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| Florida
House Bill - HB 1055
Similar SB 1318 (Senator Smith) |
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Florida House of Representatives
- 2002 HB 1055 By Representative Baxley CODING: Words 1 A bill to be entitled 2 An act relating to financial reports; amending 3 s. 689.265, F.S.; providing requirements with 4 respect to financial reports required with 5 respect to certain residential subdivisions; 6 providing requirements with respect to required 7 financial reports; providing for posting of the 8 financial report; requiring the developer or 9 owner to make available all financial data used 10 to prepare the report; providing a penalty; 11 providing an effective date. 12 13 Be It Enacted by the Legislature of the State of Florida: 14 15 Section 1. Section 689.265, Florida Statutes, is 16 amended to read: 17 (Substantial rewording of section. See 18 s. 689.265, F.S., for present text.) 19 689.265 Financial report.-- 20 (1)(a) In a residential subdivision in which all the 21 owners of lots or parcels must pay their pro rata share (which 22 share is calculated periodically based upon the historical or 23 projected actual expense) of the actual expense of maintaining 24 the common areas, recreational facilities, and other 25 properties serving such lots or parcels, the developer or 26 owner of such areas, facilities, or properties shall make 27 public, within 60 days following the end of each fiscal year, 28 a complete financial report as follows: 29 1. The financial report must denote the beginning 30 month, day, and year and the ending month, day, and year for 31 the applicable fiscal year. 1 1 2. The developer or owner shall list the specific 2 amenity and/or maintenance items of the subdivision for which 3 amenity and/or maintenance fees have been imposed in 4 sufficient detail to clearly identify each amenity and/or 5 maintenance item that may incur expenses to be paid by 6 homeowners. 7 3. The developer or owner shall report the total 8 receipts of amenity fees, maintenance fees, or such other fees 9 received by the developer or owner and shall provide an 10 itemized listing of the expenditures made for specific 11 amenities and maintenance items, as well as the total of all 12 expenditures made from the fees for that year. 13 4. The developer or owner shall certify that the 14 financial report is an accurate and factual representation of 15 the amount of amenity and/or maintenance fees collected and 16 expended during that year and shall sign and date said 17 certification. 18 (b) Within 60 days after the end of the fiscal year, 19 the certified financial report shall be made public by mailing 20 it to each lot or parcel owner in the subdivision, by posting 21 it in prominent locations in the subdivision for a period of 22 not less than 30 days, and by filing it with the Secretary of 23 State. 24 (2) Within 30 days following the posting of the annual 25 financial report, the developer or owner shall make available 26 copies of all documents and financial data used by the 27 developer or owner to prepare the annual financial report. The 28 homeowner shall have access to these records for a period not 29 to exceed 60 days. 30 (3) If a financial report is not filed as required by 31 this section or is filed in violation of this section, the 2 1 person required to file the report shall be subject to a fine 2 of $500 for each day until the person complies with the 3 requirements of this section. 4 Section 2. This act shall take effect July 1, 2002. 5 6 ***************************************** 7 HOUSE SUMMARY 8 Provides requirements with respect to financial reports 9 required with respect to residential subdivisions in which all the owners of lots or parcels must pay their 10 pro rata share of the actual expenses of maintaining the common areas, recreational facilities, or other property 11 serving the lots or parcels. Provides a penalty for violations of the act. See bill for details. 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 CODING: Words |
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