FL S7042

Requires mandatory "milestone" structural inspections by licensed architects or engineers for residential condominium and cooperative buildings three stories or higher, beginning at 30 years of age (or 20 years if within 3 miles of a coastline), with follow-up inspections every 10 years (or 7 years for coastal buildings); buildings with certificates of occupancy issued on or before July 1, 1992, must complete initial inspections by December 31, 2024

Requires associations with residential buildings three stories or higher to conduct reserve studies at least every three years covering maintenance, repair, and replacement costs of major structural components, and boards must annually review whether reserves are sufficient

Restricts the ability of associations and developers to waive or reduce reserve funding unless reserves are funded consistent with the current reserve study or an alternative funding method is provided, and requires reserve funds used for non-authorized purposes to be reinstated within 12 months

Mandates conspicuous disclosure statements in financial reports, estoppel certificates, prospectuses, and resale contracts when an association has waived reserves or failed to fund reserves consistent with its reserve study, warning of potential liability for unanticipated special assessments

Authorizes association boards to adopt special assessments or borrow money for necessary maintenance, repair, or replacement of association property without unit owner approval, and specifies that necessary maintenance does not constitute a material alteration requiring owner consent