Gov. Ron DeSantis on Friday signed a bill intended to give more rights to condo owners, in the latest attempt to reform laws governing Florida’s often troubled community associations.
The new law, dubbed “Condo 3.0,” imposes education requirements on board members, requires more condo communities to set up web pages for members, makes it harder for boards to stifle dissent, and gives the state more power to investigate abuses.
Here are highlights of the new law:
— New board members must undergo four hours of education on how to run a condo association, a measure that would make them less vulnerable to manipulation by outside vendors, attorneys or their own residents.
— Condos with 25 units or more must set up web pages that include documents such as bylaws, budgets and lists of contracts with vendors. The requirement previously applied only to condos with at least 150 units. The law requires boards to meet four times a year, up from the current two.
— Boards are barred from retaliating against dissenters through the filing of defamation lawsuits. The use of defamation suits to silence dissent was highlighted in a South Florida Sun Sentinel series last year on condo and HOA abuses.
— The Florida Department of Business and Professional Regulation will get more authority to investigate wrongdoing by condo boards and will receive funding to hire additional staff.
Mortgage Rates
Move Lower
Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Fed rate cut. These lower mortgage rates coupled with the gradually improving housing supply bodes well for the housing market. Aspiring homeowners should remember it’s important to shop around for the best mortgage rate as they can vary widely between lenders.
