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Section 38. Conforming language to reflect the addition of Homeowners’ Associations to the division name.

Section 39. Section 718.504(21), F.S., is amended to require a developer to prepare the condominium budget in good faith, include estimated revenues in the budget, and to delete the provision of the law that allows the budget to be stated in terms of more than one annual period, or distinguish between the periods prior to and after turnover of developer control.

Sections 40. – 43. Conforming language to reflect the addition of Homeowners’ Associations to the division name.

Section 44. Section 719.1055(7), F.S., is created to provide that any amendment to cooperative documents that restricts the owner’s rights related to rental of units applies only to those unit owners who consent to the amendment or who purchase their units after the effective date of the amendment.

Sections 45. – 50. Conforming language to reflect the addition of Homeowners’ Associations to the division name.

Section 51. Several definitions in s. 720.301, F.S., are amended to remove the portion of property dedicated for use or maintenance by the association from the definition of common areas in chapter 720, F.S., to limit covenants to those contained in the recorded plat, and to exclude associations in which association representatives, rather than parcel owners, are members of the association from having jurisdictional control of land subject to covenants.

This section also includes within the definition of declaration of covenants, a substantive requirement that after the sale of the first lot, a declaration may not be amended without the vote of approval of two thirds of the owners of residential parcels that have been purchased, except for those amendments that solely address the identification of additional phases of the development.

The definition of governing documents is amended to provide that when different sets of documents exist those covenants shall only apply to the plat for which they are recorded and specified; amends the definition of a homeowners’ association to include language that the association is administered in compliance with applicable federal, state and local law, and the governing documents; deletes from the definition a Florida corporation in which the voting membership is made up of agents or a combination of parcel owners and their agents; and requires any homeowners’ association or other named association that administers a residential community where membership is mandatory must comply with the chapter unless exempted. A definition of the Homeowners’ Association Advisory Council is created to mean a group of persons appointed to recommend changes in laws that affect the administration of homeowners’ associations.

Section 52. Section 720.302, F.S., is amended to provide that the purpose of the law is to provide regulations for operating homeowners’ associations, and to establish government regulation of homeowners’ associations. The bill requires the “department” to create the Division of Mandated Properties, and requires that no later than July 1, 2008, the new division will establish a process for collecting an annual fee, not to exceed $4 per association member in communities administered by the association during each of the following two years, and thereafter, not exceeding the cost of living index, meaning that the fee cannot be increased for two years, and then the increase is limited to the inflation rate established by the cost of living index. The fees are to be deposited in the current division trust fund and shall be utilized for the review and approval of deed restrictions before recording, education, enforcement, investigation, and prosecution of policies and procedures related to mandated properties.

Upon turnover from the developer to the parcel owners, all amendments, alterations, or modifications to the governing documents must be approved by two-thirds of the parcel owners or homeowners’ association members. The governing documents may not contain provisions that reduce the






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