Florida Senate - 2019                                    SB 1110
       
       
        
       By Senator Taddeo
       
       
       
       
       
       40-01122-19                                           20191110__
    1                        A bill to be entitled                      
    2         An act relating to the purchase of condominium units;
    3         amending s. 718.111, F.S.; prohibiting business
    4         entities that are owned by a board member, manager, or
    5         management company, or in which such board member,
    6         manager, or management company has an ownership
    7         interest, from purchasing units at certain foreclosure
    8         sales; providing an effective date.
    9          
   10  Be It Enacted by the Legislature of the State of Florida:
   11  
   12         Section 1. Subsection (9) of section 718.111, Florida
   13  Statutes, is amended to read:
   14         718.111 The association.—
   15         (9) PURCHASE OF UNITS.—The association has the power,
   16  unless prohibited by the declaration, articles of incorporation,
   17  or bylaws of the association, to purchase units in the
   18  condominium and to acquire and hold, lease, mortgage, and convey
   19  them. There shall be no limitation on the association’s right to
   20  purchase a unit at a foreclosure sale resulting from the
   21  association’s foreclosure of its lien for unpaid assessments, or
   22  to take title by deed in lieu of foreclosure. However, except
   23  for a timeshare condominium, a board member, manager, or
   24  management company, or any business entity that is owned by a
   25  board member, manager, or management company, or in which such
   26  board member, manager, or management company has an ownership
   27  interest, may not purchase a unit at a foreclosure sale
   28  resulting from the association’s foreclosure of its lien for
   29  unpaid assessments or take title by deed in lieu of foreclosure.
   30         Section 2. This act shall take effect July 1, 2019.