| 1 | A bill to be entitled |
| 2 | An act relating to the Advisory Council on Condominiums; |
| 3 | requiring the Advisory Council on Condominiums to review |
| 4 | certain provisions related to protections for purchasers |
| 5 | of condominium conversions; requiring a report to the |
| 6 | Legislature; providing an effective date. |
| 7 |
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| 8 | Be It Enacted by the Legislature of the State of Florida: |
| 9 |
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| 10 | Section 1. (1) The Advisory Council on Condominiums, |
| 11 | created by s. 718.50151, Florida Statutes, shall review part VI |
| 12 | of chapter 718, Florida Statutes, concerning condominium |
| 13 | conversions, and shall submit a report to the Legislature by |
| 14 | November 30, 2006, which evaluates whether such provisions |
| 15 | provide adequate postpurchase protection for purchasers of |
| 16 | condominium conversion properties and recommends any proposed |
| 17 | legislation needed to improve the protection provided by part VI |
| 18 | of chapter 718, Florida Statutes. |
| 19 | (2) The report must examine the existing provisions, |
| 20 | particularly ss. 718.616 and 718.618, Florida Statutes, as they |
| 21 | relate to the following issues: |
| 22 | (a) Whether the disclosures required by s. 718.616, |
| 23 | Florida Statutes, provide adequate information to the purchaser; |
| 24 | whether more specific guidelines regarding the contents of such |
| 25 | reports should be established; and whether the creation of |
| 26 | privity or potential liability between persons who certify such |
| 27 | disclosure reports and the unit owners should be addressed; and |
| 28 | (b) Whether the provisions of s. 718.618, Florida |
| 29 | Statutes, which require developers to fund reserve accounts or |
| 30 | alternatives to such accounts, are adequate or should be |
| 31 | modified. |
| 32 | Section 2. This act shall take effect upon becoming a law. |