Senate Bill sb1318

    Florida Senate - 2002                                  SB 1318

    By Senator Smith





    5-1247-02                                               See HB

  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.

12

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

14

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 of the

22  actual expense of maintaining the common areas, recreational

23  facilities, and other properties serving such lots or parcels,

24  which share is calculated periodically based upon the

25  historical or projected actual expense, the developer or owner

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

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

28  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.

                                  1

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






    Florida Senate - 2002                                  SB 1318
    5-1247-02                                               See HB




  1         2.  The developer or owner shall list the specific

  2  amenity and maintenance items of the subdivision for which

  3  amenity and maintenance fees have been imposed in sufficient

  4  detail to clearly identify each amenity and maintenance item

  5  that may incur expenses to be paid by homeowners.

  6         3.  The developer or owner shall report the total

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

  8  received by the developer or owner and shall provide an

  9  itemized listing of the expenditures made for specific

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

11  expenditures made from the fees for that year.

12         4.  The developer or owner shall certify that the

13  financial report is an accurate and factual representation of

14  the amount of amenity and maintenance fees collected and

15  expended during that year and shall sign and date the

16  certification.

17         (b)  Within 5 days after the end of the fiscal year,

18  the certified financial report shall be made public by mailing

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

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

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

22  State.

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

24  financial report, the developer or owner shall make available

25  copies of all documents and financial data used by the

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

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

28  to exceed 60 days.

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

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

31

                                  2

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






    Florida Senate - 2002                                  SB 1318
    5-1247-02                                               See HB




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

  2  of $500.

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

  4

  5            *****************************************

  6                       LEGISLATIVE SUMMARY

  7
      Provides requirements with respect to financial reports
  8    required with respect to residential subdivisions in
      which all the owners of lots or parcels must pay their
  9    pro rata share of the actual expenses of maintaining the
      common areas, recreational facilities, or other property
10    serving the lots or parcels. Provides a penalty for
      violations of the act. (See bill for details.)
11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

                                  3

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