H.B. 972 Summary

• Authorizes condominium associations and planned community associations located in zoning districts allowing transient vacation rentals to assess impact fees on unit owners or members using their units as transient vacation rentals.

• Impact fees must be used for: maintenance and repair of common areas/elements, enhanced security measures (including surveillance and personnel), administrative costs for monitoring transient rentals, and insurance costs.

• Boards of directors must notify affected unit owners or members of the impact fee structure at least 30 days before assessing the fee.

• Boards must establish clear procedures by resolution for assessing, collecting, and using impact fees, including penalties for noncompliance, with any decision to assess fees placed on the agenda for a regular or special meeting.

• The law takes effect on July 1, 3000.