House Bill hb1055

    Florida House of Representatives - 2002                HB 1055

        By Representative Baxley






  1                      A bill to be entitled

  2         An act relating to financial reports; amending

  3         s. 689.265, F.S.; providing requirements with

  4         respect to financial reports required with

  5         respect to certain residential subdivisions;

  6         providing requirements with respect to required

  7         financial reports; providing for posting of the

  8         financial report; requiring the developer or

  9         owner to make available all financial data used

10         to prepare the report; providing a penalty;

11         providing an effective date.

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13  Be It Enacted by the Legislature of the State of Florida:

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15         Section 1.  Section 689.265, Florida Statutes, is

16  amended to read:

17         (Substantial rewording of section. See

18         s. 689.265, F.S., for present text.)

19         689.265  Financial report.--

20         (1)(a)  In a residential subdivision in which all the

21  owners of lots or parcels must pay their pro rata share (which

22  share is calculated periodically based upon the historical or

23  projected actual expense) of the actual expense of maintaining

24  the common areas, recreational facilities, and other

25  properties serving such lots or parcels, the developer or

26  owner of such areas, facilities, or properties shall make

27  public, within 60 days following the end of each fiscal year,

28  a complete financial report as follows:

29         1.  The financial report must denote the beginning

30  month, day, and year and the ending month, day, and year for

31  the applicable fiscal year.

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CODING: Words stricken are deletions; words underlined are additions.






    Florida House of Representatives - 2002                HB 1055

    747-123B-02






  1         2.  The developer or owner shall list the specific

  2  amenity and/or maintenance items of the subdivision for which

  3  amenity and/or maintenance fees have been imposed in

  4  sufficient detail to clearly identify each amenity and/or

  5  maintenance item that may incur expenses to be paid by

  6  homeowners.

  7         3.  The developer or owner shall report the total

  8  receipts of amenity fees, maintenance fees, or such other fees

  9  received by the developer or owner and shall provide an

10  itemized listing of the expenditures made for specific

11  amenities and maintenance items, as well as the total of all

12  expenditures made from the fees for that year.

13         4.  The developer or owner shall certify that the

14  financial report is an accurate and factual representation of

15  the amount of amenity and/or maintenance fees collected and

16  expended during that year and shall sign and date said

17  certification.

18         (b)  Within 60 days after the end of the fiscal year,

19  the certified financial report shall be made public by mailing

20  it to each lot or parcel owner in the subdivision, by posting

21  it in prominent locations in the subdivision for a period of

22  not less than 30 days, and by filing it with the Secretary of

23  State.

24         (2)  Within 30 days following the posting of the annual

25  financial report, the developer or owner shall make available

26  copies of all documents and financial data used by the

27  developer or owner to prepare the annual financial report. The

28  homeowner shall have access to these records for a period not

29  to exceed 60 days.

30         (3)  If a financial report is not filed as required by

31  this section or is filed in violation of this section, the

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CODING: Words stricken are deletions; words underlined are additions.






    Florida House of Representatives - 2002                HB 1055

    747-123B-02






  1  person required to file the report shall be subject to a fine

  2  of $500 for each day until the person complies with the

  3  requirements of this section.

  4         Section 2.  This act shall take effect July 1, 2002.

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  7                          HOUSE SUMMARY

  8
      Provides requirements with respect to financial reports
  9    required with respect to residential subdivisions in
      which all the owners of lots or parcels must pay their
10    pro rata share of the actual expenses of maintaining the
      common areas, recreational facilities, or other property
11    serving the lots or parcels. Provides a penalty for
      violations of the act. See bill for details.
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CODING: Words stricken are deletions; words underlined are additions.