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HB 913 - Amends Current Requirements and Provides "Financial Relief" for Condo Associations by Allowing Them to Use Lines of Credit Instead of Reserves - Florida Key Vote

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Title: Amends Current Requirements and Provides "Financial Relief" for Condo Associations by Allowing Them to Use Lines of Credit Instead of Reserves

Signed by Governor Ron DeSantis


Title: Amends Current Requirements and Provides "Financial Relief" for Condo Associations by Allowing Them to Use Lines of Credit Instead of Reserves

Title: Amends Current Requirements and Provides "Financial Relief" for Condo Associations by Allowing Them to Use Lines of Credit Instead of Reserves

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Title: Amends Current Requirements and Provides "Financial Relief" for Condo Associations by Allowing Them to Use Lines of Credit Instead of Reserves

Vote Smart's Synopsis:

Vote to pass a bill that amends current requirements and provides "financial relief" for condo associations by allowing them to use lines of credit instead of reserves in Florida.

Highlights:

  • Amends current requirements and provides "financial relief" for condo associations by allowing them to use lines of credit instead of reserves in Florida (Sec. 1-20).

  • Requires certain local governments to confirm by a specified date whether the structural integrity reserve study and milestone inspection have been completed and filed with the division (Sec. 1-20).

  • Requires local governments to submit certain reports to the division by a specified date; requires local enforcement agencies to provide specified information to DBPR by a specified date and annually thereafter (Sec. 1-20).

  • Requires the department to provide certain information to OPPAGA (Sec. 1-20).

  • Amends and revises provisions of the Condominium Act relating to (Sec. 1-20):

    • Insurance coverage; 

    • Voting interests; 

    • Amending declaration; 

    • Criminal penalties; levying of special assessments and obtaining loans; 

    • Voting and election procedures and disputes; 

    • Accountings and reserve accounts; recall agreements; 

    • Delinquent payments of assessments; 

    • Attorney fees; 

    • Removal or reinstallation of hurricane protection; 

    • Termination of condominium; and

    • Electronic voting and shared expenses; 

  • Requires association to post certain records on the website or application (Sec. 1-20).

  • Requires officers and directors to sign a specified affidavit (Sec. 1-20).

  • Requires the department to submit a specified report to the Legislature (Sec. 1-20).

  • Establishes and provides that certain amendments do not revive, reinstate, or retroactively apply to a right or interest of a condominium unit owner or condominium association in a matter pending adjudication before a specified date (Sec. 1-20).

  • Specifies that the provisions of this bill shall take effect beginning July 1, 2025 (Sec. 21).

Full Bill Text

Title: Amends Current Requirements and Provides "Financial Relief" for Condo Associations by Allowing Them to Use Lines of Credit Instead of Reserves

Committee Sponsors

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