct a reserve study and a licensed structural engineer to perform annual inspections of association property, with reserve study results and current reserve balances reported to the local authority within 7 days

Mandates structural and electrical recertification inspections by a licensed architect or engineer once a residential condominium or cooperative building reaches 20 years of age, with subsequent recertification every 5 years; boards must hire the inspector within 90 days of receiving notice from the local authority

Requires any repairs identified in a recertification report to be completed within 6 months, with daily fines of up to $2,000 for noncompliance; authorizes local authorities to order mandatory evacuation if deficiencies pose a serious threat to public health, safety, or welfare

Requires newly elected or appointed board members to complete both a written certification and a division-approved educational curriculum within 90 days, and mandates that prospective buyers receive copies of the reserve study, reserve status report, and recertification report before purchase