Florida Senate - 2025                        COMMITTEE AMENDMENT
       Bill No. SB 1742
       
       
       
       
       
       
                                Ì707000XÎ707000                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/25/2025           .                                
                                       .                                
                                       .                                
                                       .                                
       —————————————————————————————————————————————————————————————————




       —————————————————————————————————————————————————————————————————
       The Committee on Regulated Industries (Bradley) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Paragraph (h) of subsection (2) of section
    6  468.432, Florida Statutes, is amended, and subsection (3) is
    7  added to that section, to read:
    8         468.432 Licensure of community association managers and
    9  community association management firms; exceptions.—
   10         (2) A community association management firm or other
   11  similar organization responsible for the management of more than
   12  10 units or a budget of $100,000 or greater shall not engage or
   13  hold itself out to the public as being able to engage in the
   14  business of community association management in this state
   15  unless it is licensed by the department as a community
   16  association management firm in accordance with the provisions of
   17  this part.
   18         (h) A person who has had his or her community association
   19  manager license revoked may not have an indirect or direct
   20  ownership interest in, or be an employee, partner, officer,
   21  director, or trustee of, a community association management firm
   22  during the 10-year period after the effective date of the
   23  revocation. Such person is ineligible to reapply for
   24  certification or registration under this part for a period of 10
   25  years after the effective date of a revocation.
   26         (3) A licensee must provide on his or her online licensure
   27  account each community association for which the licensee
   28  provides community association management services and whether
   29  the community association is a condominium association under
   30  chapter 718, a cooperative association under chapter 719, or a
   31  homeowners’ association under chapter 720. A licensee must
   32  update his or her online licensure account with this information
   33  within 30 days after any change to the required information. If
   34  a community association manager has his or her license suspended
   35  or revoked, the division must give written notice of such
   36  suspension or revocation to the community association management
   37  firm and the community association for which the manager
   38  performs community management services.
   39         Section 2. Subsections (1) and (3) of section 468.4334,
   40  Florida Statutes, are amended to read:
   41         468.4334 Professional practice standards; liability;
   42  community association manager requirements; return of records
   43  after termination of contract.—
   44         (1)(a) A community association manager or a community
   45  association management firm is deemed to act as agent on behalf
   46  of a community association as principal within the scope of
   47  authority authorized by a written contract or under this
   48  chapter. A community association manager or a community
   49  association management firm may not perform any act directed by
   50  the community association if such an act violates any state or
   51  federal law. A community association manager and a community
   52  association management firm shall discharge duties performed on
   53  behalf of the association as authorized by this chapter loyally,
   54  skillfully, and diligently; dealing honestly and fairly; in good
   55  faith; with care and full disclosure to the community
   56  association; accounting for all funds; and not charging
   57  unreasonable or excessive fees.
   58         (b) If a community association manager or a community
   59  association management firm has a contract with a community
   60  association that is subject to the milestone inspection
   61  requirements in s. 553.899, or the structural integrity reserve
   62  study requirements in s. 718.112(2)(g) and 719.106(1)(k), the
   63  community association manager or the community association
   64  management firm must comply with those sections that section as
   65  directed by the board.
   66         (c) Each contract between a community association and a
   67  community association manager or community association
   68  management firm for community association management services
   69  must include the following written statement in at least 12
   70  point type:
   71  
   72         The community association manager shall abide by all
   73         professional standards and record keeping requirements
   74         imposed pursuant to part VIII of chapter 468, Florida
   75         Statutes.
   76  
   77         (d)A contract between a community association manager or
   78  community association management firm and a community
   79  association may not waive or limit the professional practice
   80  standards required pursuant to this part.
   81         (3) A community association manager or community
   82  association management firm that is authorized by contract to
   83  provide community association management services to a community
   84  homeowners’ association shall do all of the following:
   85         (a) Attend in person at least one member meeting or board
   86  meeting of the homeowners’ association annually.
   87         (b) Provide to the members of the community homeowners’
   88  association the name and contact information for each community
   89  association manager or representative of a community association
   90  management firm assigned to the community homeowners’
   91  association, the manager’s or representative’s hours of
   92  availability, and a summary of the duties for which the manager
   93  or representative is responsible. The community homeowners’
   94  association shall also post this information on the
   95  association’s website or mobile application, if the association
   96  is required to maintain official records on a website or
   97  application required under s. 720.303(4)(b). The community
   98  association manager or community association management firm
   99  shall update the community homeowners’ association and its
  100  members within 14 business days after any change to such
  101  information.
  102         (c) Provide to any member upon request a copy of the
  103  contract between the community association manager or community
  104  association management firm and the community homeowners’
  105  association and include such contract with association’s
  106  official records.
  107         Section 3. Subsection (11) of section 553.899, Florida
  108  Statutes, is amended, and paragraphs (e) and (f) are added to
  109  subsection (3) of that section, to read:
  110         553.899 Mandatory structural inspections for condominium
  111  and cooperative buildings.—
  112         (3)
  113         (e) On or before October 1, 2025, and on or before each
  114  December 31 thereafter, the local enforcement agency responsible
  115  for milestone inspections must provide the department, in an
  116  electronic format determined by the department, information that
  117  may include, but is not limited to:
  118         1. The number of buildings required to have a milestone
  119  inspection within the agency’s jurisdiction.
  120         2. The number of buildings for which a phase one milestone
  121  inspection has been completed.
  122         3. The number of buildings granted an extension under
  123  paragraph (3)(c).
  124         4. The number of buildings required to perform a phase two
  125  milestone inspection.
  126         5. The number of buildings for which a phase two milestone
  127  inspection has been completed.
  128         6. The number, type, and value of permits applied for to
  129  complete repairs pursuant to a phase two milestone inspection.
  130         7. A list of buildings deemed to be unsafe or uninhabitable
  131  due to a milestone inspection.
  132         8. The license number of the building code administrator
  133  responsible for milestone inspections for the local enforcement
  134  agency.
  135         (f) Subject to appropriation, the commission shall contract
  136  with the University of Florida for the purpose of creating a
  137  report that provides comprehensive data, evaluation, and
  138  analysis on the milestone inspections performed throughout this
  139  state during each calendar year or other time period approved by
  140  the commission. Every local enforcement agency responsible for
  141  milestone inspections must provide the university with a copy of
  142  any phase one or phase two milestone inspection report by the
  143  date specified by the commission in a manner prescribed by the
  144  university. The university may request any additional
  145  information from a local enforcement agency which the university
  146  requires to complete this report. The university shall compile
  147  the report, and the department shall transmit the report to the
  148  Governor, the President of the Senate, and the Speaker of the
  149  House of Representatives.
  150         (11) A board of county commissioners or municipal governing
  151  body shall may adopt an ordinance requiring that a condominium
  152  or cooperative association and any other owner that is subject
  153  to this section schedule or commence repairs for substantial
  154  structural deterioration within a specified timeframe after the
  155  local enforcement agency receives a phase two inspection report;
  156  however, such repairs must be commenced within 365 days after
  157  receiving such report. If an owner of the building fails to
  158  submit proof to the local enforcement agency that repairs have
  159  been scheduled or have commenced for substantial structural
  160  deterioration identified in a phase two inspection report within
  161  the required timeframe, the local enforcement agency must review
  162  and determine if the building is unsafe for human occupancy.
  163         Section 4. Present subsections (33) and (34) of section
  164  718.103, Florida Statutes, are redesignated as subsections (34)
  165  and (35), respectively, a new subsection (33) is added to that
  166  subsection, and subsection (1) of that section is amended, to
  167  read:
  168         718.103 Definitions.—As used in this chapter, the term:
  169         (1) “Alternative funding method” means a method approved by
  170  the division for funding the capital expenditures and deferred
  171  maintenance obligations of the association for a
  172  multicondominium association operating at least 25 condominiums
  173  which may reasonably be expected to fully satisfy the
  174  association’s reserve funding obligations by the, including:
  175         (a) The allocation of funds in the annual operating budget
  176  of a multicondominium; or
  177         (b) Any other method defined by rule of the division which
  178  may reasonably be expected to fully satisfy the association’s
  179  reserve funding obligations or fund its capital expenditure and
  180  deferred maintenance obligations.
  181         (33) ”Videoconference” means a real-time audio and video
  182  based meeting between two or more people in different locations
  183  using video-enabled and audio-enabled devices. The notice for
  184  any meeting that will be conducted by videoconference must have
  185  a hyperlink and call-in phone conference telephone number for
  186  unit owners to attend the meeting and must have a physical
  187  location where unit owners can also attend the meeting in
  188  person. All meetings conducted by videoconference must be
  189  recorded and such recording must be maintained as an official
  190  record of the association.
  191         Section 5. Paragraphs (a) and (g) of subsection (12) and
  192  subsection (13) of section 718.111, Florida Statutes, are
  193  amended, and paragraphs (g) and (h) are added to subsection (3)
  194  of that section, and subsection (16) is added to that section,
  195  to read:
  196         718.111 The association.—
  197         (3) POWER TO MANAGE CONDOMINIUM PROPERTY AND TO CONTRACT,
  198  SUE, AND BE SUED; CONFLICT OF INTEREST.—
  199         (g) If an association contracts with a community
  200  association manager or a community association management firm,
  201  such community association manager or community association
  202  management firm must possess all applicable licenses required by
  203  part VIII of chapter 468. All board members or officers of an
  204  association that contracts with a community association manager
  205  or a community association management firm have a duty to ensure
  206  that the community association manager or community association
  207  management firm is properly licensed before entering into a
  208  contract.
  209         (h) If a community association manager or a community
  210  association management firm has its license suspended or revoked
  211  during the term of a contract with the association, the
  212  association shall have no further contractual obligations to the
  213  community association manager or community association
  214  management firm whose license has been revoked or suspended
  215  effective on the date which the community association manager or
  216  community association management firm became unlicensed.
  217         (12) OFFICIAL RECORDS.—
  218         (a) From the inception of the association, the association
  219  shall maintain each of the following items, if applicable, which
  220  constitutes the official records of the association:
  221         1. A copy of the plans, permits, warranties, and other
  222  items provided by the developer under s. 718.301(4).
  223         2. A copy photocopy of the recorded declaration of
  224  condominium of each condominium operated by the association and
  225  each amendment to each declaration.
  226         3. A copy photocopy of the recorded bylaws of the
  227  association and each amendment to the bylaws.
  228         4. A certified copy of the articles of incorporation of the
  229  association, or other documents creating the association, and
  230  each amendment thereto.
  231         5. A copy of the current rules of the association.
  232         6. A book or books or electronic records that contain the
  233  minutes of all meetings of the association, the board of
  234  administration, any committee, and the unit owners, and a
  235  recording of all such meetings that are conducted by
  236  videoconference.
  237         7. A current roster of all unit owners and their mailing
  238  addresses, unit identifications, voting certifications, and, if
  239  known, telephone numbers. The association shall also maintain
  240  the e-mail addresses and facsimile numbers of unit owners
  241  consenting to receive notice by electronic transmission. In
  242  accordance with sub-subparagraph (c)5.e., the e-mail addresses
  243  and facsimile numbers are only accessible to unit owners if
  244  consent to receive notice by electronic transmission is
  245  provided, or if the unit owner has expressly indicated that such
  246  personal information can be shared with other unit owners and
  247  the unit owner has not provided the association with a request
  248  to opt out of such dissemination with other unit owners. An
  249  association must ensure that the e-mail addresses and facsimile
  250  numbers are only used for the business operation of the
  251  association and may not be sold or shared with outside third
  252  parties. If such personal information is included in documents
  253  that are released to third parties, other than unit owners, the
  254  association must redact such personal information before the
  255  document is disseminated. However, the association is not liable
  256  for an inadvertent disclosure of the e-mail address or facsimile
  257  number for receiving electronic transmission of notices unless
  258  such disclosure was made with a knowing or intentional disregard
  259  of the protected nature of such information.
  260         8. All current insurance policies of the association and
  261  condominiums operated by the association.
  262         9. A current copy of any management agreement, lease, or
  263  other contract to which the association is a party or under
  264  which the association or the unit owners have an obligation or
  265  responsibility.
  266         10. Bills of sale or transfer for all property owned by the
  267  association.
  268         11. Accounting records for the association and separate
  269  accounting records for each condominium that the association
  270  operates. Any person who knowingly or intentionally defaces or
  271  destroys such records, or who knowingly or intentionally fails
  272  to create or maintain such records, with the intent of causing
  273  harm to the association or one or more of its members, is
  274  personally subject to a civil penalty pursuant to s.
  275  718.501(1)(e). The accounting records must include, but are not
  276  limited to:
  277         a. Accurate, itemized, and detailed records of all receipts
  278  and expenditures, including all bank statements and ledgers.
  279         b. All invoices, transaction receipts, or deposit slips
  280  that substantiate any receipt or expenditure of funds by the
  281  association.
  282         c. A current account and a monthly, bimonthly, or quarterly
  283  statement of the account for each unit designating the name of
  284  the unit owner, the due date and amount of each assessment, the
  285  amount paid on the account, and the balance due.
  286         d. All audits, reviews, accounting statements, structural
  287  integrity reserve studies, and financial reports of the
  288  association or condominium. Structural integrity reserve studies
  289  must be maintained for at least 15 years after the study is
  290  completed.
  291         e. All contracts for work to be performed. Bids for work to
  292  be performed are also considered official records and must be
  293  maintained by the association for at least 1 year after receipt
  294  of the bid.
  295         12. Ballots, sign-in sheets, voting proxies, and all other
  296  papers and electronic records relating to voting by unit owners,
  297  which must be maintained for 1 year from the date of the
  298  election, vote, or meeting to which the document relates,
  299  notwithstanding paragraph (b).
  300         13. All rental records if the association is acting as
  301  agent for the rental of condominium units.
  302         14. A copy of the current question and answer sheet as
  303  described in s. 718.504.
  304         15. A copy of the inspection reports described in ss.
  305  553.899 and 718.301(4)(p) and any other inspection report
  306  relating to a structural or life safety inspection of
  307  condominium property. Such record must be maintained by the
  308  association for 15 years after receipt of the report.
  309         16. Bids for materials, equipment, or services.
  310         17. All affirmative acknowledgments made pursuant to s.
  311  718.121(4)(c).
  312         18. A copy of all building permits.
  313         19. A copy of all satisfactorily completed board member
  314  educational certificates.
  315         20.A copy of all affidavits required by this chapter.
  316         21.20. All other written records of the association not
  317  specifically included in the foregoing which are related to the
  318  operation of the association.
  319         (g)1. By January 1, 2019, an association managing a
  320  condominium with 150 or more units which does not contain
  321  timeshare units shall post digital copies of the documents
  322  specified in subparagraph 2. on its website or make such
  323  documents available through an application that can be
  324  downloaded on a mobile device. Unless a shorter period is
  325  otherwise required, a document must be made available on the
  326  association’s website or made available for download through an
  327  application on a mobile device within 30 days after the
  328  association receives or creates an official record specified in
  329  subparagraph 2.
  330         a. The association’s website or application must be:
  331         (I) An independent website, application, or web portal
  332  wholly owned and operated by the association; or
  333         (II) A website, application, or web portal operated by a
  334  third-party provider with whom the association owns, leases,
  335  rents, or otherwise obtains the right to operate a web page,
  336  subpage, web portal, collection of subpages or web portals, or
  337  an application which is dedicated to the association’s
  338  activities and on which required notices, records, and documents
  339  may be posted or made available by the association.
  340         b. The association’s website or application must be
  341  accessible through the Internet and must contain a subpage, web
  342  portal, or other protected electronic location that is
  343  inaccessible to the general public and accessible only to unit
  344  owners and employees of the association.
  345         c. Upon a unit owner’s written request, the association
  346  must provide the unit owner with a username and password and
  347  access to the protected sections of the association’s website or
  348  application which contain any notices, records, or documents
  349  that must be electronically provided.
  350         2. A current copy of the following documents must be posted
  351  in digital format on the association’s website or application:
  352         a. The recorded declaration of condominium of each
  353  condominium operated by the association and each amendment to
  354  each declaration.
  355         b. The recorded bylaws of the association and each
  356  amendment to the bylaws.
  357         c. The articles of incorporation of the association, or
  358  other documents creating the association, and each amendment to
  359  the articles of incorporation or other documents. The copy
  360  posted pursuant to this sub-subparagraph must be a copy of the
  361  articles of incorporation filed with the Department of State.
  362         d. The rules of the association.
  363         e.The approved minutes of all board of administration
  364  meetings over the preceding 12 months.
  365         f.e. A list of all executory contracts or documents to
  366  which the association is a party or under which the association
  367  or the unit owners have an obligation or responsibility and,
  368  after bidding for the related materials, equipment, or services
  369  has closed, a list of bids received by the association within
  370  the past year. Summaries of bids for materials, equipment, or
  371  services which exceed $500 must be maintained on the website or
  372  application for 1 year. In lieu of summaries, complete copies of
  373  the bids may be posted.
  374         g.f. The annual budget required by s. 718.112(2)(f) and any
  375  proposed budget to be considered at the annual meeting.
  376         h.g. The financial report required by subsection (13) and
  377  any monthly income or expense statement to be considered at a
  378  meeting.
  379         i.h. The certification of each director required by s.
  380  718.112(2)(d)4.b.
  381         j.i. All contracts or transactions between the association
  382  and any director, officer, corporation, firm, or association
  383  that is not an affiliated condominium association or any other
  384  entity in which an association director is also a director or
  385  officer and financially interested.
  386         k.j. Any contract or document regarding a conflict of
  387  interest or possible conflict of interest as provided in ss.
  388  468.4335, 468.436(2)(b)6., and 718.3027(3).
  389         l.k. The notice of any unit owner meeting and the agenda
  390  for the meeting, as required by s. 718.112(2)(d)3., no later
  391  than 14 days before the meeting. The notice must be posted in
  392  plain view on the front page of the website or application, or
  393  on a separate subpage of the website or application labeled
  394  “Notices” which is conspicuously visible and linked from the
  395  front page. The association must also post on its website or
  396  application any document to be considered and voted on by the
  397  owners during the meeting or any document listed on the agenda
  398  at least 7 days before the meeting at which the document or the
  399  information within the document will be considered.
  400         m.l. Notice of any board meeting, the agenda, and any other
  401  document required for the meeting as required by s.
  402  718.112(2)(c), which must be posted no later than the date
  403  required for notice under s. 718.112(2)(c).
  404         n.m. The inspection reports described in ss. 553.899 and
  405  718.301(4)(p) and any other inspection report relating to a
  406  structural or life safety inspection of condominium property.
  407         o.n. The association’s most recent structural integrity
  408  reserve study, if applicable.
  409         p.o. Copies of all building permits issued for ongoing or
  410  planned construction.
  411         q. A copy of all affidavits required by this chapter.
  412         3. The association shall ensure that the information and
  413  records described in paragraph (c), which are not allowed to be
  414  accessible to unit owners, are not posted on the association’s
  415  website or application. If protected information or information
  416  restricted from being accessible to unit owners is included in
  417  documents that are required to be posted on the association’s
  418  website or application, the association shall ensure the
  419  information is redacted before posting the documents.
  420  Notwithstanding the foregoing, the association or its agent is
  421  not liable for disclosing information that is protected or
  422  restricted under this paragraph unless such disclosure was made
  423  with a knowing or intentional disregard of the protected or
  424  restricted nature of such information.
  425         4. The failure of the association to post information
  426  required under subparagraph 2. is not in and of itself
  427  sufficient to invalidate any action or decision of the
  428  association’s board or its committees.
  429         (13) FINANCIAL REPORTING.—Within 90 days after the end of
  430  the fiscal year, or annually on a date provided in the bylaws,
  431  the association shall prepare and complete, or contract for the
  432  preparation and completion of, a financial report for the
  433  preceding fiscal year. Within 21 days after the final financial
  434  report is completed by the association or received from the
  435  third party, but not later than 120 days after the end of the
  436  fiscal year or other date as provided in the bylaws, the
  437  association shall deliver to each unit owner by United States
  438  mail or personal delivery at the mailing address, property
  439  address, e-mail address, or facsimile number provided to fulfill
  440  the association’s notice requirements, a copy of the most recent
  441  financial report, and a notice that a copy of the most recent
  442  financial report will be, as requested by the owner, mailed, or
  443  hand delivered, or electronically delivered via the Internet to
  444  the unit owner, without charge, within 5 business days after
  445  receipt of a written request from the unit owner. Evidence of
  446  compliance with this delivery requirement must be made by an
  447  affidavit executed by an officer or director of the association.
  448  The division shall adopt rules setting forth uniform accounting
  449  principles and standards to be used by all associations and
  450  addressing the financial reporting requirements for
  451  multicondominium associations. The rules must include, but not
  452  be limited to, standards for presenting a summary of association
  453  reserves, including a good faith estimate disclosing the annual
  454  amount of reserve funds that would be necessary for the
  455  association to fully fund reserves for each reserve item based
  456  on the straight-line accounting method. This disclosure is not
  457  applicable to reserves funded via the pooling method. In
  458  adopting such rules, the division shall consider the number of
  459  members and annual revenues of an association. Financial reports
  460  shall be prepared as follows:
  461         (a) An association that meets the criteria of this
  462  paragraph shall prepare a complete set of financial statements
  463  in accordance with generally accepted accounting principles. The
  464  financial statements must be based upon the association’s total
  465  annual revenues, as follows:
  466         1. An association with total annual revenues of $150,000 or
  467  more, but less than $300,000, shall prepare compiled financial
  468  statements.
  469         2. An association with total annual revenues of at least
  470  $300,000, but less than $500,000, shall prepare reviewed
  471  financial statements.
  472         3. An association with total annual revenues of $500,000 or
  473  more shall prepare audited financial statements.
  474         (b)1. An association with total annual revenues of less
  475  than $150,000 shall prepare a report of cash receipts and
  476  expenditures.
  477         2. A report of cash receipts and disbursements must
  478  disclose the amount of receipts by accounts and receipt
  479  classifications and the amount of expenses by accounts and
  480  expense classifications, including, but not limited to, the
  481  following, as applicable: costs for security, professional and
  482  management fees and expenses, taxes, costs for recreation
  483  facilities, expenses for refuse collection and utility services,
  484  expenses for lawn care, costs for building maintenance and
  485  repair, insurance costs, administration and salary expenses, and
  486  reserves accumulated and expended for capital expenditures,
  487  deferred maintenance, and any other category for which the
  488  association maintains reserves.
  489         (c) An association may prepare, without a meeting of or
  490  approval by the unit owners:
  491         1. Compiled, reviewed, or audited financial statements, if
  492  the association is required to prepare a report of cash receipts
  493  and expenditures;
  494         2. Reviewed or audited financial statements, if the
  495  association is required to prepare compiled financial
  496  statements; or
  497         3. Audited financial statements if the association is
  498  required to prepare reviewed financial statements.
  499         (d) If approved by a majority of the voting interests
  500  present at a properly called meeting of the association, an
  501  association may prepare:
  502         1. A report of cash receipts and expenditures in lieu of a
  503  compiled, reviewed, or audited financial statement;
  504         2. A report of cash receipts and expenditures or a compiled
  505  financial statement in lieu of a reviewed or audited financial
  506  statement; or
  507         3. A report of cash receipts and expenditures, a compiled
  508  financial statement, or a reviewed financial statement in lieu
  509  of an audited financial statement.
  510  
  511  Such meeting and approval must occur before the end of the
  512  fiscal year and is effective only for the fiscal year in which
  513  the vote is taken. An association may not prepare a financial
  514  report pursuant to this paragraph for consecutive fiscal years.
  515  If the developer has not turned over control of the association,
  516  all unit owners, including the developer, may vote on issues
  517  related to the preparation of the association’s financial
  518  reports, from the date of incorporation of the association
  519  through the end of the second fiscal year after the fiscal year
  520  in which the certificate of a surveyor and mapper is recorded
  521  pursuant to s. 718.104(4)(e) or an instrument that transfers
  522  title to a unit in the condominium which is not accompanied by a
  523  recorded assignment of developer rights in favor of the grantee
  524  of such unit is recorded, whichever occurs first. Thereafter,
  525  all unit owners except the developer may vote on such issues
  526  until control is turned over to the association by the
  527  developer. Any audit or review prepared under this section shall
  528  be paid for by the developer if done before turnover of control
  529  of the association.
  530         (e) A unit owner may provide written notice to the division
  531  of the association’s failure to mail or hand deliver him or her
  532  a copy of the most recent financial report within 5 business
  533  days after he or she submitted a written request to the
  534  association for a copy of such report. If the division
  535  determines that the association failed to mail or hand deliver a
  536  copy of the most recent financial report to the unit owner, the
  537  division shall provide written notice to the association that
  538  the association must mail or hand deliver a copy of the most
  539  recent financial report to the unit owner and the division
  540  within 5 business days after it receives such notice from the
  541  division. An association that fails to comply with the
  542  division’s request may not waive the financial reporting
  543  requirement provided in paragraph (d) for the fiscal year in
  544  which the unit owner’s request was made and the following fiscal
  545  year. A financial report received by the division pursuant to
  546  this paragraph shall be maintained, and the division shall
  547  provide a copy of such report to an association member upon his
  548  or her request.
  549         (16) INVESTMENT OF ASSOCIATION FUNDS.—
  550         (a) A board shall, in fulfilling its duty to manage
  551  operating and reserve funds of an association, use best efforts
  552  to make prudent investment decisions that carefully consider
  553  risk and return in an effort to maximize returns on invested
  554  funds.
  555         (b) An association, including a multicondominium
  556  association, may invest reserve funds in one or any combination
  557  of certificates of deposit or in depository accounts at a
  558  community bank, savings bank, commercial bank, savings and loan
  559  association, or credit union. Upon a majority vote of the voting
  560  interests, an association may invest reserve funds in
  561  investments other than certificates of deposit or in depository
  562  accounts at a community bank, savings bank, commercial bank,
  563  savings and loan association, or credit union, provided the
  564  association complies with paragraphs (c)-(g). Notwithstanding
  565  any declaration, only funds identified as reserve funds may be
  566  invested pursuant to paragraphs (c)-(g). Paragraphs (c)-(g) do
  567  not apply to funds invested in one or any combination of
  568  certificates of deposit or in depository accounts at a community
  569  bank, savings bank, commercial bank, savings and loan
  570  association, or credit union.
  571         (c) The board shall create an investment committee composed
  572  of at least two board members and two-unit unit owners who are
  573  not board members. The board shall also adopt rules for invested
  574  funds, including, but not limited to, rules requiring periodic
  575  reviews of any investment manager’s performance, the development
  576  of an investment policy statement, and that all meetings of the
  577  investment committee be recorded and made part of the official
  578  records of the association. The investment policy statement
  579  developed pursuant to this paragraph must, at a minimum, address
  580  risk, liquidity, and benchmark measurements; authorized classes
  581  of investments; authorized investment mixes; limitations on
  582  authority relating to investment transactions; requirements for
  583  projected reserve expenditures within, at minimum, the next 24
  584  months to be held in cash or cash equivalents; projected
  585  expenditures relating to a mandatory structural inspection
  586  performed pursuant to s. 553.899; and protocols for proxy
  587  response.
  588         (d) The investment committee shall recommend investment
  589  advisers to the board, and the board shall select one of the
  590  recommended investment advisers to provide services to the
  591  association. Such investment advisers must be registered or have
  592  notice filed under s. 517.12. The selected investment adviser
  593  and any representative or association of the investment adviser
  594  may not be related by affinity or consanguinity to, or under
  595  common ownership with, any board member, community management
  596  company, reserve study provider, or unit owner. The investment
  597  adviser shall comply with the prudent investor rule in s.
  598  518.11. The investment adviser shall act as a fiduciary to the
  599  association in compliance with the standards set forth in the
  600  Employee Retirement Income Security Act of 1974 at 29 U.S.C. s.
  601  1104(a)(1)(A)-(C). In case of conflict with other laws
  602  authorizing investments, the investment and fiduciary standards
  603  set forth in this subsection must prevail. If at any time the
  604  investment committee determines that an investment adviser does
  605  not meet the requirements of this section, the investment
  606  committee must recommend a replacement investment adviser to the
  607  board.
  608         (e) At least once each calendar year, or sooner if a
  609  substantial financial obligation of the association becomes
  610  known to the board, the association must provide the investment
  611  adviser with the association’s investment policy statement, the
  612  most recent reserve study report, the association’s structural
  613  integrity report, and the financial reports prepared pursuant to
  614  subsection (13). If there is no recent reserve study report, the
  615  association must provide the investment adviser with a good
  616  faith estimate disclosing the annual amount of reserve funds
  617  necessary for the association to fund reserves fully for the
  618  life of each reserve component and each component’s
  619  redundancies. The investment adviser shall annually review these
  620  documents and provide the association with a portfolio
  621  allocation model that is suitably structured and prudently
  622  designed to match projected annual reserve fund requirements and
  623  liability, assets, and liquidity requirements. The investment
  624  adviser shall prepare a funding projection for each reserve
  625  component, including any of the component’s redundancies. The
  626  association must have available at all times a minimum of 24
  627  months of projected reserves in cash or cash equivalents.
  628         (f) Portfolios managed by the investment adviser may
  629  contain any type of investment necessary to meet the objectives
  630  in the investment policy statement; however, portfolios may not
  631  contain stocks, securities, or other obligations that the State
  632  Board of Administration is prohibited from investing in under s.
  633  215.471, s. 215.4725, or s. 215.473 or that state agencies are
  634  prohibited from investing in under s. 215.472, as determined by
  635  the investment adviser. Any funds invested by the investment
  636  adviser must be held in third-party custodial accounts that are
  637  subject to insurance coverage by the Securities Investor
  638  Protection Corporation in an amount equal to or greater than the
  639  invested amount. The investment adviser may withdraw investment
  640  fees, expenses, and commissions from invested funds.
  641         (g) The investment adviser shall:
  642         1. Annually provide the association with a written
  643  certification of compliance with this section and a list of
  644  stocks, securities, and other obligations that are prohibited
  645  from being in association portfolios under paragraph (f); and
  646         2. Submit monthly, quarterly, and annual reports to the
  647  association which are prepared in accordance with established
  648  financial industry standards and in accordance with chapter 517.
  649         (h) Any principal, earnings, or interest managed under this
  650  subsection must be available at no cost or charge to the
  651  association within 15 business days after delivery of the
  652  association’s written or electronic request.
  653         (i)Unallocated income earned on reserve fund investments
  654  must be spent only on capital expenditures, planned maintenance,
  655  structural repairs, or other items for which the reserve
  656  accounts have been established. Any surplus of funds which
  657  exceeds the amount required to maintain reasonably funded
  658  reserves must be managed pursuant to s. 718.115.
  659         Section 6. Paragraphs (b) through (g) of subsection (2) of
  660  section 718.112, Florida Statutes, are amended, to read:
  661         718.112 Bylaws.—
  662         (2) REQUIRED PROVISIONS.—The bylaws shall provide for the
  663  following and, if they do not do so, shall be deemed to include
  664  the following:
  665         (b) Quorum; voting requirements; proxies.—
  666         1. Unless a lower number is provided in the bylaws, the
  667  percentage of voting interests required to constitute a quorum
  668  at a meeting of the members is a majority of the voting
  669  interests. Unless otherwise provided in this chapter or in the
  670  declaration, articles of incorporation, or bylaws, and except as
  671  provided in subparagraph (d)4., decisions shall be made by a
  672  majority of the voting interests represented at a meeting at
  673  which a quorum is present.
  674         2. Except as specifically otherwise provided herein, unit
  675  owners in a residential condominium may not vote by general
  676  proxy, but may vote by limited proxies substantially conforming
  677  to a limited proxy form adopted by the division. A voting
  678  interest or consent right allocated to a unit owned by the
  679  association may not be exercised or considered for any purpose,
  680  whether for a quorum, an election, or otherwise. Limited proxies
  681  and general proxies may be used to establish a quorum. Limited
  682  proxies shall be used for votes taken to waive or reduce
  683  reserves in accordance with subparagraph (f)2.; for votes taken
  684  to waive the financial reporting requirements of s. 718.111(13);
  685  for votes taken to amend the declaration pursuant to s. 718.110;
  686  for votes taken to amend the articles of incorporation or bylaws
  687  pursuant to this section; and for any other matter for which
  688  this chapter requires or permits a vote of the unit owners.
  689  Except as provided in paragraph (d), a proxy, limited or
  690  general, may not be used in the election of board members in a
  691  residential condominium. General proxies may be used for other
  692  matters for which limited proxies are not required, and may be
  693  used in voting for nonsubstantive changes to items for which a
  694  limited proxy is required and given. Notwithstanding this
  695  subparagraph, unit owners may vote in person at unit owner
  696  meetings. This subparagraph does not limit the use of general
  697  proxies or require the use of limited proxies for any agenda
  698  item or election at any meeting of a timeshare condominium
  699  association or a nonresidential condominium association.
  700         3. A proxy given is effective only for the specific meeting
  701  for which originally given and any lawfully adjourned meetings
  702  thereof. A proxy is not valid longer than 90 days after the date
  703  of the first meeting for which it was given. Each proxy is
  704  revocable at any time at the pleasure of the unit owner
  705  executing it.
  706         4. A member of the board of administration or a committee
  707  may submit in writing his or her agreement or disagreement with
  708  any action taken at a meeting that the member did not attend.
  709  This agreement or disagreement may not be used as a vote for or
  710  against the action taken or to create a quorum.
  711         5. A board meeting may be conducted in-person or by
  712  videoconference. A board or committee member’s participation in
  713  a meeting via telephone, real-time videoconferencing, or similar
  714  real-time electronic or video communication counts toward a
  715  quorum, and such member may vote as if physically present. A
  716  board member may not participate in any meeting of the
  717  association, including unit owner meetings, videoconference more
  718  than two times in a calendar year. A speaker must be used so
  719  that the conversation of such members may be heard by the board
  720  or committee members attending in person as well as by any unit
  721  owners present at a meeting. The division shall adopt rules
  722  pursuant to ss. 120.536 and 120.54 governing the requirements
  723  for meetings.
  724         (c) Board of administration meetings.—In a residential
  725  condominium association of more than 10 units, the board of
  726  administration shall meet at least once each quarter. At least
  727  four times each year, the meeting agenda must include an
  728  opportunity for members to ask questions of the board. Meetings
  729  of the board of administration at which a quorum of the members
  730  is present are open to all unit owners. Members of the board of
  731  administration may use e-mail as a means of communication but
  732  may not cast a vote on an association matter via e-mail. A unit
  733  owner may tape record or videotape the meetings. The right to
  734  attend such meetings includes the right to speak at such
  735  meetings with reference to all designated agenda items and the
  736  right to ask questions relating to reports on the status of
  737  construction or repair projects, the status of revenues and
  738  expenditures during the current fiscal year, and other issues
  739  affecting the condominium. The division shall adopt reasonable
  740  rules governing the tape recording and videotaping of the
  741  meeting. The association may adopt written reasonable rules
  742  governing the frequency, duration, and manner of unit owner
  743  statements.
  744         1. Adequate notice of all board meetings, which must
  745  specifically identify all agenda items, must be posted
  746  conspicuously on the condominium property at least 48 continuous
  747  hours before the meeting except in an emergency. If the board
  748  meeting is to be conducted via videoconference, the notice must
  749  state that such meeting will be via videoconference and must
  750  include a hyperlink and a conference telephone number for unit
  751  owners to attend the meeting via videoconference, as well as the
  752  address of the physical location where the unit owners can
  753  attend the meeting in person. If the meeting is conducted via
  754  videoconference, it must be recorded and such recording must be
  755  maintained as an official record of the association. If 20
  756  percent of the voting interests petition the board to address an
  757  item of business, the board, within 60 days after receipt of the
  758  petition, shall place the item on the agenda at its next regular
  759  board meeting or at a special meeting called for that purpose.
  760  An item not included on the notice may be taken up on an
  761  emergency basis by a vote of at least a majority plus one of the
  762  board members. Such emergency action must be noticed and
  763  ratified at the next regular board meeting. Written notice of a
  764  meeting at which a nonemergency special assessment or an
  765  amendment to rules regarding unit use will be considered must be
  766  mailed, delivered, or electronically transmitted to the unit
  767  owners and posted conspicuously on the condominium property at
  768  least 14 days before the meeting. Evidence of compliance with
  769  this 14-day notice requirement must be made by an affidavit
  770  executed by the person providing the notice and filed with the
  771  official records of the association.
  772         2. Upon notice to the unit owners, the board shall, by duly
  773  adopted rule, designate a specific location on the condominium
  774  property at which all notices of board meetings must be posted.
  775  If there is no condominium property at which notices can be
  776  posted, Notices shall be mailed, delivered, or electronically
  777  transmitted to each unit owner who has consented to receive
  778  electronic notifications at least 14 days before the meeting. In
  779  lieu of or in addition to the physical posting of the notice on
  780  the condominium property and mailing, delivering, or
  781  electronically transmitting the notice, the association may, by
  782  reasonable rule, adopt a procedure for conspicuously posting and
  783  repeatedly broadcasting the notice and the agenda on a closed
  784  circuit cable television system serving the condominium
  785  association. However, if broadcast notice is used in lieu of a
  786  notice physically posted on condominium property, the notice and
  787  agenda must be broadcast at least four times every broadcast
  788  hour of each day that a posted notice is otherwise required
  789  under this section. If broadcast notice is provided, the notice
  790  and agenda must be broadcast in a manner and for a sufficient
  791  continuous length of time so as to allow an average reader to
  792  observe the notice and read and comprehend the entire content of
  793  the notice and the agenda. In addition to any of the authorized
  794  means of providing notice of a meeting of the board, the
  795  association may, by rule, adopt a procedure for conspicuously
  796  posting the meeting notice and the agenda on a website serving
  797  the condominium association for at least the minimum period of
  798  time for which a notice of a meeting is also required to be
  799  physically posted on the condominium property. Any rule adopted
  800  shall, in addition to other matters, include a requirement that
  801  the association send an electronic notice in the same manner as
  802  a notice for a meeting of the members, which must include a
  803  hyperlink to the website at which the notice is posted, to unit
  804  owners whose e-mail addresses are included in the association’s
  805  official records.
  806         3. Notice of any meeting in which regular or special
  807  assessments against unit owners are to be considered must
  808  specifically state that assessments will be considered and
  809  provide the estimated cost and description of the purposes for
  810  such assessments. If an agenda item relates to the approval of a
  811  contract for goods or services, a copy of the contract must be
  812  provided with the notice and be made available for inspection
  813  and copying upon a written request from a unit owner or made
  814  available on the association’s website or through an application
  815  that can be downloaded on a mobile device.
  816         4. Meetings of a committee to take final action on behalf
  817  of the board or make recommendations to the board regarding the
  818  association budget are subject to this paragraph. Meetings of a
  819  committee that does not take final action on behalf of the board
  820  or make recommendations to the board regarding the association
  821  budget are subject to this section, unless those meetings are
  822  exempted from this section by the bylaws of the association.
  823         5. Notwithstanding any other law, the requirement that
  824  board meetings and committee meetings be open to the unit owners
  825  does not apply to:
  826         a. Meetings between the board or a committee and the
  827  association’s attorney, with respect to proposed or pending
  828  litigation, if the meeting is held for the purpose of seeking or
  829  rendering legal advice; or
  830         b. Board meetings held for the purpose of discussing
  831  personnel matters.
  832         (d) Unit owner meetings.—
  833         1. An annual meeting of the unit owners must be held at the
  834  location provided in the association bylaws and, if the bylaws
  835  are silent as to the location, the meeting must be held within
  836  10 miles 45 miles of the condominium property. However, such
  837  distance requirement does not apply to an association governing
  838  a timeshare condominium. If a unit owner meeting is conducted
  839  via videoconference, a unit owner may vote electronically in the
  840  manner provided in s. 718.128.
  841         2. Unit owner meetings, including the annual meeting of the
  842  unit owners, may be conducted in person or via videoconference.
  843  If the annual meeting of the unit owners is conducted via
  844  videoconference, a quorum of the members of the board of
  845  administration must be physically present at the physical
  846  location where unit owners can attend the meeting. The location
  847  must be provided in the association bylaws and, if the bylaws
  848  are silent as to the location, the meeting must be held within
  849  10 miles of the condominium property. If the unit owner meeting
  850  is conducted via videoconference, the videoconference must be
  851  recorded and such recording must be maintained as an official
  852  record of the association. The division shall adopt rules
  853  pursuant to ss. 120.536 and 120.54 governing the requirements
  854  for meeting.
  855         3.2. Unless the bylaws provide otherwise, a vacancy on the
  856  board caused by the expiration of a director’s term must be
  857  filled by electing a new board member, and the election must be
  858  by secret ballot. An election is not required if the number of
  859  vacancies equals or exceeds the number of candidates. For
  860  purposes of this paragraph, the term “candidate” means an
  861  eligible person who has timely submitted the written notice, as
  862  described in sub-subparagraph 4.a., of his or her intention to
  863  become a candidate. Except in a timeshare or nonresidential
  864  condominium, or if the staggered term of a board member does not
  865  expire until a later annual meeting, or if all members’ terms
  866  would otherwise expire but there are no candidates, the terms of
  867  all board members expire at the annual meeting, and such members
  868  may stand for reelection unless prohibited by the bylaws. Board
  869  members may serve terms longer than 1 year if permitted by the
  870  bylaws or articles of incorporation. A board member may not
  871  serve more than 8 consecutive years unless approved by an
  872  affirmative vote of unit owners representing two-thirds of all
  873  votes cast in the election or unless there are not enough
  874  eligible candidates to fill the vacancies on the board at the
  875  time of the vacancy. Only board service that occurs on or after
  876  July 1, 2018, may be used when calculating a board member’s term
  877  limit. If the number of board members whose terms expire at the
  878  annual meeting equals or exceeds the number of candidates, the
  879  candidates become members of the board effective upon the
  880  adjournment of the annual meeting. Unless the bylaws provide
  881  otherwise, any remaining vacancies shall be filled by the
  882  affirmative vote of the majority of the directors making up the
  883  newly constituted board even if the directors constitute less
  884  than a quorum or there is only one director. In a residential
  885  condominium association of more than 10 units or in a
  886  residential condominium association that does not include
  887  timeshare units or timeshare interests, co-owners of a unit may
  888  not serve as members of the board of directors at the same time
  889  unless they own more than one unit or unless there are not
  890  enough eligible candidates to fill the vacancies on the board at
  891  the time of the vacancy. A unit owner in a residential
  892  condominium desiring to be a candidate for board membership must
  893  comply with sub-subparagraph 4.a. and must be eligible to be a
  894  candidate to serve on the board of directors at the time of the
  895  deadline for submitting a notice of intent to run in order to
  896  have his or her name listed as a proper candidate on the ballot
  897  or to serve on the board. A person who has been suspended or
  898  removed by the division under this chapter, or who is delinquent
  899  in the payment of any assessment due to the association, is not
  900  eligible to be a candidate for board membership and may not be
  901  listed on the ballot. For purposes of this paragraph, a person
  902  is delinquent if a payment is not made by the due date as
  903  specifically identified in the declaration of condominium,
  904  bylaws, or articles of incorporation. If a due date is not
  905  specifically identified in the declaration of condominium,
  906  bylaws, or articles of incorporation, the due date is the first
  907  day of the assessment period. A person who has been convicted of
  908  any felony in this state or in a United States District or
  909  Territorial Court, or who has been convicted of any offense in
  910  another jurisdiction which would be considered a felony if
  911  committed in this state, is not eligible for board membership
  912  unless such felon’s civil rights have been restored for at least
  913  5 years as of the date such person seeks election to the board.
  914  The validity of an action by the board is not affected if it is
  915  later determined that a board member is ineligible for board
  916  membership due to having been convicted of a felony. This
  917  subparagraph does not limit the term of a member of the board of
  918  a nonresidential or timeshare condominium.
  919         4.3. The bylaws must provide the method of calling meetings
  920  of unit owners, including annual meetings. Written notice of an
  921  annual meeting must include an agenda; be mailed, hand
  922  delivered, or electronically transmitted to each unit owner at
  923  least 14 days before the annual meeting; and be posted in a
  924  conspicuous place on the condominium property or association
  925  property at least 14 continuous days before the annual meeting.
  926  Written notice of a meeting other than an annual meeting must
  927  include an agenda; be mailed, hand delivered, or electronically
  928  transmitted to each unit owner; and be posted in a conspicuous
  929  place on the condominium property or association property within
  930  the timeframe specified in the bylaws. If the bylaws do not
  931  specify a timeframe for written notice of a meeting other than
  932  an annual meeting, notice must be provided at least 14
  933  continuous days before the meeting. Upon notice to the unit
  934  owners, the board shall, by duly adopted rule, designate a
  935  specific location on the condominium property or association
  936  property at which all notices of unit owner meetings must be
  937  posted. This requirement does not apply if there is no
  938  condominium property for posting notices. In lieu of, or in In
  939  addition to, the physical posting of meeting notices, the
  940  association may, by reasonable rule, adopt a procedure for
  941  conspicuously posting and repeatedly broadcasting the notice and
  942  the agenda on a closed-circuit cable television system serving
  943  the condominium association. However, if broadcast notice is
  944  used in lieu of a notice posted physically on the condominium
  945  property, the notice and agenda must be broadcast at least four
  946  times every broadcast hour of each day that a posted notice is
  947  otherwise required under this section. If broadcast notice is
  948  provided, the notice and agenda must be broadcast in a manner
  949  and for a sufficient continuous length of time so as to allow an
  950  average reader to observe the notice and read and comprehend the
  951  entire content of the notice and the agenda. In addition to any
  952  of the authorized means of providing notice of a meeting of the
  953  board, the association may, by rule, adopt a procedure for
  954  conspicuously posting the meeting notice and the agenda on a
  955  website serving the condominium association for at least the
  956  minimum period of time for which a notice of a meeting is also
  957  required to be physically posted on the condominium property.
  958  Any rule adopted shall, in addition to other matters, include a
  959  requirement that the association send an electronic notice in
  960  the same manner as a notice for a meeting of the members, which
  961  must include a hyperlink to the website at which the notice is
  962  posted, to unit owners whose e-mail addresses are included in
  963  the association’s official records. Unless a unit owner waives
  964  in writing the right to receive notice of the annual meeting,
  965  such notice must be hand delivered, mailed, or electronically
  966  transmitted to each unit owner. Notice for meetings and notice
  967  for all other purposes must be mailed to each unit owner at the
  968  address last furnished to the association by the unit owner, or
  969  hand delivered to each unit owner. However, if a unit is owned
  970  by more than one person, the association must provide notice to
  971  the address that the developer identifies for that purpose and
  972  thereafter as one or more of the owners of the unit advise the
  973  association in writing, or if no address is given or the owners
  974  of the unit do not agree, to the address provided on the deed of
  975  record. An officer of the association, or the manager or other
  976  person providing notice of the association meeting, must provide
  977  an affidavit or United States Postal Service certificate of
  978  mailing, to be included in the official records of the
  979  association affirming that the notice was mailed or hand
  980  delivered in accordance with this provision.
  981         5.4. The members of the board of a residential condominium
  982  shall be elected by written ballot or voting machine. Proxies
  983  may not be used in electing the board in general elections or
  984  elections to fill vacancies caused by recall, resignation, or
  985  otherwise, unless otherwise provided in this chapter. This
  986  subparagraph does not apply to an association governing a
  987  timeshare condominium.
  988         a. At least 60 days before a scheduled election, the
  989  association shall mail, deliver, or electronically transmit, by
  990  separate association mailing or included in another association
  991  mailing, delivery, or transmission, including regularly
  992  published newsletters, to each unit owner entitled to a vote, a
  993  first notice of the date of the election. A unit owner or other
  994  eligible person desiring to be a candidate for the board must
  995  give written notice of his or her intent to be a candidate to
  996  the association at least 40 days before a scheduled election.
  997  Together with the written notice and agenda as set forth in
  998  subparagraph 3., the association shall mail, deliver, or
  999  electronically transmit a second notice of the election to all
 1000  unit owners entitled to vote, together with a ballot that lists
 1001  all candidates not less than 14 days or more than 34 days before
 1002  the date of the election. Upon request of a candidate, an
 1003  information sheet, no larger than 8 1/2 inches by 11 inches,
 1004  which must be furnished by the candidate at least 35 days before
 1005  the election, must be included with the mailing, delivery, or
 1006  transmission of the ballot, with the costs of mailing, delivery,
 1007  or electronic transmission and copying to be borne by the
 1008  association. The association is not liable for the contents of
 1009  the information sheets prepared by the candidates. In order to
 1010  reduce costs, the association may print or duplicate the
 1011  information sheets on both sides of the paper. The division
 1012  shall by rule establish voting procedures consistent with this
 1013  sub-subparagraph, including rules establishing procedures for
 1014  giving notice by electronic transmission and rules providing for
 1015  the secrecy of ballots. Elections shall be decided by a
 1016  plurality of ballots cast. There is no quorum requirement;
 1017  however, at least 20 percent of the eligible voters must cast a
 1018  ballot in order to have a valid election. A unit owner may not
 1019  authorize any other person to vote his or her ballot, and any
 1020  ballots improperly cast are invalid. A unit owner who violates
 1021  this provision may be fined by the association in accordance
 1022  with s. 718.303. A unit owner who needs assistance in casting
 1023  the ballot for the reasons stated in s. 101.051 may obtain such
 1024  assistance. The regular election must occur on the date of the
 1025  annual meeting. Notwithstanding this sub-subparagraph, an
 1026  election is not required unless more candidates file notices of
 1027  intent to run or are nominated than board vacancies exist.
 1028         b. A director of a board of an association of a residential
 1029  condominium shall:
 1030         (I) Certify in writing to the secretary of the association
 1031  that he or she has read the association’s declaration of
 1032  condominium, articles of incorporation, bylaws, and current
 1033  written policies; that he or she will work to uphold such
 1034  documents and policies to the best of his or her ability; and
 1035  that he or she will faithfully discharge his or her fiduciary
 1036  responsibility to the association’s members.
 1037         (II) Submit to the secretary of the association a
 1038  certificate of having satisfactorily completed the educational
 1039  curriculum administered by the division or a division-approved
 1040  condominium education provider. The educational curriculum must
 1041  be at least 4 hours long and include instruction on milestone
 1042  inspections, structural integrity reserve studies, elections,
 1043  recordkeeping, financial literacy and transparency, levying of
 1044  fines, and notice and meeting requirements.
 1045  
 1046  Each newly elected or appointed director must submit to the
 1047  secretary of the association the written certification and
 1048  educational certificate within 1 year before being elected or
 1049  appointed or 90 days after the date of election or appointment.
 1050  A director of an association of a residential condominium who
 1051  was elected or appointed before July 1, 2024, must comply with
 1052  the written certification and educational certificate
 1053  requirements in this sub-subparagraph by June 30, 2025. The
 1054  written certification and educational certificate is valid for 7
 1055  years after the date of issuance and does not have to be
 1056  resubmitted as long as the director serves on the board without
 1057  interruption during the 7-year period. A director who is
 1058  appointed by the developer may satisfy the educational
 1059  certificate requirement in sub-sub-subparagraph (II) for any
 1060  subsequent appointment to a board by a developer within 7 years
 1061  after the date of issuance of the most recent educational
 1062  certificate, including any interruption of service on a board or
 1063  appointment to a board in another association within that 7-year
 1064  period. One year after submission of the most recent written
 1065  certification and educational certificate, and annually
 1066  thereafter, a director of an association of a residential
 1067  condominium must submit to the secretary of the association a
 1068  certificate of having satisfactorily completed at least 1 hour
 1069  of continuing education administered by the division, or a
 1070  division-approved condominium education provider, relating to
 1071  any recent changes to this chapter and the related
 1072  administrative rules during the past year. A director of an
 1073  association of a residential condominium who fails to timely
 1074  file the written certification and educational certificate is
 1075  suspended from service on the board until he or she complies
 1076  with this sub-subparagraph. The board may temporarily fill the
 1077  vacancy during the period of suspension. The secretary shall
 1078  cause the association to retain a director’s written
 1079  certification and educational certificate for inspection by the
 1080  members for 7 years after a director’s election or the duration
 1081  of the director’s uninterrupted tenure, whichever is longer.
 1082  Failure to have such written certification and educational
 1083  certificate on file does not affect the validity of any board
 1084  action.
 1085         c. Any challenge to the election process must be commenced
 1086  within 60 days after the election results are announced.
 1087         6.5. Any approval by unit owners called for by this chapter
 1088  or the applicable declaration or bylaws, including, but not
 1089  limited to, the approval requirement in s. 718.111(8), must be
 1090  made at a duly noticed meeting of unit owners and is subject to
 1091  all requirements of this chapter or the applicable condominium
 1092  documents relating to unit owner decisionmaking, except that
 1093  unit owners may take action by written agreement, without
 1094  meetings, on matters for which action by written agreement
 1095  without meetings is expressly allowed by the applicable bylaws
 1096  or declaration or any law that provides for such action.
 1097         7.6. Unit owners may waive notice of specific meetings if
 1098  allowed by the applicable bylaws or declaration or any law.
 1099  Notice of meetings of the board of administration; unit owner
 1100  meetings, except unit owner meetings called to recall board
 1101  members under paragraph (l); and committee meetings may be given
 1102  by electronic transmission to unit owners who consent to receive
 1103  notice by electronic transmission. A unit owner who consents to
 1104  receiving notices by electronic transmission is solely
 1105  responsible for removing or bypassing filters that block receipt
 1106  of mass e-mails sent to members on behalf of the association in
 1107  the course of giving electronic notices.
 1108         8.7. Unit owners have the right to participate in meetings
 1109  of unit owners with reference to all designated agenda items.
 1110  However, the association may adopt reasonable rules governing
 1111  the frequency, duration, and manner of unit owner participation.
 1112         9.8. A unit owner may tape record or videotape a meeting of
 1113  the unit owners subject to reasonable rules adopted by the
 1114  division.
 1115         10.9. Unless otherwise provided in the bylaws, any vacancy
 1116  occurring on the board before the expiration of a term may be
 1117  filled by the affirmative vote of the majority of the remaining
 1118  directors, even if the remaining directors constitute less than
 1119  a quorum, or by the sole remaining director. In the alternative,
 1120  a board may hold an election to fill the vacancy, in which case
 1121  the election procedures must conform to sub-subparagraph 4.a.
 1122  unless the association governs 10 units or fewer and has opted
 1123  out of the statutory election process, in which case the bylaws
 1124  of the association control. Unless otherwise provided in the
 1125  bylaws, a board member appointed or elected under this section
 1126  shall fill the vacancy for the unexpired term of the seat being
 1127  filled. Filling vacancies created by recall is governed by
 1128  paragraph (l) and rules adopted by the division.
 1129         11.10. This chapter does not limit the use of general or
 1130  limited proxies, require the use of general or limited proxies,
 1131  or require the use of a written ballot or voting machine for any
 1132  agenda item or election at any meeting of a timeshare
 1133  condominium association or nonresidential condominium
 1134  association.
 1135  
 1136  Notwithstanding subparagraph (b)2. and sub-subparagraph 4.a., an
 1137  association of 10 or fewer units may, by affirmative vote of a
 1138  majority of the total voting interests, provide for different
 1139  voting and election procedures in its bylaws, which may be by a
 1140  proxy specifically delineating the different voting and election
 1141  procedures. The different voting and election procedures may
 1142  provide for elections to be conducted by limited or general
 1143  proxy.
 1144         (e) Budget meeting.—
 1145         1. Any meeting at which a proposed annual budget of an
 1146  association will be considered by the board or unit owners shall
 1147  be open to all unit owners. A meeting of the board or unit
 1148  owners at which a proposed annual association budget will be
 1149  considered may be conducted by videoconference. The division
 1150  shall adopt rules pursuant to ss. 120.536 and 120.54 governing
 1151  the requirements for such meetings. A sound transmitting device
 1152  must be used so that the conversation of such members may be
 1153  heard by the board or committee members attending in person, as
 1154  well as any unit owners present at the meeting. At least 14 days
 1155  before prior to such a meeting, the board shall hand deliver to
 1156  each unit owner, mail to each unit owner at the address last
 1157  furnished to the association by the unit owner, or
 1158  electronically transmit to the location furnished by the unit
 1159  owner for that purpose a notice of such meeting and a copy of
 1160  the proposed annual budget. An officer or manager of the
 1161  association, or other person providing notice of such meeting,
 1162  shall execute an affidavit evidencing compliance with such
 1163  notice requirement, and such affidavit shall be filed among the
 1164  official records of the association.
 1165         2.a. If a board proposes adopts in any fiscal year an
 1166  annual budget which requires assessments against unit owners
 1167  which exceed 115 percent of assessments for the preceding fiscal
 1168  year, the board shall simultaneously propose a substitute budget
 1169  that does not include any discretionary expenditures that are
 1170  not required to be in the budget conduct a special meeting of
 1171  the unit owners to consider a substitute budget if the board
 1172  receives, within 21 days after adoption of the annual budget, a
 1173  written request for a special meeting from at least 10 percent
 1174  of all voting interests. The substitute budget must be proposed
 1175  at the budget meeting before the adoption of the annual budget.
 1176  The special meeting shall be conducted within 60 days after
 1177  adoption of the annual budget. At least 14 days before such
 1178  budget meeting in which a substitute budget will be proposed
 1179  prior to such special meeting, the board shall hand deliver to
 1180  each unit owner, or mail to each unit owner at the address last
 1181  furnished to the association, a notice of the meeting. An
 1182  officer or manager of the association, or other person providing
 1183  notice of such meeting shall execute an affidavit evidencing
 1184  compliance with this notice requirement, and such affidavit
 1185  shall be filed among the official records of the association.
 1186  Unit owners must may consider and may adopt a substitute budget
 1187  at the special meeting. A substitute budget is adopted if
 1188  approved by a majority of all voting interests unless the bylaws
 1189  require adoption by a greater percentage of voting interests. If
 1190  there is not a quorum at the special meeting or a substitute
 1191  budget is not adopted, the annual budget previously initially
 1192  proposed adopted by the board may be adopted shall take effect
 1193  as scheduled.
 1194         b. Any determination of whether assessments exceed 115
 1195  percent of assessments for the prior fiscal year shall exclude
 1196  any authorized provision for reasonable reserves for repair or
 1197  replacement of the condominium property, anticipated expenses of
 1198  the association which the board does not expect to be incurred
 1199  on a regular or annual basis, and insurance premiums, or
 1200  assessments for betterments to the condominium property.
 1201         c. If the developer controls the board, assessments may
 1202  shall not exceed 115 percent of assessments for the prior fiscal
 1203  year unless approved by a majority of all voting interests.
 1204         (f) Annual budget.—
 1205         1. The proposed annual budget of estimated revenues and
 1206  expenses must be detailed and must show the amounts budgeted by
 1207  accounts and expense classifications, including, at a minimum,
 1208  any applicable expenses listed in s. 718.504(21). The board
 1209  shall adopt the annual budget at least 14 days before the start
 1210  of the association’s fiscal year. In the event that the board
 1211  fails to timely adopt the annual budget a second time, it is
 1212  deemed a minor violation and the prior year’s budget shall
 1213  continue in effect until a new budget is adopted. A
 1214  multicondominium association must adopt a separate budget of
 1215  common expenses for each condominium the association operates
 1216  and must adopt a separate budget of common expenses for the
 1217  association. In addition, if the association maintains limited
 1218  common elements with the cost to be shared only by those
 1219  entitled to use the limited common elements as provided for in
 1220  s. 718.113(1), the budget or a schedule attached to it must show
 1221  the amount budgeted for this maintenance. If, after turnover of
 1222  control of the association to the unit owners, any of the
 1223  expenses listed in s. 718.504(21) are not applicable, they do
 1224  not need to be listed.
 1225         2.a. In addition to annual operating expenses, the budget
 1226  must include reserve accounts for capital expenditures and
 1227  deferred maintenance. These accounts must include, but are not
 1228  limited to, roof replacement, building painting, and pavement
 1229  resurfacing, regardless of the amount of deferred maintenance
 1230  expense or replacement cost, and any other item that has a
 1231  deferred maintenance expense or replacement cost that exceeds
 1232  $25,000 $10,000. The amount to be reserved must be computed
 1233  using a formula based upon estimated remaining useful life and
 1234  estimated replacement cost or deferred maintenance expense of
 1235  the reserve item. In a budget adopted by an association that is
 1236  required to obtain a structural integrity reserve study,
 1237  reserves must be maintained for the items identified in
 1238  paragraph (g) for which the association is responsible pursuant
 1239  to the declaration of condominium, and the reserve amount for
 1240  such items must be based on the findings and recommendations of
 1241  the association’s most recent structural integrity reserve
 1242  study. If an association votes to terminate the condominium in
 1243  accordance with s. 718.117, the members may vote to waive the
 1244  maintenance of reserves recommended by the association’s most
 1245  recent structural integrity reserve study. With respect to items
 1246  for which an estimate of useful life is not readily
 1247  ascertainable or with an estimated remaining useful life of
 1248  greater than 25 years, an association is not required to reserve
 1249  replacement costs for such items, but an association must
 1250  reserve the amount of deferred maintenance expense, if any,
 1251  which is recommended by the structural integrity reserve study
 1252  for such items. The association may adjust replacement reserve
 1253  assessments annually to take into account an inflation
 1254  adjustment and any changes in estimates or extension of the
 1255  useful life of a reserve item caused by deferred maintenance.
 1256         b. The members of a unit-owner-controlled association may
 1257  determine, by a majority vote of the total voting interests of
 1258  the association, to provide no reserves or less reserves than
 1259  required by this subsection. For a budget adopted on or after
 1260  December 31, 2024, the members of a unit-owner-controlled
 1261  association that must obtain a structural integrity reserve
 1262  study may not determine to provide no reserves or less reserves
 1263  than required by this subsection for items listed in paragraph
 1264  (g), except that members of an association operating a
 1265  multicondominium may determine to provide no reserves or less
 1266  reserves than required by this subsection if an alternative
 1267  funding method is used by the association has been approved by
 1268  the division.
 1269         c. For a budget adopted on or before December 31, 2028, a
 1270  unit-owner-controlled association that must have a structural
 1271  reserve study may secure a line of credit in lieu of maintaining
 1272  reserves for all or a portion of the reserves required under
 1273  this paragraph upon a majority vote of the total voting
 1274  interests of the association. The line of credit must be
 1275  sufficient to meet the association’s deferred maintenance
 1276  obligation not funded in the association’s reserve account for
 1277  each budget. Funding from the line of credit must be immediately
 1278  available for access by the board to fund required repair,
 1279  maintenance, or replacement expenses without further approval by
 1280  the members of the association. A line of credit secured under
 1281  this sub-subparagraph must be included in the financial report
 1282  required under s. 718.111(13).
 1283         d. If the local building official, as defined in s.
 1284  468.603, determines that the entire condominium building is
 1285  uninhabitable due to a natural emergency, as defined in s.
 1286  252.34, the board, upon the approval of a majority of its
 1287  members, may pause the contribution to its reserves or reduce
 1288  reserve funding until the local building official determines
 1289  that the condominium building is habitable. Any reserve account
 1290  funds held by the association may be expended, pursuant to the
 1291  board’s determination, to make the condominium building and its
 1292  structures habitable. Upon the determination by the local
 1293  building official that the condominium building is habitable,
 1294  the association must immediately resume contributing funds to
 1295  its reserves.
 1296         eFor a budget adopted on or before December 31, 2028, if
 1297  the association has completed a milestone inspection pursuant to
 1298  s. 553.899 within the previous 2 calendar years, the board, upon
 1299  the approval of a majority of the total voting interests of the
 1300  association, may temporarily pause, for a period of no more than
 1301  2 consecutive annual budgets, reserve fund contributions or
 1302  reduce the amount of reserve funding for the purpose of funding
 1303  repairs recommended by the milestone inspection. This sub
 1304  subparagraph does not apply to a developer-controlled
 1305  association and an association in which the non-developer unit
 1306  owners have been in control for less than 1 year. An association
 1307  that has paused reserve contributions under this subparagraph
 1308  must have a structural integrity reserve study performed before
 1309  the continuation of reserve contributions in order to determine
 1310  the association’s reserve funding needs and to recommend a
 1311  reserve funding plan.
 1312         f.b. Before turnover of control of an association by a
 1313  developer to unit owners other than a developer under s.
 1314  718.301, the developer-controlled association may not vote to
 1315  waive the reserves or reduce funding of the reserves. If a
 1316  meeting of the unit owners has been called to determine whether
 1317  to waive or reduce the funding of reserves and no such result is
 1318  achieved or a quorum is not attained, the reserves included in
 1319  the budget shall go into effect. After the turnover, the
 1320  developer may vote its voting interest to waive or reduce the
 1321  funding of reserves.
 1322         3. Reserve funds and any interest accruing thereon shall
 1323  remain in the reserve account or accounts, and may be used only
 1324  for authorized reserve expenditures unless their use for other
 1325  purposes is approved in advance by a majority vote of all the
 1326  total voting interests of the association. Before turnover of
 1327  control of an association by a developer to unit owners other
 1328  than the developer pursuant to s. 718.301, the developer
 1329  controlled association may not vote to use reserves for purposes
 1330  other than those for which they were intended. For a budget
 1331  adopted on or after December 31, 2024, members of a unit-owner
 1332  controlled association that must obtain a structural integrity
 1333  reserve study may not vote to use reserve funds, or any interest
 1334  accruing thereon, for any other purpose other than the
 1335  replacement or deferred maintenance costs of the components
 1336  listed in paragraph (g). A vote of the members is not required
 1337  for the board to change the accounting method for reserves to a
 1338  pooling accounting method or a straight-line accounting method.
 1339         4. The only voting interests that are eligible to vote on
 1340  questions that involve waiving or reducing the funding of
 1341  reserves, or using existing reserve funds for purposes other
 1342  than purposes for which the reserves were intended, are the
 1343  voting interests of the units subject to assessment to fund the
 1344  reserves in question. Proxy questions relating to waiving or
 1345  reducing the funding of reserves or using existing reserve funds
 1346  for purposes other than purposes for which the reserves were
 1347  intended must contain the following statement in capitalized,
 1348  bold letters in a font size larger than any other used on the
 1349  face of the proxy ballot: WAIVING OF RESERVES, IN WHOLE OR IN
 1350  PART, OR ALLOWING ALTERNATIVE USES OF EXISTING RESERVES MAY
 1351  RESULT IN UNIT OWNER LIABILITY FOR PAYMENT OF UNANTICIPATED
 1352  SPECIAL ASSESSMENTS REGARDING THOSE ITEMS.
 1353         (g) Structural integrity reserve study.—
 1354         1. A residential condominium association must have a
 1355  structural integrity reserve study completed at least every 10
 1356  years after the condominium’s creation for each building on the
 1357  condominium property that is three stories or higher in height,
 1358  as determined by the Florida Building Code, which includes, at a
 1359  minimum, a study of the following items as related to the
 1360  structural integrity and safety of the building:
 1361         a. Roof.
 1362         b. Structure, including load-bearing walls and other
 1363  primary structural members and primary structural systems as
 1364  those terms are defined in s. 627.706.
 1365         c. Fireproofing and fire protection systems.
 1366         d. Plumbing.
 1367         e. Electrical systems.
 1368         f. Waterproofing and exterior painting.
 1369         g. Windows and exterior doors.
 1370         h. Any other item that has a deferred maintenance expense
 1371  or replacement cost that exceeds $25,000 $10,000 and the failure
 1372  to replace or maintain such item negatively affects the items
 1373  listed in sub-subparagraphs a.-g., as determined by the visual
 1374  inspection portion of the structural integrity reserve study.
 1375         2. A structural integrity reserve study is based on a
 1376  visual inspection of the condominium property.
 1377         3.a. A structural integrity reserve study may be performed
 1378  by any person qualified to perform such study. However, the
 1379  visual inspection portion of the structural integrity reserve
 1380  study must be performed or verified by an engineer licensed
 1381  under chapter 471, an architect licensed under chapter 481, or a
 1382  person certified as a reserve specialist or professional reserve
 1383  analyst by the Community Associations Institute or the
 1384  Association of Professional Reserve Analysts.
 1385         b. Any design professional as defined in s. 558.002 or any
 1386  contractor licensed under chapter 489 who bids to perform a
 1387  structural integrity reserve study must disclose in writing to
 1388  the association his or her intent to bid on any services related
 1389  to any maintenance, repair, or replacement that may be
 1390  recommended by the structural integrity reserve study. Any
 1391  design professional as defined in s. 558.002 or contractor
 1392  licensed under chapter 489 who submits a bid to the association
 1393  for performing any services recommended by the structural
 1394  integrity reserve study may not have an interest, directly or
 1395  indirectly, in the firm or entity providing the association’s
 1396  structural integrity reserve study or be a relative of any
 1397  person having a direct or indirect interest in such firm, unless
 1398  such relationship is disclosed to the association in writing. As
 1399  used in this section, the term “relative” means a relative
 1400  within the third degree of consanguinity by blood or marriage. A
 1401  contract for services is voidable and terminates upon the
 1402  association filing a written notice terminating the contract if
 1403  the design professional or licensed contractor failed to provide
 1404  the written disclosure of the interests or relationships
 1405  required under this paragraph. A design professional or licensed
 1406  contractor may be subject to discipline under the applicable
 1407  practice act for his or her profession for failure to provide
 1408  the written disclosure of the interests or relationships
 1409  required under this paragraph.
 1410         4.a.3. At a minimum, a structural integrity reserve study
 1411  must identify each item of the condominium property being
 1412  visually inspected, state the estimated remaining useful life
 1413  and the estimated replacement cost or deferred maintenance
 1414  expense of each item of the condominium property being visually
 1415  inspected, and provide a reserve funding plan or schedule with a
 1416  recommended annual reserve amount that achieves the estimated
 1417  replacement cost or deferred maintenance expense of each item of
 1418  condominium property being visually inspected by the end of the
 1419  estimated remaining useful life of the item. At a minimum, the
 1420  structural integrity reserve study must include a recommendation
 1421  for a reserve funding schedule based on a baseline funding plan
 1422  that provides a reserve funding goal in which the reserve
 1423  funding for each budget year is sufficient to maintain the
 1424  reserve cash balance above zero. The study may recommend other
 1425  types of reserve funding schedules, provided that each
 1426  recommended schedule is sufficient to meet the association’s
 1427  maintenance obligation.
 1428         b. The structural integrity reserve study may recommend
 1429  that reserves do not need to be maintained for any item for
 1430  which an estimate of useful life and an estimate of replacement
 1431  cost cannot be determined, or the study may recommend a deferred
 1432  maintenance expense amount for such item. The structural
 1433  integrity reserve study may recommend that reserves for
 1434  replacement costs do not need to be maintained for any item with
 1435  an estimated remaining useful life of greater than 25 years, but
 1436  the study may recommend a deferred maintenance expense amount
 1437  for such item. If the structural integrity reserve study
 1438  recommends reserves for any item for which reserves are not
 1439  required under this paragraph, the amount of the recommended
 1440  reserves for such item must be separately identified in the
 1441  structural integrity reserve study as an item for which reserves
 1442  are not required under this paragraph.
 1443         5.4. This paragraph does not apply to buildings less than
 1444  three stories in height; single-family, two-family, or three
 1445  family dwellings with three or fewer habitable stories above
 1446  ground; any portion or component of a building that has not been
 1447  submitted to the condominium form of ownership; or any portion
 1448  or component of a building that is maintained by a party other
 1449  than the association.
 1450         6.5. Before a developer turns over control of an
 1451  association to unit owners other than the developer, the
 1452  developer must have a turnover inspection report in compliance
 1453  with s. 718.301(4)(p) and (q) for each building on the
 1454  condominium property that is three stories or higher in height.
 1455         7.6. Associations existing on or before July 1, 2022, which
 1456  are controlled by unit owners other than the developer, must
 1457  have a structural integrity reserve study completed by December
 1458  31, 2025 2024, for each building on the condominium property
 1459  that is three stories or higher in height. An association that
 1460  is required to complete a milestone inspection in accordance
 1461  with s. 553.899 on or before December 31, 2026, may complete the
 1462  structural integrity reserve study simultaneously with the
 1463  milestone inspection. In no event may the structural integrity
 1464  reserve study be completed after December 31, 2026.
 1465         8.7. If the milestone inspection required by s. 553.899, or
 1466  an inspection completed for a similar local requirement, was
 1467  performed within the past 5 years and meets the requirements of
 1468  this paragraph, such inspection may be used in place of the
 1469  visual inspection portion of the structural integrity reserve
 1470  study.
 1471         9. If the association completes a milestone inspection
 1472  required by s. 553.899, or an inspection completed for a similar
 1473  local requirement, the association may delay performance of a
 1474  required structural integrity reserve study for no more than the
 1475  2 consecutive budget years immediately following the milestone
 1476  inspection in order to permit the association to focus its
 1477  financial resources towards completing the repair and
 1478  maintenance recommendations of the milestone inspection.
 1479         10.8. If the officers or directors of an association
 1480  willfully and knowingly fail to complete a structural integrity
 1481  reserve study pursuant to this paragraph, such failure is a
 1482  breach of an officer’s and director’s fiduciary relationship to
 1483  the unit owners under s. 718.111(1). An officer or director of
 1484  an association must sign an affidavit acknowledging receipt of
 1485  the completed structural integrity reserve study.
 1486         11.9. Within 45 days after receiving the structural
 1487  integrity reserve study, the association must distribute a copy
 1488  of the study to each unit owner or deliver to each unit owner a
 1489  notice that the completed study is available for inspection and
 1490  copying upon a written request. Distribution of a copy of the
 1491  study or notice must be made by United States mail or personal
 1492  delivery to the mailing address, property address, or any other
 1493  address of the owner provided to fulfill the association’s
 1494  notice requirements under this chapter, or by electronic
 1495  transmission to the e-mail address or facsimile number provided
 1496  to fulfill the association’s notice requirements to unit owners
 1497  who previously consented to receive notice by electronic
 1498  transmission.
 1499         12.10. Within 45 days after receiving the structural
 1500  integrity reserve study, the association must provide the
 1501  division with a statement indicating that the study was
 1502  completed and that the association provided or made available
 1503  such study to each unit owner in accordance with this section.
 1504  The statement must be provided to the division in the manner
 1505  established by the division using a form posted on the
 1506  division’s website.
 1507         13. The division shall adopt by rule the form for the
 1508  structural integrity reserve study in coordination with the
 1509  Florida Building Commission.
 1510         Section 7. Subsections (1) and (3) of section 718.501,
 1511  Florida Statutes, are amended, and paragraph (d) is added to
 1512  subsection (2) of that section, to read:
 1513         718.501 Authority, responsibility, and duties of Division
 1514  of Florida Condominiums, Timeshares, and Mobile Homes.—
 1515         (1) The division may enforce and ensure compliance with
 1516  this chapter and rules relating to the development,
 1517  construction, sale, lease, ownership, operation, and management
 1518  of residential condominium units and complaints related to the
 1519  procedural completion of milestone inspections under s. 553.899.
 1520  In performing its duties, the division has complete jurisdiction
 1521  to investigate complaints and enforce compliance with respect to
 1522  associations that are still under developer control or the
 1523  control of a bulk assignee or bulk buyer pursuant to part VII of
 1524  this chapter and complaints against developers, bulk assignees,
 1525  or bulk buyers involving improper turnover or failure to
 1526  turnover, pursuant to s. 718.301. However, after turnover has
 1527  occurred, the division has jurisdiction to review records and
 1528  investigate complaints related only to:
 1529         (a)1. Procedural aspects and records relating to financial
 1530  issues, including annual financial reporting under s.
 1531  718.111(13); assessments for common expenses, fines, and
 1532  commingling of reserve and operating funds under s. 718.111(14);
 1533  use of debit cards for unintended purposes under s. 718.111(15);
 1534  the annual operating budget and the allocation of reserve funds
 1535  under s. 718.112(2)(f); financial records under s.
 1536  718.111(12)(a)11.; and any other record necessary to determine
 1537  the revenues and expenses of the association.
 1538         2. Elections, including election and voting requirements
 1539  under s. 718.112(2)(b) and (d), recall of board members under s.
 1540  718.112(2)(l), electronic voting under s. 718.128, and elections
 1541  that occur during an emergency under s. 718.1265(1)(a).
 1542         3. The maintenance of and unit owner access to association
 1543  records under s. 718.111(12).
 1544         4. The procedural aspects of meetings, including unit owner
 1545  meetings, quorums, voting requirements, proxies, board of
 1546  administration meetings, and budget meetings under s.
 1547  718.112(2).
 1548         5. The disclosure of conflicts of interest under ss.
 1549  718.111(1)(a) and 718.3027, including limitations contained in
 1550  s. 718.111(3)(f).
 1551         6. The removal of a board director or officer under ss.
 1552  718.111(1)(a) and (15) and 718.112(2)(p) and (q).
 1553         7. The procedural completion of structural integrity
 1554  reserve studies under s. 718.112(2)(g) and the milestone
 1555  inspections under s. 553.899.
 1556         8.Completion of repairs required by a milestone inspection
 1557  under s. 553.899.
 1558         9.8. Any written inquiries by unit owners to the
 1559  association relating to such matters, including written
 1560  inquiries under s. 718.112(2)(a)2.
 1561         10.The requirement for associations to maintain an
 1562  insurance policy or fidelity bonding for all persons who control
 1563  or disperse funds of the association under s. 718.111(11)(h).
 1564         11.Board member education requirements under s.
 1565  718.112(2)(d)5.b.
 1566         12.Reporting requirements for structural integrity reserve
 1567  studies in paragraph (3) and under s 718.112(2)(g)12.
 1568         (b)1. The division may make necessary public or private
 1569  investigations within or outside this state to determine whether
 1570  any person has violated this chapter or any rule or order
 1571  hereunder, to aid in the enforcement of this chapter, or to aid
 1572  in the adoption of rules or forms.
 1573         2. The division may submit any official written report,
 1574  worksheet, or other related paper, or a duly certified copy
 1575  thereof, compiled, prepared, drafted, or otherwise made by and
 1576  duly authenticated by a financial examiner or analyst to be
 1577  admitted as competent evidence in any hearing in which the
 1578  financial examiner or analyst is available for cross-examination
 1579  and attests under oath that such documents were prepared as a
 1580  result of an examination or inspection conducted pursuant to
 1581  this chapter.
 1582         (c) The division may require or permit any person to file a
 1583  statement in writing, under oath or otherwise, as the division
 1584  determines, as to the facts and circumstances concerning a
 1585  matter to be investigated.
 1586         (d) For the purpose of any investigation under this
 1587  chapter, the division director or any officer or employee
 1588  designated by the division director may administer oaths or
 1589  affirmations, subpoena witnesses and compel their attendance,
 1590  take evidence, and require the production of any matter which is
 1591  relevant to the investigation, including the existence,
 1592  description, nature, custody, condition, and location of any
 1593  books, documents, or other tangible things and the identity and
 1594  location of persons having knowledge of relevant facts or any
 1595  other matter reasonably calculated to lead to the discovery of
 1596  material evidence. Upon the failure by a person to obey a
 1597  subpoena or to answer questions propounded by the investigating
 1598  officer and upon reasonable notice to all affected persons, the
 1599  division may apply to the circuit court for an order compelling
 1600  compliance.
 1601         (e) Notwithstanding any remedies available to unit owners
 1602  and associations, if the division has reasonable cause to
 1603  believe that a violation of any provision of this chapter or
 1604  related rule has occurred, the division may institute
 1605  enforcement proceedings in its own name against any developer,
 1606  bulk assignee, bulk buyer, association, officer, or member of
 1607  the board of administration, or its assignees or agents, as
 1608  follows:
 1609         1. The division may permit a person whose conduct or
 1610  actions may be under investigation to waive formal proceedings
 1611  and enter into a consent proceeding whereby orders, rules, or
 1612  letters of censure or warning, whether formal or informal, may
 1613  be entered against the person.
 1614         2. The division may issue an order requiring the developer,
 1615  bulk assignee, bulk buyer, association, developer-designated
 1616  officer, or developer-designated member of the board of
 1617  administration, developer-designated assignees or agents, bulk
 1618  assignee-designated assignees or agents, bulk buyer-designated
 1619  assignees or agents, community association manager, or community
 1620  association management firm to cease and desist from the
 1621  unlawful practice and take such affirmative action as in the
 1622  judgment of the division carry out the purposes of this chapter.
 1623  If the division finds that a developer, bulk assignee, bulk
 1624  buyer, association, officer, or member of the board of
 1625  administration, or its assignees or agents, is violating or is
 1626  about to violate any provision of this chapter, any rule adopted
 1627  or order issued by the division, or any written agreement
 1628  entered into with the division, and presents an immediate danger
 1629  to the public requiring an immediate final order, it may issue
 1630  an emergency cease and desist order reciting with particularity
 1631  the facts underlying such findings. The emergency cease and
 1632  desist order is effective for 90 days. If the division begins
 1633  nonemergency cease and desist proceedings, the emergency cease
 1634  and desist order remains effective until the conclusion of the
 1635  proceedings under ss. 120.569 and 120.57.
 1636         3. If a developer, bulk assignee, or bulk buyer fails to
 1637  pay any restitution determined by the division to be owed, plus
 1638  any accrued interest at the highest rate permitted by law,
 1639  within 30 days after expiration of any appellate time period of
 1640  a final order requiring payment of restitution or the conclusion
 1641  of any appeal thereof, whichever is later, the division must
 1642  bring an action in circuit or county court on behalf of any
 1643  association, class of unit owners, lessees, or purchasers for
 1644  restitution, declaratory relief, injunctive relief, or any other
 1645  available remedy. The division may also temporarily revoke its
 1646  acceptance of the filing for the developer to which the
 1647  restitution relates until payment of restitution is made.
 1648         4. The division may petition the court for appointment of a
 1649  receiver or conservator. If appointed, the receiver or
 1650  conservator may take action to implement the court order to
 1651  ensure the performance of the order and to remedy any breach
 1652  thereof. In addition to all other means provided by law for the
 1653  enforcement of an injunction or temporary restraining order, the
 1654  circuit court may impound or sequester the property of a party
 1655  defendant, including books, papers, documents, and related
 1656  records, and allow the examination and use of the property by
 1657  the division and a court-appointed receiver or conservator.
 1658         5. The division may apply to the circuit court for an order
 1659  of restitution whereby the defendant in an action brought under
 1660  subparagraph 4. is ordered to make restitution of those sums
 1661  shown by the division to have been obtained by the defendant in
 1662  violation of this chapter. At the option of the court, such
 1663  restitution is payable to the conservator or receiver appointed
 1664  under subparagraph 4. or directly to the persons whose funds or
 1665  assets were obtained in violation of this chapter.
 1666         6. The division may impose a civil penalty against a
 1667  developer, bulk assignee, or bulk buyer, or association, or its
 1668  assignee or agent, for any violation of this chapter or related
 1669  rule. The division may impose a civil penalty individually
 1670  against an officer or board member who willfully and knowingly
 1671  violates this chapter, an adopted rule, or a final order of the
 1672  division; may order the removal of such individual as an officer
 1673  or from the board of administration or as an officer of the
 1674  association; and may prohibit such individual from serving as an
 1675  officer or on the board of a community association for a period
 1676  of time. The term “willfully and knowingly” means that the
 1677  division informed the officer or board member that his or her
 1678  action or intended action violates this chapter, a rule adopted
 1679  under this chapter, or a final order of the division and that
 1680  the officer or board member refused to comply with the
 1681  requirements of this chapter, a rule adopted under this chapter,
 1682  or a final order of the division. The division, before
 1683  initiating formal agency action under chapter 120, must afford
 1684  the officer or board member an opportunity to voluntarily
 1685  comply, and an officer or board member who complies within 10
 1686  days is not subject to a civil penalty. A penalty may be imposed
 1687  on the basis of each day of continuing violation, but the
 1688  penalty for any offense may not exceed $5,000. The division
 1689  shall adopt, by rule, penalty guidelines applicable to possible
 1690  violations or to categories of violations of this chapter or
 1691  rules adopted by the division. The guidelines must specify a
 1692  meaningful range of civil penalties for each such violation of
 1693  the statute and rules and must be based upon the harm caused by
 1694  the violation, upon the repetition of the violation, and upon
 1695  such other factors deemed relevant by the division. For example,
 1696  the division may consider whether the violations were committed
 1697  by a developer, bulk assignee, or bulk buyer, or owner
 1698  controlled association, the size of the association, and other
 1699  factors. The guidelines must designate the possible mitigating
 1700  or aggravating circumstances that justify a departure from the
 1701  range of penalties provided by the rules. It is the legislative
 1702  intent that minor violations be distinguished from those which
 1703  endanger the health, safety, or welfare of the condominium
 1704  residents or other persons and that such guidelines provide
 1705  reasonable and meaningful notice to the public of likely
 1706  penalties that may be imposed for proscribed conduct. This
 1707  subsection does not limit the ability of the division to
 1708  informally dispose of administrative actions or complaints by
 1709  stipulation, agreed settlement, or consent order. All amounts
 1710  collected shall be deposited with the Chief Financial Officer to
 1711  the credit of the Division of Florida Condominiums, Timeshares,
 1712  and Mobile Homes Trust Fund. If a developer, bulk assignee, or
 1713  bulk buyer fails to pay the civil penalty and the amount deemed
 1714  to be owed to the association, the division shall issue an order
 1715  directing that such developer, bulk assignee, or bulk buyer
 1716  cease and desist from further operation until such time as the
 1717  civil penalty is paid or may pursue enforcement of the penalty
 1718  in a court of competent jurisdiction. If an association fails to
 1719  pay the civil penalty, the division shall pursue enforcement in
 1720  a court of competent jurisdiction, and the order imposing the
 1721  civil penalty or the cease and desist order is not effective
 1722  until 20 days after the date of such order. Any action commenced
 1723  by the division shall be brought in the county in which the
 1724  division has its executive offices or in the county in which the
 1725  violation occurred.
 1726         7. If a unit owner presents the division with proof that
 1727  the unit owner has requested access to official records in
 1728  writing by certified mail, and that after 10 days the unit owner
 1729  again made the same request for access to official records in
 1730  writing by certified mail, and that more than 10 days has
 1731  elapsed since the second request and the association has still
 1732  failed or refused to provide access to official records as
 1733  required by this chapter, the division shall issue a subpoena
 1734  requiring production of the requested records at the location in
 1735  which the records are kept pursuant to s. 718.112. Upon receipt
 1736  of the records, the division must provide to the unit owner who
 1737  was denied access to such records the produced official records
 1738  without charge.
 1739         8. In addition to subparagraph 6., the division may seek
 1740  the imposition of a civil penalty through the circuit court for
 1741  any violation for which the division may issue a notice to show
 1742  cause under paragraph (t). The civil penalty shall be at least
 1743  $500 but no more than $5,000 for each violation. The court may
 1744  also award to the prevailing party court costs and reasonable
 1745  attorney fees and, if the division prevails, may also award
 1746  reasonable costs of investigation.
 1747         9. The division may issue citations and promulgate rules to
 1748  provide for citation bases and citation procedures in accordance
 1749  with this paragraph.
 1750         (f) The division may prepare and disseminate a prospectus
 1751  and other information to assist prospective owners, purchasers,
 1752  lessees, and developers of residential condominiums in assessing
 1753  the rights, privileges, and duties pertaining thereto.
 1754         (g) The division may adopt rules to administer and enforce
 1755  this chapter.
 1756         (h) The division shall establish procedures for providing
 1757  notice to an association and the developer, bulk assignee, or
 1758  bulk buyer during the period in which the developer, bulk
 1759  assignee, or bulk buyer controls the association if the division
 1760  is considering the issuance of a declaratory statement with
 1761  respect to the declaration of condominium or any related
 1762  document governing such condominium community.
 1763         (i) The division shall furnish each association that pays
 1764  the fees required by paragraph (2)(a) a copy of this chapter, as
 1765  amended, and the rules adopted thereto on an annual basis.
 1766         (j) The division shall annually provide each association
 1767  with a summary of declaratory statements and formal legal
 1768  opinions relating to the operations of condominiums which were
 1769  rendered by the division during the previous year.
 1770         (k) The division shall provide training and educational
 1771  programs for condominium association board members and unit
 1772  owners. The training may, in the division’s discretion, include
 1773  web-based electronic media and live training and seminars in
 1774  various locations throughout the state. The division may review
 1775  and approve education and training programs for board members
 1776  and unit owners offered by providers and shall maintain a
 1777  current list of approved programs and providers and make such
 1778  list available to board members and unit owners in a reasonable
 1779  and cost-effective manner. The division shall provide the
 1780  division-approved provider with the template certificate for
 1781  issuance directly to the association’s board of directors who
 1782  have satisfactorily completed the requirements under s.
 1783  718.112(2)(d). The division shall adopt rules to implement this
 1784  section.
 1785         (l) The division shall maintain a toll-free telephone
 1786  number accessible to condominium unit owners.
 1787         (m) The division shall develop a program to certify both
 1788  volunteer and paid mediators to provide mediation of condominium
 1789  disputes. The division shall provide, upon request, a list of
 1790  such mediators to any association, unit owner, or other
 1791  participant in alternative dispute resolution proceedings under
 1792  s. 718.1255 requesting a copy of the list. The division shall
 1793  include on the list of volunteer mediators only the names of
 1794  persons who have received at least 20 hours of training in
 1795  mediation techniques or who have mediated at least 20 disputes.
 1796  In order to become initially certified by the division, paid
 1797  mediators must be certified by the Supreme Court to mediate
 1798  court cases in county or circuit courts. However, the division
 1799  may adopt, by rule, additional factors for the certification of
 1800  paid mediators, which must be related to experience, education,
 1801  or background. Any person initially certified as a paid mediator
 1802  by the division must, in order to continue to be certified,
 1803  comply with the factors or requirements adopted by rule.
 1804         (n) If a complaint is made, the division must conduct its
 1805  inquiry with due regard for the interests of the affected
 1806  parties. Within 30 days after receipt of a complaint, the
 1807  division shall acknowledge the complaint in writing and notify
 1808  the complainant whether the complaint is within the jurisdiction
 1809  of the division and whether additional information is needed by
 1810  the division from the complainant. The division shall conduct
 1811  its investigation and, within 90 days after receipt of the
 1812  original complaint or of timely requested additional
 1813  information, take action upon the complaint. However, the
 1814  failure to complete the investigation within 90 days does not
 1815  prevent the division from continuing the investigation,
 1816  accepting or considering evidence obtained or received after 90
 1817  days, or taking administrative action if reasonable cause exists
 1818  to believe that a violation of this chapter or a rule has
 1819  occurred. If an investigation is not completed within the time
 1820  limits established in this paragraph, the division shall, on a
 1821  monthly basis, notify the complainant in writing of the status
 1822  of the investigation. When reporting its action to the
 1823  complainant, the division shall inform the complainant of any
 1824  right to a hearing under ss. 120.569 and 120.57. The division
 1825  may adopt rules regarding the submission of a complaint against
 1826  an association.
 1827         (o) Condominium association directors, officers, and
 1828  employees; condominium developers; bulk assignees, bulk buyers,
 1829  and community association managers; and community association
 1830  management firms have an ongoing duty to reasonably cooperate
 1831  with the division in any investigation under this section. The
 1832  division shall refer to local law enforcement authorities any
 1833  person whom the division believes has altered, destroyed,
 1834  concealed, or removed any record, document, or thing required to
 1835  be kept or maintained by this chapter with the purpose to impair
 1836  its verity or availability in the department’s investigation.
 1837  The division shall refer to local law enforcement authorities
 1838  any person whom the division believes has engaged in fraud,
 1839  theft, embezzlement, or other criminal activity or when the
 1840  division has cause to believe that fraud, theft, embezzlement,
 1841  or other criminal activity has occurred.
 1842         (p) The division director or any officer or employee of the
 1843  division and the condominium ombudsman or any employee of the
 1844  Office of the Condominium Ombudsman may attend and observe any
 1845  meeting of the board of administration or any unit owner
 1846  meeting, including any meeting of a subcommittee or special
 1847  committee, which is open to members of the association for the
 1848  purpose of performing the duties of the division or the Office
 1849  of the Condominium Ombudsman under this chapter.
 1850         (q) The division may:
 1851         1. Contract with agencies in this state or other
 1852  jurisdictions to perform investigative functions; or
 1853         2. Accept grants-in-aid from any source.
 1854         (r) The division shall cooperate with similar agencies in
 1855  other jurisdictions to establish uniform filing procedures and
 1856  forms, public offering statements, advertising standards, and
 1857  rules and common administrative practices.
 1858         (s) The division shall consider notice to a developer, bulk
 1859  assignee, or bulk buyer to be complete when it is delivered to
 1860  the address of the developer, bulk assignee, or bulk buyer
 1861  currently on file with the division.
 1862         (t) In addition to its enforcement authority, the division
 1863  may issue a notice to show cause, which must provide for a
 1864  hearing, upon written request, in accordance with chapter 120.
 1865         (u) If the division receives a complaint regarding access
 1866  to official records on the association’s website or through an
 1867  application that can be downloaded on a mobile device under s.
 1868  718.111(12)(g), the division may request access to the
 1869  association’s website or application and investigate. The
 1870  division may adopt rules to carry out this paragraph.
 1871         (v) The division shall submit to the Governor, the
 1872  President of the Senate, the Speaker of the House of
 1873  Representatives, and the chairs of the legislative
 1874  appropriations committees an annual report that includes, but
 1875  need not be limited to, the number of training programs provided
 1876  for condominium association board members and unit owners, the
 1877  number of complaints received by type, the number and percent of
 1878  complaints acknowledged in writing within 30 days and the number
 1879  and percent of investigations acted upon within 90 days in
 1880  accordance with paragraph (n), and the number of investigations
 1881  exceeding the 90-day requirement. The annual report must also
 1882  include an evaluation of the division’s core business processes
 1883  and make recommendations for improvements, including statutory
 1884  changes. After December 31, 2024, the division must include a
 1885  list of the associations that have completed the structural
 1886  integrity reserve study required under s. 718.112(2)(g). The
 1887  report shall be submitted by September 30 following the end of
 1888  the fiscal year.
 1889         (2)
 1890         (d)Each condominium association must create and maintain
 1891  an online account with the division. Board members shall
 1892  maintain accurate contact information on file with the division.
 1893  The division shall adopt rules to implement this paragraph.
 1894         (3) On or before October 1, 2025, all associations must
 1895  provide information as specified by the division in an
 1896  electronic format determined by the division. The information in
 1897  paragraphs (a), (b), and (c) must be updated within 15 days
 1898  after any change. The information that must be provided to the
 1899  division may include, but is not limited to:
 1900         (a)Contact information for the association that includes:
 1901         1.Name of the association.
 1902         2.Mailing address and county of the association.
 1903         3.E-mail address and telephone number for the association.
 1904         4.Name, board title, and e-mail address for each member of
 1905  the association’s board.
 1906         5.Name and contact information of the association’s
 1907  community association manager or community association
 1908  management firm, if applicable.
 1909         6.Name and contact information of every individual or
 1910  community association management company responsible for
 1911  remitting any payment to the division.
 1912         7.The hyperlink or website address to the association’s
 1913  website, if applicable.
 1914         (b)Total number of buildings and for each building within
 1915  the association:
 1916         1.Physical address of the association.
 1917         2.Total number of stories, including both habitable and
 1918  uninhabitable stories.
 1919         3.Total number of units.
 1920         4.Age of each building based on the certificate of
 1921  occupancy.
 1922         5.Any construction commenced within the common elements
 1923  within the calendar year.
 1924         (c)The association’s assessments, including the:
 1925         1.Amount of assessment or special assessment by unit type,
 1926  including reserves.
 1927         2.Purpose of the assessment or special assessment.
 1928         3.Name of the financial institution or institutions with
 1929  which the association maintains accounts.
 1930         (d)An association must provide the division with a copy of
 1931  any structural integrity reserve study and any associated
 1932  materials requested by the department within 5 business days
 1933  after such request in a manner prescribed by the department.
 1934         (a) On or before January 1, 2023, condominium associations
 1935  existing on or before July 1, 2022, must provide the following
 1936  information to the division in writing, by e-mail, United States
 1937  Postal Service, commercial delivery service, or hand delivery,
 1938  at a physical address or e-mail address provided by the division
 1939  and on a form posted on the division’s website:
 1940         1. The number of buildings on the condominium property that
 1941  are three stories or higher in height.
 1942         2. The total number of units in all such buildings.
 1943         3. The addresses of all such buildings.
 1944         4. The counties in which all such buildings are located.
 1945         (b) The division must compile a list of the number of
 1946  buildings on condominium property that are three stories or
 1947  higher in height, which is searchable by county, and must post
 1948  the list on the division’s website. This list must include all
 1949  of the following information:
 1950         1. The name of each association with buildings on the
 1951  condominium property that are three stories or higher in height.
 1952         2. The number of such buildings on each association’s
 1953  property.
 1954         3. The addresses of all such buildings.
 1955         4. The counties in which all such buildings are located.
 1956         (c) An association must provide an update in writing to the
 1957  division if there are any changes to the information in the list
 1958  under paragraph (b) within 6 months after the change.
 1959         Section 8. Paragraphs (d) and (e) of subsection (2) of
 1960  section 718.503, Florida Statutes, are amended, and paragraph
 1961  (d) of subsection (1) of that section is reenacted, to read:
 1962         718.503 Developer disclosure prior to sale; nondeveloper
 1963  unit owner disclosure prior to sale; voidability.—
 1964         (1) DEVELOPER DISCLOSURE.—
 1965         (d) Milestone inspection, turnover inspection report, or
 1966  structural integrity reserve study.—If the association is
 1967  required to have completed a milestone inspection as described
 1968  in s. 553.899, a turnover inspection report for a turnover
 1969  inspection performed on or after July 1, 2023, or a structural
 1970  integrity reserve study, and the association has not completed
 1971  the milestone inspection, the turnover inspection report, or the
 1972  structural integrity reserve study, each contract entered into
 1973  after December 31, 2024, for the sale of a residential unit
 1974  shall contain in conspicuous type a statement indicating that
 1975  the association is required to have a milestone inspection, a
 1976  turnover inspection report, or a structural integrity reserve
 1977  study and has not completed such inspection, report, or study,
 1978  as appropriate. If the association is not required to have a
 1979  milestone inspection as described in s. 553.899 or a structural
 1980  integrity reserve study, each contract entered into after
 1981  December 31, 2024, for the sale of a residential unit shall
 1982  contain in conspicuous type a statement indicating that the
 1983  association is not required to have a milestone inspection or a
 1984  structural integrity reserve study, as appropriate. If the
 1985  association has completed a milestone inspection as described in
 1986  s. 553.899, a turnover inspection report for a turnover
 1987  inspection performed on or after July 1, 2023, or a structural
 1988  integrity reserve study, each contract entered into after
 1989  December 31, 2024, for the sale of a residential unit shall
 1990  contain in conspicuous type:
 1991         1. A clause which states: THE BUYER HEREBY ACKNOWLEDGES
 1992  THAT BUYER HAS BEEN PROVIDED A CURRENT COPY OF THE INSPECTOR
 1993  PREPARED SUMMARY OF THE MILESTONE INSPECTION REPORT AS DESCRIBED
 1994  IN SECTION 553.899, FLORIDA STATUTES, IF APPLICABLE; A COPY OF
 1995  THE TURNOVER INSPECTION REPORT DESCRIBED IN SECTION
 1996  718.301(4)(p) AND (q), FLORIDA STATUTES, IF APPLICABLE; AND A
 1997  COPY OF THE ASSOCIATION’S MOST RECENT STRUCTURAL INTEGRITY
 1998  RESERVE STUDY DESCRIBED IN SECTIONS 718.103(26) AND
 1999  718.112(2)(g), FLORIDA STATUTES, IF APPLICABLE, MORE THAN 15
 2000  DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, BEFORE
 2001  PRIOR TO EXECUTION OF THIS CONTRACT; and
 2002         2. A clause which states: THIS AGREEMENT IS VOIDABLE BY
 2003  BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER’S INTENTION TO
 2004  CANCEL WITHIN 15 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL
 2005  HOLIDAYS, AFTER THE DATE OF EXECUTION OF THIS AGREEMENT BY THE
 2006  BUYER AND RECEIPT BY BUYER OF A CURRENT COPY OF THE INSPECTOR
 2007  PREPARED SUMMARY OF THE MILESTONE INSPECTION REPORT AS DESCRIBED
 2008  IN SECTION 553.899, FLORIDA STATUTES, IF APPLICABLE; A COPY OF
 2009  THE TURNOVER INSPECTION REPORT DESCRIBED IN SECTION
 2010  718.301(4)(p) AND (q), FLORIDA STATUTES, IF APPLICABLE; AND A
 2011  COPY OF THE ASSOCIATION’S MOST RECENT STRUCTURAL INTEGRITY
 2012  RESERVE STUDY DESCRIBED IN SECTIONS 718.103(26) AND
 2013  718.112(2)(g), FLORIDA STATUTES, IF APPLICABLE. ANY PURPORTED
 2014  WAIVER OF THESE VOIDABILITY RIGHTS SHALL BE OF NO EFFECT. BUYER
 2015  MAY EXTEND THE TIME FOR CLOSING FOR A PERIOD OF NOT MORE THAN 15
 2016  DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, AFTER
 2017  THE BUYER RECEIVES A CURRENT COPY OF THE INSPECTOR-PREPARED
 2018  SUMMARY OF THE MILESTONE INSPECTION REPORT AS DESCRIBED IN
 2019  SECTION 553.899, FLORIDA STATUTES; A COPY OF THE TURNOVER
 2020  INSPECTION REPORT DESCRIBED IN SECTION 718.301(4)(p) AND (q),
 2021  FLORIDA STATUTES; OR A COPY OF THE ASSOCIATION’S MOST RECENT
 2022  STRUCTURAL INTEGRITY RESERVE STUDY DESCRIBED IN SECTIONS
 2023  718.103(26) AND 718.112(2)(g), FLORIDA STATUTES, IF REQUESTED IN
 2024  WRITING. BUYER’S RIGHT TO VOID THIS AGREEMENT SHALL TERMINATE AT
 2025  CLOSING.
 2026  
 2027  A contract that does not conform to the requirements of this
 2028  paragraph is voidable at the option of the purchaser before
 2029  prior to closing.
 2030         (2) NONDEVELOPER DISCLOSURE.—
 2031         (d) Each contract entered into after July 1, 1992, for the
 2032  resale of a residential unit must shall contain in conspicuous
 2033  type either:
 2034         1. A clause which states: THE BUYER HEREBY ACKNOWLEDGES
 2035  THAT BUYER HAS BEEN PROVIDED A CURRENT COPY OF THE DECLARATION
 2036  OF CONDOMINIUM, ARTICLES OF INCORPORATION OF THE ASSOCIATION,
 2037  BYLAWS AND RULES OF THE ASSOCIATION, A COPY OF THE MOST RECENT
 2038  ANNUAL FINANCIAL STATEMENT AND ANNUAL BUDGET, AND FREQUENTLY
 2039  ASKED QUESTIONS AND ANSWERS DOCUMENT MORE THAN 15 3 DAYS,
 2040  EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, BEFORE PRIOR
 2041  TO EXECUTION OF THIS CONTRACT; or
 2042         2. A clause which states: THIS AGREEMENT IS VOIDABLE BY
 2043  BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER’S INTENTION TO
 2044  CANCEL WITHIN 15 3 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL
 2045  HOLIDAYS, AFTER THE DATE OF EXECUTION OF THIS AGREEMENT BY THE
 2046  BUYER AND RECEIPT BY BUYER OF A CURRENT COPY OF THE DECLARATION
 2047  OF CONDOMINIUM, ARTICLES OF INCORPORATION, BYLAWS AND RULES OF
 2048  THE ASSOCIATION, A COPY OF THE MOST RECENT ANNUAL FINANCIAL
 2049  STATEMENT AND ANNUAL BUDGET, AND FREQUENTLY ASKED QUESTIONS AND
 2050  ANSWERS DOCUMENT IF SO REQUESTED IN WRITING. ANY PURPORTED
 2051  WAIVER OF THESE VOIDABILITY RIGHTS SHALL BE OF NO EFFECT. BUYER
 2052  MAY EXTEND THE TIME FOR CLOSING FOR A PERIOD OF NOT MORE THAN 15
 2053  3 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, AFTER
 2054  THE BUYER RECEIVES THE DECLARATION, ARTICLES OF INCORPORATION,
 2055  BYLAWS AND RULES OF THE ASSOCIATION, AND A COPY OF THE MOST
 2056  RECENT YEAR-END FINANCIAL STATEMENT AND ANNUAL BUDGET
 2057  INFORMATION AND FREQUENTLY ASKED QUESTIONS AND ANSWERS DOCUMENT
 2058  IF REQUESTED IN WRITING. BUYER’S RIGHT TO VOID THIS AGREEMENT
 2059  SHALL TERMINATE AT CLOSING.
 2060  
 2061  A contract that does not conform to the requirements of this
 2062  paragraph is voidable at the option of the purchaser before
 2063  prior to closing.
 2064         (e) If the association is required to have completed a
 2065  milestone inspection as described in s. 553.899, a turnover
 2066  inspection report for a turnover inspection performed on or
 2067  after July 1, 2023, or a structural integrity reserve study, and
 2068  the association has not completed the milestone inspection, the
 2069  turnover inspection report, or the structural integrity reserve
 2070  study, each contract entered into after December 31, 2024, for
 2071  the sale of a residential unit shall contain in conspicuous type
 2072  a statement indicating that the association is required to have
 2073  a milestone inspection, a turnover inspection report, or a
 2074  structural integrity reserve study and has not completed such
 2075  inspection, report, or study, as appropriate. If the association
 2076  is not required to have a milestone inspection as described in
 2077  s. 553.899 or a structural integrity reserve study, each
 2078  contract entered into after December 31, 2024, for the sale of a
 2079  residential unit shall contain in conspicuous type a statement
 2080  indicating that the association is not required to have a
 2081  milestone inspection or a structural integrity reserve study, as
 2082  appropriate. If the association has completed a milestone
 2083  inspection as described in s. 553.899, a turnover inspection
 2084  report for a turnover inspection performed on or after July 1,
 2085  2023, or a structural integrity reserve study, each contract
 2086  entered into after December 31, 2024, for the resale of a
 2087  residential unit shall contain in conspicuous type:
 2088         1. A clause which states: THE BUYER HEREBY ACKNOWLEDGES
 2089  THAT BUYER HAS BEEN PROVIDED A CURRENT COPY OF THE INSPECTOR
 2090  PREPARED SUMMARY OF THE MILESTONE INSPECTION REPORT AS DESCRIBED
 2091  IN SECTION 553.899, FLORIDA STATUTES, IF APPLICABLE; A COPY OF
 2092  THE TURNOVER INSPECTION REPORT DESCRIBED IN SECTION
 2093  718.301(4)(p) AND (q), FLORIDA STATUTES, IF APPLICABLE; AND A
 2094  COPY OF THE ASSOCIATION’S MOST RECENT STRUCTURAL INTEGRITY
 2095  RESERVE STUDY DESCRIBED IN SECTIONS 718.103(26) AND
 2096  718.112(2)(g), FLORIDA STATUTES, IF APPLICABLE, MORE THAN 15 3
 2097  DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, BEFORE
 2098  PRIOR TO EXECUTION OF THIS CONTRACT; and
 2099         2. A clause which states: THIS AGREEMENT IS VOIDABLE BY
 2100  BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER’S INTENTION TO
 2101  CANCEL WITHIN 15 3 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL
 2102  HOLIDAYS, AFTER THE DATE OF EXECUTION OF THIS AGREEMENT BY THE
 2103  BUYER AND RECEIPT BY BUYER OF A CURRENT COPY OF THE INSPECTOR
 2104  PREPARED SUMMARY OF THE MILESTONE INSPECTION REPORT AS DESCRIBED
 2105  IN SECTION 553.899, FLORIDA STATUTES, IF APPLICABLE; A COPY OF
 2106  THE TURNOVER INSPECTION REPORT DESCRIBED IN SECTION
 2107  718.301(4)(p) AND (q), FLORIDA STATUTES, IF APPLICABLE; AND A
 2108  COPY OF THE ASSOCIATION’S MOST RECENT STRUCTURAL INTEGRITY
 2109  RESERVE STUDY DESCRIBED IN SECTIONS 718.103(26) AND
 2110  718.112(2)(g), FLORIDA STATUTES, IF APPLICABLE. ANY PURPORTED
 2111  WAIVER OF THESE VOIDABILITY RIGHTS SHALL BE OF NO EFFECT. BUYER
 2112  MAY EXTEND THE TIME FOR CLOSING FOR A PERIOD OF NOT MORE THAN 15
 2113  3 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, AFTER
 2114  THE BUYER RECEIVES A CURRENT COPY OF THE INSPECTOR-PREPARED
 2115  SUMMARY OF THE MILESTONE INSPECTION REPORT AS DESCRIBED IN
 2116  SECTION 553.899, FLORIDA STATUTES; A COPY OF THE TURNOVER
 2117  INSPECTION REPORT DESCRIBED IN SECTION 718.301(4)(p) AND (q),
 2118  FLORIDA STATUTES; OR A COPY OF THE ASSOCIATION’S MOST RECENT
 2119  STRUCTURAL INTEGRITY RESERVE STUDY DESCRIBED IN SECTIONS
 2120  718.103(26) AND 718.112(2)(g), FLORIDA STATUTES, IF REQUESTED IN
 2121  WRITING. BUYER’S RIGHT TO VOID THIS AGREEMENT SHALL TERMINATE AT
 2122  CLOSING.
 2123  
 2124  A contract that does not conform to the requirements of this
 2125  paragraph is voidable at the option of the purchaser before
 2126  prior to closing.
 2127         Section 9. Section 8 of chapter 2024-244, Laws of Florida,
 2128  is amended to read:
 2129         Section 8. Effective January 1, 2026, paragraph (g) of
 2130  subsection (12) of section 718.111, Florida Statutes, as amended
 2131  by this act, is amended to read:
 2132         718.111 The association.—
 2133         (12) OFFICIAL RECORDS.—
 2134         (g)1. An association managing a condominium with 25 or more
 2135  units which does not contain timeshare units shall post digital
 2136  copies of the documents specified in subparagraph 2. on its
 2137  website or make such documents available through an application
 2138  that can be downloaded on a mobile device. Unless a shorter
 2139  period is otherwise required, a document must be made available
 2140  on the association’s website or made available for download
 2141  through an application on a mobile device within 30 days of the
 2142  association receiving or creating an official record specified
 2143  in subparagraph 2.
 2144         a. The association’s website or application must be:
 2145         (I) An independent website, application, or web portal
 2146  wholly owned and operated by the association; or
 2147         (II) A website, application, or web portal operated by a
 2148  third-party provider with whom the association owns, leases,
 2149  rents, or otherwise obtains the right to operate a web page,
 2150  subpage, web portal, collection of subpages or web portals, or
 2151  an application which is dedicated to the association’s
 2152  activities and on which required notices, records, and documents
 2153  may be posted or made available by the association.
 2154         b. The association’s website or application must be
 2155  accessible through the Internet and must contain a subpage, web
 2156  portal, or other protected electronic location that is
 2157  inaccessible to the general public and accessible only to unit
 2158  owners and employees of the association.
 2159         c. Upon a unit owner’s written request, the association
 2160  must provide the unit owner with a username and password and
 2161  access to the protected sections of the association’s website or
 2162  application which contain any notices, records, or documents
 2163  that must be electronically provided.
 2164         2. A current copy of the following documents must be posted
 2165  in digital format on the association’s website or application:
 2166         a. The recorded declaration of condominium of each
 2167  condominium operated by the association and each amendment to
 2168  each declaration.
 2169         b. The recorded bylaws of the association and each
 2170  amendment to the bylaws.
 2171         c. The articles of incorporation of the association, or
 2172  other documents creating the association, and each amendment to
 2173  the articles of incorporation or other documents. The copy
 2174  posted pursuant to this sub-subparagraph must be a copy of the
 2175  articles of incorporation filed with the Department of State.
 2176         d. The rules of the association.
 2177         e. The approved minutes of all board of administration
 2178  meetings over the preceding 12 months.
 2179         f. A list of all executory contracts or documents to which
 2180  the association is a party or under which the association or the
 2181  unit owners have an obligation or responsibility and, after
 2182  bidding for the related materials, equipment, or services has
 2183  closed, a list of bids received by the association within the
 2184  past year. Summaries of bids for materials, equipment, or
 2185  services which exceed $500 must be maintained on the website or
 2186  application for 1 year. In lieu of summaries, complete copies of
 2187  the bids may be posted.
 2188         g.f. The annual budget required by s. 718.112(2)(f) and any
 2189  proposed budget to be considered at the annual meeting.
 2190         h.g. The financial report required by subsection (13) and
 2191  any monthly income or expense statement to be considered at a
 2192  meeting.
 2193         i.h. The certification of each director required by s.
 2194  718.112(2)(d)4.b.
 2195         j.i. All contracts or transactions between the association
 2196  and any director, officer, corporation, firm, or association
 2197  that is not an affiliated condominium association or any other
 2198  entity in which an association director is also a director or
 2199  officer and financially interested.
 2200         k.j. Any contract or document regarding a conflict of
 2201  interest or possible conflict of interest as provided in ss.
 2202  468.4335, 468.436(2)(b)6., and 718.3027(3).
 2203         l.k. The notice of any unit owner meeting and the agenda
 2204  for the meeting, as required by s. 718.112(2)(d)3., no later
 2205  than 14 days before the meeting. The notice must be posted in
 2206  plain view on the front page of the website or application, or
 2207  on a separate subpage of the website or application labeled
 2208  “Notices” which is conspicuously visible and linked from the
 2209  front page. The association must also post on its website or
 2210  application any document to be considered and voted on by the
 2211  owners during the meeting or any document listed on the agenda
 2212  at least 7 days before the meeting at which the document or the
 2213  information within the document will be considered.
 2214         m.l. Notice of any board meeting, the agenda, and any other
 2215  document required for the meeting as required by s.
 2216  718.112(2)(c), which must be posted no later than the date
 2217  required for notice under s. 718.112(2)(c).
 2218         n.m. The inspection reports described in ss. 553.899 and
 2219  718.301(4)(p) and any other inspection report relating to a
 2220  structural or life safety inspection of condominium property.
 2221         o.n. The association’s most recent structural integrity
 2222  reserve study, if applicable.
 2223         p.o. Copies of all building permits issued for ongoing or
 2224  planned construction.
 2225         3. The association shall ensure that the information and
 2226  records described in paragraph (c), which are not allowed to be
 2227  accessible to unit owners, are not posted on the association’s
 2228  website or application. If protected information or information
 2229  restricted from being accessible to unit owners is included in
 2230  documents that are required to be posted on the association’s
 2231  website or application, the association shall ensure the
 2232  information is redacted before posting the documents.
 2233  Notwithstanding the foregoing, the association or its agent is
 2234  not liable for disclosing information that is protected or
 2235  restricted under this paragraph unless such disclosure was made
 2236  with a knowing or intentional disregard of the protected or
 2237  restricted nature of such information.
 2238         q. A copy of all affidavits required by this chapter.
 2239         4. The failure of the association to post information
 2240  required under subparagraph 2. is not in and of itself
 2241  sufficient to invalidate any action or decision of the
 2242  association’s board or its committees.
 2243         Section 10. Section 31 of chapter 2024-244, Laws of
 2244  Florida, is amended to read:
 2245         Section 31. The amendments made to ss. 718.103(14) and
 2246  718.202(3) and 718.407(1), (2), and (6), Florida Statutes, as
 2247  created by this act, may not are intended to clarify existing
 2248  law and shall apply retroactively and shall only apply to
 2249  condominiums for which declarations were initially recorded on
 2250  or after July 1, 2025. However, such amendments do not revive or
 2251  reinstate any right or interest that has been fully and finally
 2252  adjudicated as invalid before October 1, 2024.
 2253         Section 11. Subsection (13) is added to section 719.104,
 2254  Florida Statutes, to read:
 2255         719.104 Cooperatives; access to units; records; financial
 2256  reports; assessments; purchase of leases.—
 2257         (13) INVESTMENT OF ASSOCIATION FUNDS.—
 2258         (a) A board shall, in fulfilling its duty to manage
 2259  operating and reserve funds of an association, use best efforts
 2260  to make prudent investment decisions that carefully consider
 2261  risk and return in an effort to maximize returns on invested
 2262  funds.
 2263         (b) An association may invest reserve funds in one or any
 2264  combination of certificates of deposit or in depository accounts
 2265  at a community bank, savings bank, commercial bank, savings and
 2266  loan association, or credit union. Upon a majority vote of the
 2267  voting interests, an association may invest reserve funds in
 2268  investment other than certificates of deposit or in depository
 2269  accounts at a community bank, savings bank, commercial bank,
 2270  savings and loan association, or credit union, provided the
 2271  association complies with paragraphs (c)-(g). Notwithstanding
 2272  any declaration, only funds identified as reserve funds may be
 2273  invested pursuant to paragraphs (c)-(g). Paragraphs (c)-(g) do
 2274  not apply to funds invested in one or any combination of
 2275  certificates of deposit or in depository accounts at a community
 2276  bank, a savings bank, a commercial bank, a savings and loan
 2277  association, or a credit union.
 2278         (c) The board shall create an investment committee composed
 2279  of at least two board members and two-unit unit members who are
 2280  unit owners but not board members. The board shall also adopt
 2281  rules for invested funds, including, but not limited to, rules
 2282  requiring periodic reviews of any investment manager’s
 2283  performance, the development of an investment policy statement,
 2284  and that all meetings of the investment committee be recorded
 2285  and made part of the official records of the association. The
 2286  investment policy statement developed pursuant to this paragraph
 2287  must, at a minimum, address risk, liquidity, and benchmark
 2288  measurements; authorized classes of investments; authorized
 2289  investment mixes; limitations on authority relating to
 2290  investment transactions; requirements for projected reserve
 2291  expenditures within, at minimum, the next 24 months to be held
 2292  in cash or cash equivalents; projected expenditures relating to
 2293  an inspection performed pursuant to s. 553.899; and protocols
 2294  for proxy response.
 2295         (d) The investment committee shall recommend investment
 2296  advisers to the board, and the board shall select one of the
 2297  recommended investment advisers to provide services to the
 2298  association. Such investment advisers must be registered or have
 2299  notice filed under s. 517.12. The investment adviser and any
 2300  representative or association of the investment adviser may not
 2301  be related by affinity or consanguinity to, or under common
 2302  ownership with, any board member, community management company,
 2303  reserve study provider, or unit owner. The investment adviser
 2304  shall comply with the prudent investor rule in s. 518.11. The
 2305  investment adviser shall act as a fiduciary to the association
 2306  in compliance with the standards set forth in the Employee
 2307  Retirement Income Security Act of 1974 at 29 U.S.C. s.
 2308  1104(a)(1)(A)-(C). In case of conflict with other provisions of
 2309  law authorizing investments, the investment and fiduciary
 2310  standards set forth in this paragraph must prevail. If at any
 2311  time the investment committee determines that an investment
 2312  adviser does not meet the requirements of this section, the
 2313  investment committee must recommend a replacement investment
 2314  adviser to the board.
 2315         (e) At least once each calendar year, or sooner if a
 2316  substantial financial obligation of the association becomes
 2317  known to the board, the association must provide the investment
 2318  adviser with the association’s investment policy statement, the
 2319  most recent reserve study report, the association’s structural
 2320  integrity report, and the financial reports prepared pursuant to
 2321  subsection (13). If there is no recent reserve study report, the
 2322  association must provide the investment adviser with a good
 2323  faith estimate disclosing the annual amount of reserve funds
 2324  necessary for the association to fully fund reserves for the
 2325  life of each reserve component and each component’s
 2326  redundancies. The investment adviser shall annually review these
 2327  documents and provide the association with a portfolio
 2328  allocation model that is suitably structured and prudently
 2329  designed to match projected annual reserve fund requirements and
 2330  liability, assets, and liquidity requirements. The investment
 2331  adviser shall prepare a funding projection for each reserve
 2332  component, including any of the component’s redundancies. The
 2333  association shall have available at all times a minimum of 24
 2334  months of projected reserves in cash or cash equivalents.
 2335         (f) Portfolios managed by the investment adviser may
 2336  contain any type of investment necessary to meet the objectives
 2337  in the investment policy statement; however, portfolios may not
 2338  contain stocks, securities, or other obligations that the State
 2339  Board of Administration is prohibited from investing in under s.
 2340  215.471, s. 215.4725, or s. 215.473 or that state agencies are
 2341  prohibited from investing in under s. 215.472, as determined by
 2342  the investment adviser. Any funds invested by the investment
 2343  adviser must be held in third-party custodial accounts that are
 2344  subject to insurance coverage by the Securities Investor
 2345  Protection Corporation in an amount equal to or greater than the
 2346  invested amount. The investment adviser may withdraw investment
 2347  fees, expenses, and commissions from invested funds.
 2348         (g) The investment adviser shall:
 2349         1. Annually provide the association with a written
 2350  certification of compliance with this section and a list of
 2351  stocks, securities, and other obligations that are prohibited
 2352  from being in association portfolios under paragraph (f); and
 2353         2. Submit monthly, quarterly, and annual reports to the
 2354  association which are prepared in accordance with established
 2355  financial industry standards and in accordance with chapter 517.
 2356         (h) Any principal, earnings, or interest managed under this
 2357  subsection must be available at no cost or charge to the
 2358  association within 15 business days after delivery of the
 2359  association’s written or electronic request.
 2360         (i) Unallocated income earned on reserve fund investments
 2361  may be spent only on capital expenditures, planned maintenance,
 2362  structural repairs, or other items for which the reserve
 2363  accounts have been established. Any surplus of funds which
 2364  exceeds the amount required to maintain reasonably funded
 2365  reserves must be managed pursuant to s. 718.115.
 2366         Section 12. Paragraphs (j) and (k) of subsection (1) of
 2367  section 719.106, Florida Statutes, are amended to read:
 2368         719.106 Bylaws; cooperative ownership.—
 2369         (1) MANDATORY PROVISIONS.—The bylaws or other cooperative
 2370  documents shall provide for the following, and if they do not,
 2371  they shall be deemed to include the following:
 2372         (j) Annual budget.—
 2373         1. The proposed annual budget of common expenses must be
 2374  detailed and must show the amounts budgeted by accounts and
 2375  expense classifications, including, if applicable, but not
 2376  limited to, those expenses listed in s. 719.504(20). The board
 2377  of administration shall adopt the annual budget at least 14 days
 2378  before the start of the association’s fiscal year. In the event
 2379  that the board fails to timely adopt the annual budget a second
 2380  time, it is deemed a minor violation and the prior year’s budget
 2381  shall continue in effect until a new budget is adopted.
 2382         2.a. In addition to annual operating expenses, the budget
 2383  must include reserve accounts for capital expenditures and
 2384  deferred maintenance. These accounts must include, but not be
 2385  limited to, roof replacement, building painting, and pavement
 2386  resurfacing, regardless of the amount of deferred maintenance
 2387  expense or replacement cost, and for any other items for which
 2388  the deferred maintenance expense or replacement cost exceeds
 2389  $25,000 $10,000. The amount to be reserved must be computed by
 2390  means of a formula which is based upon estimated remaining
 2391  useful life and estimated replacement cost or deferred
 2392  maintenance expense of the reserve item. In a budget adopted by
 2393  an association that is required to obtain a structural integrity
 2394  reserve study, reserves must be maintained for the items
 2395  identified in paragraph (k) for which the association is
 2396  responsible pursuant to the declaration, and the reserve amount
 2397  for such items must be based on the findings and recommendations
 2398  of the association’s most recent structural integrity reserve
 2399  study. If an association votes to terminate the condominium in
 2400  accordance with s. 718.117, the members may vote to waive the
 2401  maintenance of reserves recommended by the association’s most
 2402  recent structural integrity reserve study. With respect to items
 2403  for which an estimate of useful life is not readily
 2404  ascertainable or with an estimated remaining useful life of
 2405  greater than 25 years, an association is not required to reserve
 2406  replacement costs for such items, but an association must
 2407  reserve the amount of deferred maintenance expense, if any,
 2408  which is recommended by the structural integrity reserve study
 2409  for such items. The association may adjust replacement reserve
 2410  assessments annually to take into account an inflation
 2411  adjustment and any changes in estimates or extension of the
 2412  useful life of a reserve item caused by deferred maintenance.
 2413         b. The members of a unit-owner-controlled association may
 2414  determine, by a majority vote of the total voting interests of
 2415  the association, for a fiscal year to provide no reserves or
 2416  reserves less adequate than required by this subsection. Before
 2417  turnover of control of an association by a developer to unit
 2418  owners other than a developer under s. 719.301, the developer
 2419  controlled association may not vote to waive the reserves or
 2420  reduce funding of the reserves.
 2421         c. For a budget adopted on or after December 31, 2024, a
 2422  unit-owner-controlled association that must obtain a structural
 2423  integrity reserve study may not determine to provide no reserves
 2424  or reserves less adequate than required by this paragraph for
 2425  items listed in paragraph (k). If a meeting of the unit owners
 2426  has been called to determine to provide no reserves, or reserves
 2427  less adequate than required, and such result is not attained or
 2428  a quorum is not attained, the reserves as included in the budget
 2429  shall go into effect.
 2430         d. If the local building official as defined in s. 468.603,
 2431  determines that the entire condominium building is uninhabitable
 2432  due to a natural emergency as defined in s. 252.34, the board
 2433  may pause the contribution to its reserves or reduce reserve
 2434  funding until the local building official determines that the
 2435  condominium building is habitable. Any reserve account funds
 2436  held by the association may be expended, pursuant to the board’s
 2437  determination, to make the condominium building and its
 2438  structures habitable. Upon the determination by the local
 2439  building official that the condominium building is habitable,
 2440  the association must immediately resume contributing funds to
 2441  its reserves.
 2442         eFor a budget adopted on or before December 31, 2028, a
 2443  unit-owner-controlled association that must have a structural
 2444  reserve study may secure a line of credit in lieu of maintaining
 2445  reserves for all or a portion of the reserves required under
 2446  this paragraph and paragraph (f) upon a majority vote of the
 2447  total voting interests of the association. The line of credit
 2448  must be sufficient to meet the association’s deferred
 2449  maintenance obligation not funded in the association’s reserve
 2450  account for each budget. Funding from the line of credit must be
 2451  immediately available for access by the board to fund required
 2452  repair, maintenance, or replacement expenses without further
 2453  approval by the members of the association.
 2454         fFor a budget adopted on or before December 31, 2028, if
 2455  the association has completed a milestone inspection pursuant to
 2456  s. 553.899 within the previous 2 calendar years, the board, upon
 2457  the approval of a majority of the total voting interests of the
 2458  association, may temporarily pause, for a period of no more than
 2459  2 consecutive annual budgets, reserve fund contributions or
 2460  reduce the amount of reserve funding for the purpose of funding
 2461  repairs recommended by the milestone inspection. This
 2462  subparagraph does not apply to a developer-controlled
 2463  association and an association in which the non-developer unit
 2464  owners have been in control for less than 1 year. An association
 2465  that has paused reserve contributions under this sub
 2466  subparagraph must have a structural integrity reserve study
 2467  performed before the continuation of reserve contributions in
 2468  order to determine the association’s reserve funding needs and
 2469  to recommend a reserve funding plan.
 2470         3. Reserve funds and any interest accruing thereon shall
 2471  remain in the reserve account or accounts, and shall be used
 2472  only for authorized reserve expenditures unless their use for
 2473  other purposes is approved in advance by a vote of the majority
 2474  of the total voting interests of the association. Before
 2475  turnover of control of an association by a developer to unit
 2476  owners other than the developer under s. 719.301, the developer
 2477  may not vote to use reserves for purposes other than that for
 2478  which they were intended. For a budget adopted on or after
 2479  December 31, 2024, members of a unit-owner-controlled
 2480  association that must obtain a structural integrity reserve
 2481  study may not vote to use reserve funds, or any interest
 2482  accruing thereon, for purposes other than the replacement or
 2483  deferred maintenance costs of the components listed in paragraph
 2484  (k). A vote of the members is not required for the board to
 2485  change the accounting method for reserves to a pooling
 2486  accounting method or a straight-line accounting method.
 2487         (k) Structural integrity reserve study.—
 2488         1. A residential cooperative association must have a
 2489  structural integrity reserve study completed at least every 10
 2490  years for each building on the cooperative property that is
 2491  three stories or higher in height, as determined by the Florida
 2492  Building Code, that includes, at a minimum, a study of the
 2493  following items as related to the structural integrity and
 2494  safety of the building:
 2495         a. Roof.
 2496         b. Structure, including load-bearing walls and other
 2497  primary structural members and primary structural systems as
 2498  those terms are defined in s. 627.706.
 2499         c. Fireproofing and fire protection systems.
 2500         d. Plumbing.
 2501         e. Electrical systems.
 2502         f. Waterproofing and exterior painting.
 2503         g. Windows and exterior doors.
 2504         h. Any other item that has a deferred maintenance expense
 2505  or replacement cost that exceeds $25,000 $10,000 and the failure
 2506  to replace or maintain such item negatively affects the items
 2507  listed in sub-subparagraphs a.-g., as determined by the visual
 2508  inspection portion of the structural integrity reserve study.
 2509         2. A structural integrity reserve study is based on a
 2510  visual inspection of the cooperative property.
 2511         3.a. A structural integrity reserve study may be performed
 2512  by any person qualified to perform such study. However, the
 2513  visual inspection portion of the structural integrity reserve
 2514  study must be performed or verified by an engineer licensed
 2515  under chapter 471, an architect licensed under chapter 481, or a
 2516  person certified as a reserve specialist or professional reserve
 2517  analyst by the Community Associations Institute or the
 2518  Association of Professional Reserve Analysts.
 2519         b. Any design professional as defined in s. 558.002(7) or
 2520  contractor licensed under chapter 489 who bids to perform a
 2521  structural integrity reserve study must disclose in writing to
 2522  the association his or her intent to bid on any services related
 2523  to any maintenance, repair, or replacement that may be
 2524  recommended by the structural integrity reserve study. Any
 2525  design professional as defined in s. 558.002(7) or contractor
 2526  licensed under chapter 489 who submits a bid to the association
 2527  for performing any services recommended by the structural
 2528  integrity reserve study may not have an interest, directly or
 2529  indirectly, in the firm or entity providing the association’s
 2530  structural integrity reserve study or be a relative of any
 2531  person having a direct or indirect interest in such firm, unless
 2532  such relationship is disclosed to the association in writing. As
 2533  used in this section, the term “relative” means a relative
 2534  within the third degree of consanguinity by blood or marriage. A
 2535  contract for services is voidable and terminates upon the
 2536  association filing a written notice terminating the contract if
 2537  the design professional or licensed contractor failed to provide
 2538  the written disclosure of the relationship required under this
 2539  paragraph. A design professional or licensed contractor may be
 2540  subject to discipline under the applicable practice act for his
 2541  or her profession for failure to provide the written disclosure
 2542  of the relationship required under this subparagraph.
 2543         4.a. 3. At a minimum, a structural integrity reserve study
 2544  must identify each item of the cooperative property being
 2545  visually inspected, state the estimated remaining useful life
 2546  and the estimated replacement cost or deferred maintenance
 2547  expense of each item of the cooperative property being visually
 2548  inspected, and provide a reserve funding schedule with a
 2549  recommended annual reserve amount that achieves the estimated
 2550  replacement cost or deferred maintenance expense of each item of
 2551  cooperative property being visually inspected by the end of the
 2552  estimated remaining useful life of the item. The structural
 2553  integrity reserve study may recommend that reserves do not need
 2554  to be maintained for any item for which an estimate of useful
 2555  life and an estimate of replacement cost cannot be determined,
 2556  or the study may recommend a deferred maintenance expense amount
 2557  for such item. At a minimum, the structural integrity reserve
 2558  study must include a recommendation for a reserve funding
 2559  schedule based on a baseline funding plan that provides a
 2560  reserve funding goal in which the reserve funding for each
 2561  budget year is sufficient to maintain the reserve cash balance
 2562  above zero. The study may recommend other types of reserve
 2563  funding schedules, provided that each recommended schedule is
 2564  sufficient to meet the association’s maintenance obligation.
 2565         b. The structural integrity reserve study may recommend
 2566  that reserves for replacement costs do not need to be maintained
 2567  for any item with an estimated remaining useful life of greater
 2568  than 25 years, but the study may recommend a deferred
 2569  maintenance expense amount for such item. If the structural
 2570  integrity reserve study recommends reserves for any item for
 2571  which reserves are not required under this paragraph, the amount
 2572  of the recommended reserves for such item must be separately
 2573  identified in the structural integrity reserve study as an item
 2574  for which reserves are not required under this paragraph.
 2575         5.4. This paragraph does not apply to buildings less than
 2576  three stories in height; single-family, two-family, or three
 2577  family dwellings with three or fewer habitable stories above
 2578  ground; any portion or component of a building that has not been
 2579  submitted to the cooperative form of ownership; or any portion
 2580  or component of a building that is maintained by a party other
 2581  than the association.
 2582         6.5. Before a developer turns over control of an
 2583  association to unit owners other than the developer, the
 2584  developer must have a turnover inspection report in compliance
 2585  with s. 719.301(4)(p) and (q) for each building on the
 2586  cooperative property that is three stories or higher in height.
 2587         7.6. Associations existing on or before July 1, 2022, which
 2588  are controlled by unit owners other than the developer, must
 2589  have a structural integrity reserve study completed by December
 2590  31, 2024, for each building on the cooperative property that is
 2591  three stories or higher in height. An association that is
 2592  required to complete a milestone inspection on or before
 2593  December 31, 2026, in accordance with s. 553.899 may complete
 2594  the structural integrity reserve study simultaneously with the
 2595  milestone inspection. In no event may the structural integrity
 2596  reserve study be completed after December 31, 2026.
 2597         8.7. If the milestone inspection required by s. 553.899, or
 2598  an inspection completed for a similar local requirement, was
 2599  performed within the past 5 years and meets the requirements of
 2600  this paragraph, such inspection may be used in place of the
 2601  visual inspection portion of the structural integrity reserve
 2602  study.
 2603         9. If the association completes a milestone inspection
 2604  required by s. 553.899, or an inspection completed for a similar
 2605  local requirement, the association may delay performance of a
 2606  required structural integrity reserve study for no more than the
 2607  2 consecutive budget years immediately following the milestone
 2608  inspection in order to permit the association to focus its
 2609  financial resources towards completing the repair and
 2610  maintenance recommendations of the milestone inspection.
 2611         10.8. If the officers or directors of an association
 2612  willfully and knowingly fail to complete a structural integrity
 2613  reserve study pursuant to this paragraph, such failure is a
 2614  breach of an officer’s and director’s fiduciary relationship to
 2615  the unit owners under s. 719.104(9). An officer or a director of
 2616  the association must sign an affidavit acknowledging receipt of
 2617  the completed structural integrity reserve study.
 2618         11.9. Within 45 days after receiving the structural
 2619  integrity reserve study, the association must distribute a copy
 2620  of the study to each unit owner or deliver to each unit owner a
 2621  notice that the completed study is available for inspection and
 2622  copying upon a written request. Distribution of a copy of the
 2623  study or notice must be made by United States mail or personal
 2624  delivery at the mailing address, property address, or any other
 2625  address of the owner provided to fulfill the association’s
 2626  notice requirements under this chapter, or by electronic
 2627  transmission to the e-mail address or facsimile number provided
 2628  to fulfill the association’s notice requirements to unit owners
 2629  who previously consented to receive notice by electronic
 2630  transmission.
 2631         12.10. Within 45 days after receiving the structural
 2632  integrity reserve study, the association must provide the
 2633  division with a statement indicating that the study was
 2634  completed and that the association provided or made available
 2635  such study to each unit owner in accordance with this section.
 2636  Such statement must be provided to the division in the manner
 2637  established by the division using a form posted on the
 2638  division’s website.
 2639         13. The division shall adopt by rule the form for the
 2640  structural integrity reserve study in coordination with the
 2641  Florida Building Commission.
 2642         Section 13. Subsections (1) and (3) of section 719.501,
 2643  Florida Statutes, are amended, and paragraph (c) is added to
 2644  subsection (2) of that section, and subsection (1) of that
 2645  section is reenacted, to read:
 2646         719.501 Powers and duties of Division of Florida
 2647  Condominiums, Timeshares, and Mobile Homes.—
 2648         (1) The Division of Florida Condominiums, Timeshares, and
 2649  Mobile Homes of the Department of Business and Professional
 2650  Regulation, referred to as the “division” in this part, in
 2651  addition to other powers and duties prescribed by chapter 718,
 2652  has the power to enforce and ensure compliance with this chapter
 2653  and adopted rules relating to the development, construction,
 2654  sale, lease, ownership, operation, and management of residential
 2655  cooperative units; complaints related to the procedural
 2656  completion of the structural integrity reserve studies under s.
 2657  719.106(1)(k); and complaints related to the procedural
 2658  completion of milestone inspections under s. 553.899. In
 2659  performing its duties, the division shall have the following
 2660  powers and duties:
 2661         (a) The division may make necessary public or private
 2662  investigations within or outside this state to determine whether
 2663  any person has violated this chapter or any rule or order
 2664  hereunder, to aid in the enforcement of this chapter, or to aid
 2665  in the adoption of rules or forms hereunder.
 2666         (b) The division may require or permit any person to file a
 2667  statement in writing, under oath or otherwise, as the division
 2668  determines, as to the facts and circumstances concerning a
 2669  matter to be investigated.
 2670         (c) For the purpose of any investigation under this
 2671  chapter, the division director or any officer or employee
 2672  designated by the division director may administer oaths or
 2673  affirmations, subpoena witnesses and compel their attendance,
 2674  take evidence, and require the production of any matter which is
 2675  relevant to the investigation, including the existence,
 2676  description, nature, custody, condition, and location of any
 2677  books, documents, or other tangible things and the identity and
 2678  location of persons having knowledge of relevant facts or any
 2679  other matter reasonably calculated to lead to the discovery of
 2680  material evidence. Upon failure by a person to obey a subpoena
 2681  or to answer questions propounded by the investigating officer
 2682  and upon reasonable notice to all persons affected thereby, the
 2683  division may apply to the circuit court for an order compelling
 2684  compliance.
 2685         (d) Notwithstanding any remedies available to unit owners
 2686  and associations, if the division has reasonable cause to
 2687  believe that a violation of any provision of this chapter or
 2688  related rule has occurred, the division may institute
 2689  enforcement proceedings in its own name against a developer,
 2690  association, officer, or member of the board, or its assignees
 2691  or agents, as follows:
 2692         1. The division may permit a person whose conduct or
 2693  actions may be under investigation to waive formal proceedings
 2694  and enter into a consent proceeding whereby orders, rules, or
 2695  letters of censure or warning, whether formal or informal, may
 2696  be entered against the person.
 2697         2. The division may issue an order requiring the developer,
 2698  association, officer, or member of the board, or its assignees
 2699  or agents, to cease and desist from the unlawful practice and
 2700  take such affirmative action as in the judgment of the division
 2701  will carry out the purposes of this chapter. Such affirmative
 2702  action may include, but is not limited to, an order requiring a
 2703  developer to pay moneys determined to be owed to a condominium
 2704  association.
 2705         3. The division may bring an action in circuit court on
 2706  behalf of a class of unit owners, lessees, or purchasers for
 2707  declaratory relief, injunctive relief, or restitution.
 2708         4. The division may impose a civil penalty against a
 2709  developer or association, or its assignees or agents, for any
 2710  violation of this chapter or related rule. The division may
 2711  impose a civil penalty individually against any officer or board
 2712  member who willfully and knowingly violates a provision of this
 2713  chapter, a rule adopted pursuant to this chapter, or a final
 2714  order of the division. The term “willfully and knowingly” means
 2715  that the division informed the officer or board member that his
 2716  or her action or intended action violates this chapter, a rule
 2717  adopted under this chapter, or a final order of the division,
 2718  and that the officer or board member refused to comply with the
 2719  requirements of this chapter, a rule adopted under this chapter,
 2720  or a final order of the division. The division, prior to
 2721  initiating formal agency action under chapter 120, shall afford
 2722  the officer or board member an opportunity to voluntarily comply
 2723  with this chapter, a rule adopted under this chapter, or a final
 2724  order of the division. An officer or board member who complies
 2725  within 10 days is not subject to a civil penalty. A penalty may
 2726  be imposed on the basis of each day of continuing violation, but
 2727  in no event shall the penalty for any offense exceed $5,000. The
 2728  division shall adopt, by rule, penalty guidelines applicable to
 2729  possible violations or to categories of violations of this
 2730  chapter or rules adopted by the division. The guidelines must
 2731  specify a meaningful range of civil penalties for each such
 2732  violation of the statute and rules and must be based upon the
 2733  harm caused by the violation, upon the repetition of the
 2734  violation, and upon such other factors deemed relevant by the
 2735  division. For example, the division may consider whether the
 2736  violations were committed by a developer or owner-controlled
 2737  association, the size of the association, and other factors. The
 2738  guidelines must designate the possible mitigating or aggravating
 2739  circumstances that justify a departure from the range of
 2740  penalties provided by the rules. It is the legislative intent
 2741  that minor violations be distinguished from those which endanger
 2742  the health, safety, or welfare of the cooperative residents or
 2743  other persons and that such guidelines provide reasonable and
 2744  meaningful notice to the public of likely penalties that may be
 2745  imposed for proscribed conduct. This subsection does not limit
 2746  the ability of the division to informally dispose of
 2747  administrative actions or complaints by stipulation, agreed
 2748  settlement, or consent order. All amounts collected shall be
 2749  deposited with the Chief Financial Officer to the credit of the
 2750  Division of Florida Condominiums, Timeshares, and Mobile Homes
 2751  Trust Fund. If a developer fails to pay the civil penalty, the
 2752  division shall thereupon issue an order directing that such
 2753  developer cease and desist from further operation until such
 2754  time as the civil penalty is paid or may pursue enforcement of
 2755  the penalty in a court of competent jurisdiction. If an
 2756  association fails to pay the civil penalty, the division shall
 2757  thereupon pursue enforcement in a court of competent
 2758  jurisdiction, and the order imposing the civil penalty or the
 2759  cease and desist order shall not become effective until 20 days
 2760  after the date of such order. Any action commenced by the
 2761  division shall be brought in the county in which the division
 2762  has its executive offices or in the county where the violation
 2763  occurred.
 2764         (e) The division may prepare and disseminate a prospectus
 2765  and other information to assist prospective owners, purchasers,
 2766  lessees, and developers of residential cooperatives in assessing
 2767  the rights, privileges, and duties pertaining thereto.
 2768         (f) The division has authority to adopt rules pursuant to
 2769  ss. 120.536(1) and 120.54 to implement and enforce the
 2770  provisions of this chapter.
 2771         (g) The division shall establish procedures for providing
 2772  notice to an association when the division is considering the
 2773  issuance of a declaratory statement with respect to the
 2774  cooperative documents governing such cooperative community.
 2775         (h) The division shall furnish each association which pays
 2776  the fees required by paragraph (2)(a) a copy of this act,
 2777  subsequent changes to this act on an annual basis, an amended
 2778  version of this act as it becomes available from the Secretary
 2779  of State’s office on a biennial basis, and the rules adopted
 2780  thereto on an annual basis.
 2781         (i) The division shall annually provide each association
 2782  with a summary of declaratory statements and formal legal
 2783  opinions relating to the operations of cooperatives which were
 2784  rendered by the division during the previous year.
 2785         (j) The division shall adopt uniform accounting principles,
 2786  policies, and standards to be used by all associations in the
 2787  preparation and presentation of all financial statements
 2788  required by this chapter. The principles, policies, and
 2789  standards shall take into consideration the size of the
 2790  association and the total revenue collected by the association.
 2791         (k) The division shall provide training and educational
 2792  programs for cooperative association board members and unit
 2793  owners. The training may, in the division’s discretion, include
 2794  web-based electronic media and live training and seminars in
 2795  various locations throughout the state. The division may review
 2796  and approve education and training programs for board members
 2797  and unit owners offered by providers and shall maintain a
 2798  current list of approved programs and providers and make such
 2799  list available to board members and unit owners in a reasonable
 2800  and cost-effective manner.
 2801         (l) The division shall maintain a toll-free telephone
 2802  number accessible to cooperative unit owners.
 2803         (m) When a complaint is made to the division, the division
 2804  shall conduct its inquiry with reasonable dispatch and with due
 2805  regard to the interests of the affected parties. Within 30 days
 2806  after receipt of a complaint, the division shall acknowledge the
 2807  complaint in writing and notify the complainant whether the
 2808  complaint is within the jurisdiction of the division and whether
 2809  additional information is needed by the division from the
 2810  complainant. The division shall conduct its investigation and
 2811  shall, within 90 days after receipt of the original complaint or
 2812  timely requested additional information, take action upon the
 2813  complaint. However, the failure to complete the investigation
 2814  within 90 days does not prevent the division from continuing the
 2815  investigation, accepting or considering evidence obtained or
 2816  received after 90 days, or taking administrative action if
 2817  reasonable cause exists to believe that a violation of this
 2818  chapter or a rule of the division has occurred. If an
 2819  investigation is not completed within the time limits
 2820  established in this paragraph, the division shall, on a monthly
 2821  basis, notify the complainant in writing of the status of the
 2822  investigation. When reporting its action to the complainant, the
 2823  division shall inform the complainant of any right to a hearing
 2824  pursuant to ss. 120.569 and 120.57.
 2825         (n) The division shall develop a program to certify both
 2826  volunteer and paid mediators to provide mediation of cooperative
 2827  disputes. The division shall provide, upon request, a list of
 2828  such mediators to any association, unit owner, or other
 2829  participant in arbitration proceedings under s. 718.1255
 2830  requesting a copy of the list. The division shall include on the
 2831  list of voluntary mediators only persons who have received at
 2832  least 20 hours of training in mediation techniques or have
 2833  mediated at least 20 disputes. In order to become initially
 2834  certified by the division, paid mediators must be certified by
 2835  the Supreme Court to mediate court cases in county or circuit
 2836  courts. However, the division may adopt, by rule, additional
 2837  factors for the certification of paid mediators, which factors
 2838  must be related to experience, education, or background. Any
 2839  person initially certified as a paid mediator by the division
 2840  must, in order to continue to be certified, comply with the
 2841  factors or requirements imposed by rules adopted by the
 2842  division.
 2843         (2)
 2844         (c)A cooperative association shall create and maintain an
 2845  online account with the division. Board members shall maintain
 2846  accurate contact information on file with the division. The
 2847  division shall adopt rules to implement this paragraph.
 2848         (3) On or before October 1, 2025, all condominium
 2849  associations shall provide information as specified by the
 2850  division in an electronic format determined by the division. The
 2851  information in paragraphs (a), (b), and (c) must be updated
 2852  within 15 days after any change. The information that must be
 2853  provided to the division may include, but is not limited to:
 2854         (a)The contact information for the association that
 2855  includes all of the following:
 2856         1.The name of the association.
 2857         2.The mailing address and county of the association.
 2858         3.The e-mail address and telephone number for the
 2859  association.
 2860         4.The name, board title, and e-mail address for each
 2861  member of the association’s board.
 2862         5.The name and contact information of the association’s
 2863  community association manager or community association
 2864  management firm, if applicable.
 2865         6.The name and contact information of every individual or
 2866  community association management company responsible for
 2867  remitting any payment to the division.
 2868         7.The hyperlink or website address to the association’s
 2869  website, if applicable.
 2870         (b)The total number of buildings and for each building
 2871  within the association:
 2872         1.The physical address of the association.
 2873         2.The total number of stories of each building, including
 2874  both habitable and uninhabitable stories.
 2875         3.The total number of units.
 2876         4.The age of each building based on the certificate of
 2877  occupancy.
 2878         5.Any construction commenced within the common elements
 2879  within the previous calendar year.
 2880         (c)The association’s assessments, including the:
 2881         1.Amount of assessment or special assessment by unit type,
 2882  including reserves.
 2883         2.Purpose of the assessment or special assessment.
 2884         3.Name of the financial institution or institutions with
 2885  which the association maintains accounts.
 2886         (d)A copy of any structural integrity reserve study and
 2887  any associated materials requested by the department. The
 2888  association must provide such materials within 5 business days
 2889  after such request in a manner prescribed by the department.
 2890         (a) On or before January 1, 2023, cooperative associations
 2891  existing on or before July 1, 2022, must provide the following
 2892  information to the division in writing, by e-mail, United States
 2893  Postal Service, commercial delivery service, or hand delivery,
 2894  at a physical address or e-mail address provided by the division
 2895  and on a form posted on the division’s website:
 2896         1. The number of buildings on the cooperative property that
 2897  are three stories or higher in height.
 2898         2. The total number of units in all such buildings.
 2899         3. The addresses of all such buildings.
 2900         4. The counties in which all such buildings are located.
 2901         (b) The division must compile a list of the number of
 2902  buildings on cooperative property that are three stories or
 2903  higher in height, which is searchable by county, and must post
 2904  the list on the division’s website. This list must include all
 2905  of the following information:
 2906         1. The name of each association with buildings on the
 2907  cooperative property that are three stories or higher in height.
 2908         2. The number of such buildings on each association’s
 2909  property.
 2910         3. The addresses of all such buildings.
 2911         4. The counties in which all such buildings are located.
 2912         (c) An association must provide an update in writing to the
 2913  division if there are any changes to the information in the list
 2914  under paragraph (b) within 6 months after the change.
 2915         Section 14. Paragraphs (c) and (d) of subsection (2) of
 2916  section 719.503, Florida Statutes, are amended, and paragraph
 2917  (d) of subsection (1) of that section is reenacted, to read:
 2918         719.503 Disclosure prior to sale.—
 2919         (1) DEVELOPER DISCLOSURE.—
 2920         (d) Milestone inspection, turnover inspection report, or
 2921  structural integrity reserve study.—If the association is
 2922  required to have completed a milestone inspection as described
 2923  in s. 553.899, a turnover inspection report for a turnover
 2924  inspection performed on or after July 1, 2023, or a structural
 2925  integrity reserve study, and the association has not completed
 2926  the milestone inspection, the turnover inspection report, or the
 2927  structural integrity reserve study, each contract entered into
 2928  after December 31, 2024, for the sale of a residential unit
 2929  shall contain in conspicuous type a statement indicating that
 2930  the association is required to have a milestone inspection, a
 2931  turnover inspection report, or a structural integrity reserve
 2932  study and has not completed such inspection, report, or study,
 2933  as appropriate. If the association is not required to have a
 2934  milestone inspection as described in s. 553.899 or a structural
 2935  integrity reserve study, each contract entered into after
 2936  December 31, 2024, for the sale of a residential unit shall
 2937  contain in conspicuous type a statement indicating that the
 2938  association is not required to have a milestone inspection or a
 2939  structural integrity reserve study, as appropriate. If the
 2940  association has completed a milestone inspection as described in
 2941  s. 553.899, a turnover inspection report for a turnover
 2942  inspection performed on or after July 1, 2023, or a structural
 2943  integrity reserve study, each contract entered into after
 2944  December 31, 2024, for the sale of a residential unit shall
 2945  contain in conspicuous type:
 2946         1. A clause which states: THE BUYER HEREBY ACKNOWLEDGES
 2947  THAT BUYER HAS BEEN PROVIDED A CURRENT COPY OF THE INSPECTOR
 2948  PREPARED SUMMARY OF THE MILESTONE INSPECTION REPORT AS DESCRIBED
 2949  IN SECTION 553.899, FLORIDA STATUTES, IF APPLICABLE; A COPY OF
 2950  THE TURNOVER INSPECTION REPORT DESCRIBED IN SECTION
 2951  719.301(4)(p) AND (q), FLORIDA STATUTES, IF APPLICABLE; AND A
 2952  COPY OF THE ASSOCIATION’S MOST RECENT STRUCTURAL INTEGRITY
 2953  RESERVE STUDY DESCRIBED IN SECTIONS 719.103(24) AND
 2954  719.106(1)(k), FLORIDA STATUTES, IF APPLICABLE, MORE THAN 15
 2955  DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, BEFORE
 2956  PRIOR TO EXECUTION OF THIS CONTRACT; and
 2957         2. A clause which states: THIS AGREEMENT IS VOIDABLE BY
 2958  BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER’S INTENTION TO
 2959  CANCEL WITHIN 15 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL
 2960  HOLIDAYS, AFTER THE DATE OF EXECUTION OF THIS AGREEMENT BY THE
 2961  BUYER AND RECEIPT BY BUYER OF A CURRENT COPY OF THE INSPECTOR
 2962  PREPARED SUMMARY OF THE MILESTONE INSPECTION REPORT AS DESCRIBED
 2963  IN SECTION 553.899, FLORIDA STATUTES, IF APPLICABLE; A COPY OF
 2964  THE TURNOVER INSPECTION REPORT DESCRIBED IN SECTION
 2965  719.301(4)(p) AND (q), FLORIDA STATUTES, IF APPLICABLE; AND A
 2966  COPY OF THE ASSOCIATION’S MOST RECENT STRUCTURAL INTEGRITY
 2967  RESERVE STUDY DESCRIBED IN SECTIONS 719.103(24) AND
 2968  719.106(1)(k), FLORIDA STATUTES, IF APPLICABLE. ANY PURPORTED
 2969  WAIVER OF THESE VOIDABILITY RIGHTS SHALL BE OF NO EFFECT. BUYER
 2970  MAY EXTEND THE TIME FOR CLOSING FOR A PERIOD OF NOT MORE THAN 15
 2971  DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, AFTER
 2972  THE BUYER RECEIVES A CURRENT COPY OF THE INSPECTOR-PREPARED
 2973  SUMMARY OF THE MILESTONE INSPECTION REPORT AS DESCRIBED IN
 2974  SECTION 553.899, FLORIDA STATUTES; A COPY OF THE TURNOVER
 2975  INSPECTION REPORT DESCRIBED IN SECTION 719.301(4)(p) AND (q),
 2976  FLORIDA STATUTES; OR A COPY OF THE ASSOCIATION’S MOST RECENT
 2977  STRUCTURAL INTEGRITY RESERVE STUDY DESCRIBED IN SECTIONS
 2978  719.103(24) AND 719.106(1)(k), FLORIDA STATUTES, IF REQUESTED IN
 2979  WRITING. BUYER’S RIGHT TO VOID THIS AGREEMENT SHALL TERMINATE AT
 2980  CLOSING.
 2981  
 2982  A contract that does not conform to the requirements of this
 2983  paragraph is voidable at the option of the purchaser before
 2984  prior to closing.
 2985         (2) NONDEVELOPER DISCLOSURE.—
 2986         (c) Each contract entered into after July 1, 1992, for the
 2987  resale of an interest in a cooperative shall contain in
 2988  conspicuous type either:
 2989         1. A clause which states: THE BUYER HEREBY ACKNOWLEDGES
 2990  THAT BUYER HAS BEEN PROVIDED A CURRENT COPY OF THE ARTICLES OF
 2991  INCORPORATION OF THE ASSOCIATION, BYLAWS, RULES OF THE
 2992  ASSOCIATION, AND THE QUESTION AND ANSWER SHEET MORE THAN 15 3
 2993  DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, BEFORE
 2994  PRIOR TO EXECUTION OF THIS CONTRACT; or
 2995         2. A clause which states: THIS AGREEMENT IS VOIDABLE BY
 2996  BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER’S INTENTION TO
 2997  CANCEL WITHIN 15 3 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL
 2998  HOLIDAYS, AFTER THE DATE OF EXECUTION OF THIS AGREEMENT BY THE
 2999  BUYER AND RECEIPT BY BUYER OF A CURRENT COPY OF THE ARTICLES OF
 3000  INCORPORATION, BYLAWS, AND RULES OF THE ASSOCIATION, AND
 3001  QUESTION AND ANSWER SHEET, IF SO REQUESTED IN WRITING. ANY
 3002  PURPORTED WAIVER OF THESE VOIDABILITY RIGHTS SHALL BE OF NO
 3003  EFFECT. BUYER MAY EXTEND THE TIME FOR CLOSING FOR A PERIOD OF
 3004  NOT MORE THAN 15 3 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL
 3005  HOLIDAYS, AFTER THE BUYER RECEIVES THE ARTICLES OF
 3006  INCORPORATION, BYLAWS, RULES, AND QUESTION AND ANSWER SHEET, IF
 3007  REQUESTED IN WRITING. BUYER’S RIGHT TO VOID THIS AGREEMENT SHALL
 3008  TERMINATE AT CLOSING.
 3009  
 3010  A contract that does not conform to the requirements of this
 3011  paragraph is voidable at the option of the purchaser before
 3012  prior to closing.
 3013         (d) If the association is required to have completed a
 3014  milestone inspection as described in s. 553.899, a turnover
 3015  inspection report for a turnover inspection performed on or
 3016  after July 1, 2023, or a structural integrity reserve study, and
 3017  the association has not completed the milestone inspection, the
 3018  turnover inspection report, or the structural integrity reserve
 3019  study, each contract entered into after December 31, 2024, for
 3020  the sale of a residential unit shall contain in conspicuous type
 3021  a statement indicating that the association is required to have
 3022  a milestone inspection, a turnover inspection report, or a
 3023  structural integrity reserve study and has not completed such
 3024  inspection, report, or study, as appropriate. If the association
 3025  is not required to have a milestone inspection as described in
 3026  s. 553.899 or a structural integrity reserve study, each
 3027  contract entered into after December 31, 2024, for the sale of a
 3028  residential unit shall contain in conspicuous type a statement
 3029  indicating that the association is not required to have a
 3030  milestone inspection or a structural integrity reserve study, as
 3031  appropriate. If the association has completed a milestone
 3032  inspection as described in s. 553.899, a turnover inspection
 3033  report for a turnover inspection performed on or after July 1,
 3034  2023, or a structural integrity reserve study, each contract
 3035  entered into after December 31, 2024, for the resale of a
 3036  residential unit shall contain in conspicuous type:
 3037         1. A clause which states: THE BUYER HEREBY ACKNOWLEDGES
 3038  THAT BUYER HAS BEEN PROVIDED A CURRENT COPY OF THE INSPECTOR
 3039  PREPARED SUMMARY OF THE MILESTONE INSPECTION REPORT AS DESCRIBED
 3040  IN SECTION 553.899, FLORIDA STATUTES, IF APPLICABLE; A COPY OF
 3041  THE TURNOVER INSPECTION REPORT DESCRIBED IN SECTION
 3042  719.301(4)(p) AND (q), FLORIDA STATUTES, IF APPLICABLE; AND A
 3043  COPY OF THE ASSOCIATION’S MOST RECENT STRUCTURAL INTEGRITY
 3044  RESERVE STUDY DESCRIBED IN SECTIONS 719.103(24) AND
 3045  719.106(1)(k), FLORIDA STATUTES, IF APPLICABLE, MORE THAN 15 3
 3046  DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, BEFORE
 3047  PRIOR TO EXECUTION OF THIS CONTRACT; and
 3048         2. A clause which states: THIS AGREEMENT IS VOIDABLE BY
 3049  BUYER BY DELIVERING WRITTEN NOTICE OF THE BUYER’S INTENTION TO
 3050  CANCEL WITHIN 15 3 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL
 3051  HOLIDAYS, AFTER THE DATE OF EXECUTION OF THIS AGREEMENT BY THE
 3052  BUYER AND RECEIPT BY BUYER OF A CURRENT COPY OF THE INSPECTOR
 3053  PREPARED SUMMARY OF THE MILESTONE INSPECTION REPORT AS DESCRIBED
 3054  IN SECTION 553.899, FLORIDA STATUTES, IF APPLICABLE; A COPY OF
 3055  THE TURNOVER INSPECTION REPORT DESCRIBED IN SECTION
 3056  719.301(4)(p) AND (q), FLORIDA STATUTES, IF APPLICABLE; AND A
 3057  COPY OF THE ASSOCIATION’S MOST RECENT STRUCTURAL INTEGRITY
 3058  RESERVE STUDY DESCRIBED IN SECTIONS 719.103(24) AND
 3059  719.106(1)(k), FLORIDA STATUTES, IF APPLICABLE. ANY PURPORTED
 3060  WAIVER OF THESE VOIDABILITY RIGHTS SHALL BE OF NO EFFECT. BUYER
 3061  MAY EXTEND THE TIME FOR CLOSING FOR A PERIOD OF NOT MORE THAN 15
 3062  3 DAYS, EXCLUDING SATURDAYS, SUNDAYS, AND LEGAL HOLIDAYS, AFTER
 3063  THE BUYER RECEIVES A CURRENT COPY OF THE INSPECTOR-PREPARED
 3064  SUMMARY OF THE MILESTONE INSPECTION REPORT AS DESCRIBED IN
 3065  SECTION 553.899, FLORIDA STATUTES; A COPY OF THE TURNOVER
 3066  INSPECTION REPORT DESCRIBED IN SECTION 719.301(4)(p) AND (q),
 3067  FLORIDA STATUTES; OR A COPY OF THE ASSOCIATION’S MOST RECENT
 3068  STRUCTURAL INTEGRITY RESERVE STUDY DESCRIBED IN SECTIONS
 3069  719.103(24) AND 719.106(1)(k), FLORIDA STATUTES, IF REQUESTED IN
 3070  WRITING. BUYER’S RIGHT TO VOID THIS AGREEMENT SHALL TERMINATE AT
 3071  CLOSING.
 3072  
 3073  A contract that does not conform to the requirements of this
 3074  paragraph is voidable at the option of the purchaser before
 3075  prior to closing.
 3076         Section 15. Subsection (3) of section 914.21, Florida
 3077  Statutes, is amended to read:
 3078         914.21 Definitions.—As used in ss. 914.22-914.24, the term:
 3079         (3) “Official investigation” means any investigation
 3080  instituted by a law enforcement agency or prosecuting officer of
 3081  the state or a political subdivision of the state or the
 3082  Commission on Ethics or the Division of Condominiums,
 3083  Timeshares, and Mobile Homes of the Department of Business and
 3084  Professional Regulation.
 3085         Section 16. For the 2025-2026 fiscal year, the recurring
 3086  sum of $150,000 and nonrecurring sum of $100,000 is appropriated
 3087  from the Professional Regulation Trust Fund to the Florida
 3088  Building Commission to contract with the University of Florida
 3089  to implement s. 553.899(3)(f), Florida Statutes, as amended by
 3090  this act. The unexpended balance of nonrecurring funds provided
 3091  by this section shall revert and is appropriated for the same
 3092  purpose for the 2026-2027 fiscal year.
 3093         Section 17. For the purpose of incorporating the amendment
 3094  made by this act to section 718.111, Florida Statutes, in a
 3095  reference thereto, paragraph (e) of subsection (3) of section
 3096  721.13, Florida Statutes, is reenacted to read:
 3097         721.13 Management.—
 3098         (3) The duties of the managing entity include, but are not
 3099  limited to:
 3100         (e) Arranging for an annual audit of the financial
 3101  statements of the timeshare plan by a certified public
 3102  accountant licensed by the Board of Accountancy of the
 3103  Department of Business and Professional Regulation, in
 3104  accordance with generally accepted auditing standards as defined
 3105  by the rules of the Board of Accountancy of the Department of
 3106  Business and Professional Regulation. The financial statements
 3107  required by this section must be prepared on an accrual basis
 3108  using fund accounting, and must be presented in accordance with
 3109  generally accepted accounting principles. A copy of the audited
 3110  financial statements must be filed with the division for review
 3111  and forwarded to the board of directors and officers of the
 3112  owners’ association, if one exists, no later than 5 calendar
 3113  months after the end of the timeshare plan’s fiscal year. If no
 3114  owners’ association exists, each purchaser must be notified, no
 3115  later than 5 months after the end of the timeshare plan’s fiscal
 3116  year, that a copy of the audited financial statements is
 3117  available upon request to the managing entity. Notwithstanding
 3118  any requirement of s. 718.111(13) or s. 719.104(4), the audited
 3119  financial statements required by this section are the only
 3120  annual financial reporting requirements for timeshare
 3121  condominiums or timeshare cooperatives.
 3122         Section 18. For the purpose of incorporating the amendment
 3123  made by this act to section 718.112, Florida Statutes, in
 3124  references thereto, paragraph (a) of subsection (7) and
 3125  paragraph (c) of subsection (21) of section 718.504, Florida
 3126  Statutes, are reenacted to read:
 3127         718.504 Prospectus or offering circular.—Every developer of
 3128  a residential condominium which contains more than 20
 3129  residential units, or which is part of a group of residential
 3130  condominiums which will be served by property to be used in
 3131  common by unit owners of more than 20 residential units, shall
 3132  prepare a prospectus or offering circular and file it with the
 3133  Division of Florida Condominiums, Timeshares, and Mobile Homes
 3134  prior to entering into an enforceable contract of purchase and
 3135  sale of any unit or lease of a unit for more than 5 years and
 3136  shall furnish a copy of the prospectus or offering circular to
 3137  each buyer. In addition to the prospectus or offering circular,
 3138  each buyer shall be furnished a separate page entitled
 3139  “Frequently Asked Questions and Answers,” which shall be in
 3140  accordance with a format approved by the division and a copy of
 3141  the financial information required by s. 718.111. This page
 3142  shall, in readable language, inform prospective purchasers
 3143  regarding their voting rights and unit use restrictions,
 3144  including restrictions on the leasing of a unit; shall indicate
 3145  whether and in what amount the unit owners or the association is
 3146  obligated to pay rent or land use fees for recreational or other
 3147  commonly used facilities; shall contain a statement identifying
 3148  that amount of assessment which, pursuant to the budget, would
 3149  be levied upon each unit type, exclusive of any special
 3150  assessments, and which shall further identify the basis upon
 3151  which assessments are levied, whether monthly, quarterly, or
 3152  otherwise; shall state and identify any court cases in which the
 3153  association is currently a party of record in which the
 3154  association may face liability in excess of $100,000; shall
 3155  state whether the condominium is created within a portion of a
 3156  building or within a multiple parcel building; and which shall
 3157  further state whether membership in a recreational facilities
 3158  association is mandatory, and if so, shall identify the fees
 3159  currently charged per unit type. The division shall by rule
 3160  require such other disclosure as in its judgment will assist
 3161  prospective purchasers. The prospectus or offering circular may
 3162  include more than one condominium, although not all such units
 3163  are being offered for sale as of the date of the prospectus or
 3164  offering circular. The prospectus or offering circular must
 3165  contain the following information:
 3166         (7) A description of the recreational and other facilities
 3167  that will be used in common with other condominiums, community
 3168  associations, or planned developments which require the payment
 3169  of the maintenance and expenses of such facilities, directly or
 3170  indirectly, by the unit owners. The description shall include,
 3171  but not be limited to, the following:
 3172         (a) Each building and facility committed to be built and a
 3173  summary description of the structural integrity of each building
 3174  for which reserves are required pursuant to s. 718.112(2)(g).
 3175  
 3176  Descriptions shall include location, areas, capacities, numbers,
 3177  volumes, or sizes and may be stated as approximations or
 3178  minimums.
 3179         (21) An estimated operating budget for the condominium and
 3180  the association, and a schedule of the unit owner’s expenses
 3181  shall be attached as an exhibit and shall contain the following
 3182  information:
 3183         (c) The estimated items of expenses of the condominium and
 3184  the association, except as excluded under paragraph (b),
 3185  including, but not limited to, the following items, which shall
 3186  be stated as an association expense collectible by assessments
 3187  or as unit owners’ expenses payable to persons other than the
 3188  association:
 3189         1. Expenses for the association and condominium:
 3190         a. Administration of the association.
 3191         b. Management fees.
 3192         c. Maintenance.
 3193         d. Rent for recreational and other commonly used
 3194  facilities.
 3195         e. Taxes upon association property.
 3196         f. Taxes upon leased areas.
 3197         g. Insurance.
 3198         h. Security provisions.
 3199         i. Other expenses.
 3200         j. Operating capital.
 3201         k. Reserves for all applicable items referenced in s.
 3202  718.112(2)(g).
 3203         l. Fees payable to the division.
 3204         2. Expenses for a unit owner:
 3205         a. Rent for the unit, if subject to a lease.
 3206         b. Rent payable by the unit owner directly to the lessor or
 3207  agent under any recreational lease or lease for the use of
 3208  commonly used facilities, which use and payment is a mandatory
 3209  condition of ownership and is not included in the common expense
 3210  or assessments for common maintenance paid by the unit owners to
 3211  the association.
 3212         Section 19. For the purpose of incorporating the amendment
 3213  made by this act to section 718.112, Florida Statutes, in
 3214  references thereto, paragraph (d) of subsection (1) of section
 3215  718.618, Florida Statutes, is reenacted to read:
 3216         718.618 Converter reserve accounts; warranties.—
 3217         (1) When existing improvements are converted to ownership
 3218  as a residential condominium, the developer shall establish
 3219  converter reserve accounts for capital expenditures and deferred
 3220  maintenance, or give warranties as provided by subsection (6),
 3221  or post a surety bond as provided by subsection (7). The
 3222  developer shall fund the converter reserve accounts in amounts
 3223  calculated as follows:
 3224         (d) In addition to establishing the reserve accounts
 3225  specified above, the developer shall establish those other
 3226  reserve accounts required by s. 718.112(2)(f), and shall fund
 3227  those accounts in accordance with the formula provided therein.
 3228  The vote to waive or reduce the funding or reserves required by
 3229  s. 718.112(2)(f) does not affect or negate the obligations
 3230  arising under this section.
 3231         Section 20. For the purpose of incorporating the amendment
 3232  made by this act to sections 718.111, 718.112, and 718.503,
 3233  Florida Statutes, in references thereto, subsections (1) and (3)
 3234  of section 718.706, Florida Statutes, are reenacted to read:
 3235         718.706 Specific provisions pertaining to offering of units
 3236  by a bulk assignee or bulk buyer.—
 3237         (1) Before offering more than seven units in a single
 3238  condominium for sale or for lease for a term exceeding 5 years,
 3239  a bulk assignee or a bulk buyer must file the following
 3240  documents with the division and provide such documents to a
 3241  prospective purchaser or tenant:
 3242         (a) An updated prospectus or offering circular, or a
 3243  supplement to the prospectus or offering circular, filed by the
 3244  original developer prepared in accordance with s. 718.504, which
 3245  must include the form of contract for sale and for lease in
 3246  compliance with s. 718.503(2);
 3247         (b) An updated Frequently Asked Questions and Answers
 3248  sheet;
 3249         (c) The executed escrow agreement if required under s.
 3250  718.202; and
 3251         (d) The financial information required by s. 718.111(13).
 3252  However, if a financial information report did not exist before
 3253  the acquisition of title by the bulk assignee or bulk buyer, and
 3254  if accounting records that permit preparation of the required
 3255  financial information report for that period cannot be obtained
 3256  despite good faith efforts by the bulk assignee or the bulk
 3257  buyer, the bulk assignee or bulk buyer is excused from the
 3258  requirement of this paragraph. However, the bulk assignee or
 3259  bulk buyer must include in the purchase contract the following
 3260  statement in conspicuous type:
 3261  
 3262         ALL OR A PORTION OF THE FINANCIAL INFORMATION REPORT
 3263         REQUIRED UNDER S. 718.111(13) FOR THE TIME PERIOD
 3264         BEFORE THE SELLER’S ACQUISITION OF THE UNIT IS NOT
 3265         AVAILABLE OR CANNOT BE OBTAINED DESPITE THE GOOD FAITH
 3266         EFFORTS OF THE SELLER.
 3267  
 3268         (3) A bulk assignee, while in control of the board of
 3269  administration of the association, may not authorize, on behalf
 3270  of the association:
 3271         (a) The waiver of reserves or the reduction of funding of
 3272  the reserves pursuant to s. 718.112(2)(f)2., unless approved by
 3273  a majority of the voting interests not controlled by the
 3274  developer, bulk assignee, and bulk buyer; or
 3275         (b) The use of reserve expenditures for other purposes
 3276  pursuant to s. 718.112(2)(f)3., unless approved by a majority of
 3277  the voting interests not controlled by the developer, bulk
 3278  assignee, and bulk buyer.
 3279         Section 21. For the purpose of incorporating the amendment
 3280  made by this act to section 719.106, Florida Statutes, in a
 3281  reference thereto, subsection (24) of section 719.103, Florida
 3282  Statutes, is reenacted to read:
 3283         719.103 Definitions.—As used in this chapter:
 3284         (24) “Structural integrity reserve study” means a study of
 3285  the reserve funds required for future major repairs and
 3286  replacement of the cooperative property performed as required
 3287  under s. 719.106(1)(k).
 3288         Section 22. For the purpose of incorporating the amendment
 3289  made by this act to section 719.106, Florida Statutes, in
 3290  references thereto, paragraph (a) of subsection (7) and
 3291  paragraph (c) of subsection (20) of section 719.504, Florida
 3292  Statutes, are reenacted to read:
 3293         719.504 Prospectus or offering circular.—Every developer of
 3294  a residential cooperative which contains more than 20
 3295  residential units, or which is part of a group of residential
 3296  cooperatives which will be served by property to be used in
 3297  common by unit owners of more than 20 residential units, shall
 3298  prepare a prospectus or offering circular and file it with the
 3299  Division of Florida Condominiums, Timeshares, and Mobile Homes
 3300  prior to entering into an enforceable contract of purchase and
 3301  sale of any unit or lease of a unit for more than 5 years and
 3302  shall furnish a copy of the prospectus or offering circular to
 3303  each buyer. In addition to the prospectus or offering circular,
 3304  each buyer shall be furnished a separate page entitled
 3305  “Frequently Asked Questions and Answers,” which must be in
 3306  accordance with a format approved by the division. This page
 3307  must, in readable language: inform prospective purchasers
 3308  regarding their voting rights and unit use restrictions,
 3309  including restrictions on the leasing of a unit; indicate
 3310  whether and in what amount the unit owners or the association is
 3311  obligated to pay rent or land use fees for recreational or other
 3312  commonly used facilities; contain a statement identifying that
 3313  amount of assessment which, pursuant to the budget, would be
 3314  levied upon each unit type, exclusive of any special
 3315  assessments, and which identifies the basis upon which
 3316  assessments are levied, whether monthly, quarterly, or
 3317  otherwise; state and identify any court cases in which the
 3318  association is currently a party of record in which the
 3319  association may face liability in excess of $100,000; and state
 3320  whether membership in a recreational facilities association is
 3321  mandatory and, if so, identify the fees currently charged per
 3322  unit type. The division shall by rule require such other
 3323  disclosure as in its judgment will assist prospective
 3324  purchasers. The prospectus or offering circular may include more
 3325  than one cooperative, although not all such units are being
 3326  offered for sale as of the date of the prospectus or offering
 3327  circular. The prospectus or offering circular must contain the
 3328  following information:
 3329         (7) A description of the recreational and other facilities
 3330  that will be used in common with other cooperatives, community
 3331  associations, or planned developments which require the payment
 3332  of the maintenance and expenses of such facilities, directly or
 3333  indirectly, by the unit owners. The description shall include,
 3334  but not be limited to, the following:
 3335         (a) Each building and facility committed to be built and a
 3336  summary description of the structural integrity of each building
 3337  for which reserves are required pursuant to s. 719.106(1)(k).
 3338  
 3339  Descriptions shall include location, areas, capacities, numbers,
 3340  volumes, or sizes and may be stated as approximations or
 3341  minimums.
 3342         (20) An estimated operating budget for the cooperative and
 3343  the association, and a schedule of the unit owner’s expenses
 3344  shall be attached as an exhibit and shall contain the following
 3345  information:
 3346         (c) The estimated items of expenses of the cooperative and
 3347  the association, except as excluded under paragraph (b),
 3348  including, but not limited to, the following items, which shall
 3349  be stated as an association expense collectible by assessments
 3350  or as unit owners’ expenses payable to persons other than the
 3351  association:
 3352         1. Expenses for the association and cooperative:
 3353         a. Administration of the association.
 3354         b. Management fees.
 3355         c. Maintenance.
 3356         d. Rent for recreational and other commonly used areas.
 3357         e. Taxes upon association property.
 3358         f. Taxes upon leased areas.
 3359         g. Insurance.
 3360         h. Security provisions.
 3361         i. Other expenses.
 3362         j. Operating capital.
 3363         k. Reserves for all applicable items referenced in s.
 3364  719.106(1)(k).
 3365         l. Fee payable to the division.
 3366         2. Expenses for a unit owner:
 3367         a. Rent for the unit, if subject to a lease.
 3368         b. Rent payable by the unit owner directly to the lessor or
 3369  agent under any recreational lease or lease for the use of
 3370  commonly used areas, which use and payment are a mandatory
 3371  condition of ownership and are not included in the common
 3372  expense or assessments for common maintenance paid by the unit
 3373  owners to the association.
 3374         Section 23. Except as otherwise provided in this act, this
 3375  act shall take effect July 1, 2025.
 3376  
 3377  ================= T I T L E  A M E N D M E N T ================
 3378  And the title is amended as follows:
 3379         Delete everything before the enacting clause
 3380  and insert:
 3381                        A bill to be entitled                      
 3382         An act relating to condominium and cooperative
 3383         associations; amending s. 468.432, F.S.; prohibiting a
 3384         person whose association manager license is revoked
 3385         from having an indirect or direct ownership interest
 3386         in, or be an employee, partner, officer, director, or
 3387         trustee of, a community association management firm
 3388         for a specified timeframe; requiring a licensee to
 3389         provide specific information on his or her licensure
 3390         account; requiring that such information be updated
 3391         within a specified timeframe; requiring the division
 3392         to give written notice to a community association if
 3393         the community association manager has his or her
 3394         license suspended; amending s. 468.4334, F.S.;
 3395         prohibiting a community association manager or a
 3396         community association management firm from performing
 3397         any act directed by the community association if such
 3398         act violates any state or federal law; revising the
 3399         contractual obligations a community association
 3400         manager or a community association management firm has
 3401         with the association board; requiring such that
 3402         contracts include a certain statement; prohibiting
 3403         such contracts from waiving or limiting certain
 3404         professional practice standards; requiring a community
 3405         association to include specified information on its
 3406         website or mobile application, if such association is
 3407         required to maintain official records on a website or
 3408         application; conforming provisions to changes made by
 3409         the act; amending s. 553.899, F.S.; requiring the
 3410         local enforcement agency responsible for milestone
 3411         inspections to provide to the department in an
 3412         electronic format certain information; specifying what
 3413         information is to be provided to the department;
 3414         requiring the commission to contract with the
 3415         University of Florida for the creation of a report
 3416         that provides certain information on milestone
 3417         inspections during a specified timeframe; requiring a
 3418         local enforcement agency to provide the university
 3419         with certain information; authorizing the university
 3420         to request any additional information from a local
 3421         enforcement agency required to complete the report;
 3422         requiring the university to compile the report and the
 3423         department to transmit the report to the Governor and
 3424         the Legislature; requiring, rather than authorizing,
 3425         the board of county commissioners or a municipal
 3426         governing body to adopt a specified ordinance;
 3427         amending s. 718.103, F.S.; revising the definition of
 3428         the term “alternative funding method”; defining the
 3429         term “videoconference”; amending s. 718.111, F.S.;
 3430         requiring a community association manager or a
 3431         community association management firm that contracts
 3432         with an association to possess specific licenses;
 3433         providing that all board members or officers of an
 3434         association that contracts with a community
 3435         association manager or a community association
 3436         management firm have a duty to ensure that the
 3437         community association manager or community association
 3438         management firm is properly licensed before entering
 3439         into a contract; prohibiting a community association
 3440         from having any further contractual obligations to a
 3441         community association manager or community association
 3442         management firm if the community association manager
 3443         or the community association management firm has its
 3444         license suspended or revoked; revising what items
 3445         constitute the official records of the association;
 3446         requiring that certain documents be posted on certain
 3447         associations’ websites or made available for download
 3448         through an application on a mobile device within a
 3449         specified timeframe; revising what documents must be
 3450         posted in digital format on the association’s website
 3451         or application; revising the methods of delivery for a
 3452         copy of the most recent association financial report
 3453         to include electronic delivery via the Internet;
 3454         requiring that an officer or a director execute an
 3455         affidavit as evidence of compliance with the delivery
 3456         requirement; requiring a board to use best efforts to
 3457         make prudent investment decisions in fulfilling its
 3458         duty to manage operating and reserve funds of the
 3459         association; authorizing an association, including a
 3460         multicondominium association, to invest reserve funds
 3461         in specified financial institutions; authorizing such
 3462         associations to place reserve funds in other
 3463         investments upon a majority vote of the voting
 3464         interests of the association; providing restrictions;
 3465         prohibiting any funds not identified as reserve funds
 3466         from being used for investments; requiring a board to
 3467         create an investment committee composed of a specified
 3468         minimum number of board members; requiring the board
 3469         to adopt rules; requiring that all meetings of the
 3470         investment committee be recorded and made part of the
 3471         official records of the association; requiring that
 3472         the investment policy statement developed pursuant to
 3473         certain provisions address specified issues; requiring
 3474         the investment committee to recommend investment
 3475         advisers to the board; requiring the board to select
 3476         one of the recommended investment advisers to provide
 3477         services to the association; requiring that such
 3478         advisers be registered; prohibiting an investment
 3479         adviser from being related to any board member,
 3480         community management company, reserve study provider,
 3481         or unit owner; requiring investment advisers to comply
 3482         with the prudent investor rule; requiring an adviser
 3483         to act as a fiduciary to the association; requiring
 3484         that the investment and fiduciary standards required
 3485         by the act take precedence over any conflicting law;
 3486         requiring the investment committee to recommend a
 3487         replacement adviser if the committee determines that
 3488         an investment adviser is not meeting requirements;
 3489         requiring the association to provide the investment
 3490         adviser with specified financial information at least
 3491         once each calendar year, or sooner if a substantial
 3492         financial obligation of the association becomes known
 3493         to the board; requiring the investment adviser to
 3494         annually review such financial information and provide
 3495         the association with a portfolio allocation model that
 3496         is suitably structured and prudently designed to match
 3497         projected annual reserve fund requirements and
 3498         liability, assets, and liquidity requirements;
 3499         requiring the investment adviser to prepare a funding
 3500         projection for each reserve component, including any
 3501         of the component’s redundancies; requiring that a
 3502         specified minimum timeframe of projected reserves in
 3503         cash or cash equivalents be available to the
 3504         association; authorizing a portfolio managed by an
 3505         investment adviser to contain any type of investment
 3506         necessary to meet the objectives in the investment
 3507         policy statement; providing exceptions; requiring that
 3508         any funds invested by the investment adviser be held
 3509         in third-party custodial accounts that are subject to
 3510         insurance coverage by the Securities Investor
 3511         Protection Corporation in an amount equal to or
 3512         greater than the invested amount; authorizing the
 3513         investment adviser to withdraw investment fees,
 3514         expenses, and commissions from invested funds;
 3515         requiring the investment adviser to annually provide
 3516         the association with a written certification of
 3517         compliance with this section and provide the
 3518         association with a list of stocks, securities, and
 3519         other obligations; requiring the investment adviser to
 3520         submit monthly, quarterly, and annual reports to the
 3521         association, prepared in accordance with established
 3522         financial industry standards; requiring that any
 3523         principal, earnings, or interest managed be available
 3524         to the association at no cost within a specified
 3525         timeframe after the association’s written or
 3526         electronic request; requiring that unallocated income
 3527         earned on reserve fund investments be spent only on
 3528         specified expenditures; amending s. 718.112, F.S.;
 3529         authorizing a board meeting to be conducted in-person
 3530         or by videoconference; prohibiting a board member from
 3531         participating in any meeting of the association via
 3532         videoconference more than a specified time each
 3533         calendar year; requiring the Division of Florida
 3534         Condominiums, Timeshares, and Mobile Homes to adopt
 3535         rules; requiring that notice for board meetings
 3536         conducted via videoconference contain specific
 3537         information; requiring that such meetings be recorded
 3538         and maintained as an official record of the
 3539         association; revising how notice may be sent to unit
 3540         owners; revising the distance from the condominium
 3541         property in which a unit owner meeting may be held;
 3542         authorizing a unit owner to vote electronically if the
 3543         unit owner meeting is conducted via videoconference;
 3544         authorizing unit owner meetings to be conducted in
 3545         person or via videoconference; specifying what
 3546         constitutes a quorum for meetings held via
 3547         videoconference; requiring that the location of the
 3548         meeting be provided in the association bylaws or
 3549         within a specified distance from the condominium
 3550         property if the bylaws are silent; requiring that
 3551         meetings held via videoconference be recorded and be
 3552         maintained as an official record of the association;
 3553         requiring the division to adopt rules; revising the
 3554         method of serving notices of unit owner meetings;
 3555         authorizing budget meetings to be conducted via
 3556         videoconference; requiring the division to adopt
 3557         rules; requiring that a sound transmitting device be
 3558         used at such meetings for a specified purpose;
 3559         revising a provision that a board proposing a budget
 3560         that requires a certain special assessment against
 3561         unit owners to simultaneously propose a substitute
 3562         budget that meets certain requirements, rather than
 3563         conduct a special meeting of the unit owners to
 3564         consider a substitute budget after the adoption of the
 3565         annual budget; requiring unit owners, rather than
 3566         authorizing them, to consider a substitute budget;
 3567         authorizing the annual budget initially proposed to be
 3568         adopted by the board; revising the criteria in
 3569         determining whether assessments exceed the specified
 3570         percentage of assessments of the prior fiscal year;
 3571         revising the threshold for deferred maintenance
 3572         expenses or replacements in reserve accounts;
 3573         authorizing the members to vote to waive the
 3574         maintenance of reserve studies under certain
 3575         circumstances; revising that any association, rather
 3576         than an association operating a multicondominium, may
 3577         determine to provide no reserves or less reserves than
 3578         required if an alternative method is used by the
 3579         association, rather than approved by the division;
 3580         authorizing a unit-owner-controlled association to
 3581         obtain a line of credit in lieu of maintaining
 3582         reserves for budgets adopted on or before a specified
 3583         date upon a majority vote of the association;
 3584         requiring that such line of credit be sufficient to
 3585         meet the association’s deferred maintenance
 3586         obligations not funded in the association’s reserve
 3587         account for each budget; requiring that funding from
 3588         the line of credit be immediately available for access
 3589         by the board for a specified purpose; requiring that
 3590         such lines of credit be included in the association’s
 3591         financial report; deleting a requirement that the
 3592         majority of the members must approve of the board
 3593         pausing contributions to the association’s reserves
 3594         for a specified purpose; authorizing the board to
 3595         temporarily pause reserve fund contributions or reduce
 3596         the amount of reserve funding for a specified purpose
 3597         for a budget adopted on or before a specified date if
 3598         the association has completed a milestone inspection
 3599         within a specified timeframe and such inspection
 3600         recommended certain repairs; requiring that such
 3601         temporary pause or reduction be approved by a majority
 3602         of the total voting interests of the association;
 3603         providing applicability; requiring associations that
 3604         have paused or reduced their reserve funding to have a
 3605         structural integrity reserve study performed before
 3606         the continuation of reserve contributions for
 3607         specified purposes; providing that a vote of the
 3608         members is not required for the board to change the
 3609         accounting method for reserves to specified accounting
 3610         methods; revising the items to be included in a
 3611         structural integrity reserve study; requiring
 3612         specified design professionals or contractors who bid
 3613         to perform a structural integrity reserve study to
 3614         disclose in writing to the association their intent to
 3615         bid on any services related to the maintenance,
 3616         repair, or replacement that may be recommended by the
 3617         structural integrity reserve study; prohibiting such
 3618         professionals or contractors from having any interest
 3619         in or being related to any person having any interest
 3620         in the firm or entity providing the association’s
 3621         structural integrity reserve study unless such
 3622         relationship is disclosed in writing; defining the
 3623         term “relative”; providing that a contract for
 3624         services is voidable and terminates upon the
 3625         association filing a written notice terminating such a
 3626         contract if such professional or contractor fails to
 3627         provide a written disclosure of such relationship with
 3628         the firm conducting the structural integrity reserve
 3629         study; providing that such professional or contractor
 3630         may be subject to discipline for his or her failure to
 3631         provide such written disclosure; requiring that a
 3632         structural integrity reserve study include a
 3633         recommendation for a reserve funding schedule based on
 3634         specified criteria; authorizing the study to recommend
 3635         other types of reserve funding schedules, provided
 3636         each recommended schedule is sufficient to meet the
 3637         association’s maintenance obligations; requiring that
 3638         reserves not required for certain items be separately
 3639         identified in the structural integrity reserve study
 3640         as such; authorizing an association to delay a
 3641         required structural integrity reserve study for a
 3642         specified timeframe if it has completed a milestone
 3643         inspection or similar inspection, for a specified
 3644         purpose; requiring an officer or director of an
 3645         association to sign an affidavit acknowledging receipt
 3646         of the completed structural integrity reserve study;
 3647         requiring the division to adopt rules for the form for
 3648         the structural integrity reserve study in coordination
 3649         with the Florida Building Commission; making technical
 3650         changes; amending s. 718.501, F.S.; requiring
 3651         condominium associations to create and maintain an
 3652         online account with the division; requiring board
 3653         members to maintain accurate contact information on
 3654         file with the division; requiring the division to
 3655         adopt rules; requiring all condominium associations to
 3656         provide specified information to the division by a
 3657         specified date; requiring such information be updated
 3658         within a specified timeframe; specifying the
 3659         information to be provided to the division; amending
 3660         s. 718.503, F.S.; revising the disclosures that must
 3661         be included in a contract for the sale and resale of a
 3662         residential unit; amending s. 8 of chapter 2024-244,
 3663         Laws of Florida, as amended; revising the documents
 3664         required to be posted on certain associations’ website
 3665         or be made available through an application which can
 3666         be downloaded on a mobile device; amending s. 31 of
 3667         chapter 2024-244, Laws of Florida; revising
 3668         applicability; amending s. 719.104, F.S.; requiring a
 3669         board to use best efforts to make prudent investment
 3670         decisions in fulfilling its duty to manage operating
 3671         and reserve funds of the association; authorizing an
 3672         association to invest reserve funds in specified
 3673         financial institutions; authorizing such associations
 3674         to place reserve funds in other investments upon a
 3675         majority vote of the voting interests of the
 3676         association; providing restrictions; prohibiting any
 3677         funds not identified as reserve funds from being used
 3678         for investments; providing applicability; requiring a
 3679         board to create an investment committee composed of a
 3680         specified minimum number of board members; requiring
 3681         the board to adopt rules; requiring that all meetings
 3682         of the investment committee be recorded and made part
 3683         of the official records of the association; requiring
 3684         that the investment policy statement developed
 3685         pursuant to certain provisions address specified
 3686         issues; requiring the investment committee to
 3687         recommend investment advisers to the board; requiring
 3688         the board to select one of the recommended investment
 3689         advisers to provide services to the association;
 3690         requiring such advisers to be registered; prohibiting
 3691         an investment adviser from being related to any board
 3692         member, community management company reserve study
 3693         provider, or unit owner; requiring investment advisers
 3694         to comply with the prudent investor rule; requiring an
 3695         adviser to act as a fiduciary to the association;
 3696         requiring that the investment and fiduciary standards
 3697         of this section take precedence over any conflicting
 3698         law; requiring the investment committee to recommend a
 3699         replacement adviser if the committee determines that
 3700         an investment adviser is not meeting requirements;
 3701         requiring the association to provide the investment
 3702         adviser with specified financial information at least
 3703         once each calendar year, or sooner if a substantial
 3704         financial obligation of the association becomes known
 3705         to the board; requiring the investment adviser to
 3706         annually review such financial information and provide
 3707         the association with a portfolio allocation model that
 3708         is suitably structured and prudently designed to match
 3709         projected annual reserve fund requirements and
 3710         liability, assets, and liquidity requirements;
 3711         requiring the investment adviser to prepare a funding
 3712         projection for each reserve component, including any
 3713         of the component’s redundancies; requiring that a
 3714         minimum timeframe of projected reserves in cash or
 3715         cash equivalents be available to the association;
 3716         authorizing a portfolio managed by an investment
 3717         adviser to contain any type of investment necessary to
 3718         meet the objectives in the investment policy
 3719         statement; providing exceptions; requiring that any
 3720         funds invested by the investment adviser be held in
 3721         third-party custodial accounts that are subject to
 3722         insurance coverage by the Securities Investor
 3723         Protection Corporation in an amount equal to or
 3724         greater than the invested amount; authorizing the
 3725         investment adviser to withdraw investment fees,
 3726         expenses, and commissions from invested funds;
 3727         requiring the investment adviser to annually provide
 3728         the association with a written certification of
 3729         compliance of this section and provide the association
 3730         with a list of stocks, securities, and other
 3731         obligations; requiring the investment adviser to
 3732         submit monthly, quarterly, and annual reports to the
 3733         association prepared in accordance with established
 3734         financial industry standards; requiring that any
 3735         principal, earnings, or interest managed be available
 3736         to the association at no cost within a specified
 3737         timeframe after the association’s written or
 3738         electronic request; requiring that unallocated income
 3739         earned on reserve fund investments be spent only on
 3740         specified expenditures; amending s. 719.106, F.S.;
 3741         revising the deferred maintenance expense or
 3742         replacement costs threshold that must be in reserve
 3743         accounts; authorizing the members to vote to waive the
 3744         maintenance of reserve studies under certain
 3745         circumstances; authorizing the board to pause
 3746         contributions to its reserves or reduce reserve
 3747         funding if a local building official determines the
 3748         entire condominium building is uninhabitable due to a
 3749         natural emergency; authorizing any reserve account
 3750         fund held by the association to be expended to make
 3751         the condominium building and its structures habitable,
 3752         pursuant to the board’s determination; requiring the
 3753         association to immediately resume contributing funds
 3754         to its reserves once the local building official
 3755         determines that the condominium building is habitable;
 3756         authorizing a unit-owner-controlled association to
 3757         obtain a line of credit in lieu of maintaining
 3758         reserves for budgets adopted on or before a specified
 3759         date upon a majority vote of the association;
 3760         requiring that such line of credit be sufficient to
 3761         meet the association’s deferred maintenance
 3762         obligations not funded in the association’s reserve
 3763         account for each budget; requiring that funding from
 3764         the line of credit be immediately available for access
 3765         by the board for a specified purpose; authorizing the
 3766         board to temporarily pause reserve fund contributions
 3767         or reduce the amount of reserve funding for a
 3768         specified purpose for a budget adopted on or before a
 3769         specified date if the association has completed a
 3770         milestone inspection within a specified timeframe;
 3771         requiring that such temporary pause or reduction be
 3772         approved by a majority of the total voting interests
 3773         of the association; providing applicability; requiring
 3774         associations that have paused or reduced their reserve
 3775         funding to have a structural integrity reserve study
 3776         performed before the continuation of reserve
 3777         contributions for specified purposes; providing that a
 3778         vote of the members is not required for the board to
 3779         change the accounting method for reserves to specified
 3780         accounting methods; requiring specified design
 3781         professionals or contractors who bid to perform a
 3782         structural integrity reserve study to disclose in
 3783         writing to the association their intent to bid on any
 3784         services related to the maintenance, repair, or
 3785         replacement that may be recommended by the structural
 3786         integrity reserve study; prohibiting such
 3787         professionals or contractors from having any interest
 3788         in or being related to any person having any interest
 3789         in the firm or entity providing the association’s
 3790         structural integrity reserve study unless such
 3791         relationship is disclosed in writing; defining the
 3792         term “relative”; providing that a contract for
 3793         services is voidable and terminates upon the
 3794         association filing a written notice terminating such a
 3795         contract if such professional or contractor fails to
 3796         provide a written disclosure of such relationship with
 3797         the firm conducting the structural integrity reserve
 3798         study; providing that such professional or contractor
 3799         may be subject to discipline for his or her failure to
 3800         provide such written disclosure; requiring that a
 3801         structural integrity reserve study include a
 3802         recommendation for a reserve funding schedule based on
 3803         specified criteria; authorizing the study to recommend
 3804         other types of reserve funding schedules, provided
 3805         each recommended schedule is sufficient to meet the
 3806         association’s maintenance needs; requiring that
 3807         reserves not required for certain items be separately
 3808         identified in the structural integrity reserve study
 3809         as such; authorizing an association to delay a
 3810         required structural integrity reserve study for a
 3811         specified timeframe if it has completed a milestone
 3812         inspection or similar inspection, for a specified
 3813         purpose; requiring an officer or a director of the
 3814         association to sign an affidavit acknowledging receipt
 3815         of the completed structural integrity reserve study;
 3816         requiring the division to adopt, by rule, the form for
 3817         the structural integrity reserve study in coordination
 3818         with the Florida Building Commission; amending s.
 3819         719.501, F.S.; requiring a cooperative association to
 3820         create and maintain an online account with the
 3821         division; requiring board members to maintain accurate
 3822         contact information on file with the division;
 3823         requiring the division to adopt rules; requiring all
 3824         condominium associations to provide information
 3825         specified by the division in an electronic format to
 3826         be determined by the division; specifying the
 3827         information that must be updated with the division
 3828         within a specified timeframe; amending s. 719.503,
 3829         F.S.; revising the disclosures that must be included
 3830         in a contract for the sale and resale of an interest
 3831         in a cooperative; amending s. 914.21, F.S.; revising
 3832         the definition of the term “official investigation”;
 3833         providing appropriations; reenacting s. 721.13(3)(e),
 3834         F.S., relating to management, to incorporate the
 3835         amendment made to s. 718.111, F.S., in a reference
 3836         thereto; reenacting ss. 718.504(7)(a) and (21)(c), and
 3837         718.618(1)(d), F.S., relating to prospectus or
 3838         offering circulars; and converter reserve accounts and
 3839         warranties, respectively, to incorporate the amendment
 3840         made to s. 718.112, F.S., in references thereto;
 3841         reenacting s. 718.706(1) and (3), F.S., relating to
 3842         specific provisions pertaining to offering of units by
 3843         bulk assignees or bulk buyers, to incorporate the
 3844         amendments made to ss. 718.111, 718.112, and 718.503,
 3845         F.S., in references thereto; reenacting ss.
 3846         719.103(24) and 719.504(7)(a) and (20)(c), F.S.,
 3847         relating to definitions and prospectus or offering
 3848         circulars, respectively, to incorporate the amendment
 3849         made to s. 719.106, F.S., in references thereto;
 3850         providing effective dates.