Senate Bill sb1270

    Florida Senate - 2006                                  SB 1270

    By Senator Margolis





    35-859A-06

  1                      A bill to be entitled

  2         An act relating to the Advisory Council on

  3         Condominiums; requiring that council review

  4         certain provisions related to protections for

  5         purchasers of condominium conversions;

  6         requiring a report to the Legislature;

  7         providing an effective date.

  8  

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

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11         Section 1.  (1)  The Advisory Council on Condominiums,

12  created by s. 718.50151, Florida Statutes, shall review part

13  VI of chapter 718, Florida Statutes, concerning condominium

14  conversions, and shall submit a report to the Legislature by

15  November 30, 2006, which evaluates whether such provisions

16  provide adequate postpurchase protection for purchasers of

17  condominium conversion properties and recommends any proposed

18  legislation needed to improve the protection provided by part

19  VI of chapter 718, Florida Statutes.

20         (2)  The report must examine the existing provisions,

21  particularly ss. 718.616 and 718.618, Florida Statutes, as

22  they relate to the following issues:

23         (a)  Whether the disclosures required by s. 718.616,

24  Florida Statutes, provide adequate information to the

25  purchaser; whether more specific guidelines regarding the

26  contents of such reports should be established; and whether

27  the creation of privity or potential liability between persons

28  who certify such disclosure reports and the unit owners should

29  be addressed; and

30         (b)  Whether the provisions of s. 718.618, Florida

31  Statutes, which require developers to fund reserve accounts or

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    Florida Senate - 2006                                  SB 1270
    35-859A-06




 1  alternatives to such accounts, are adequate or should be

 2  modified.

 3         Section 2.  This act shall take effect upon becoming a

 4  law.

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 7                          SENATE SUMMARY

 8    Requires the Advisory Council on Condominiums to review
      certain statutes related to protections for purchasers of
 9    condominium conversions and submit a report to the
      Legislature.
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