Rule 61B-24.007, FAC, requires amendment to address issues relating to the time period for converter reserves which should start at the time the declaration is recorded, not when the first unit is sold. Further, portions of the rule relating to ...

 

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION

Division of Florida Condominiums, Timeshares and Mobile Homes

RULE NO.:RULE TITLE:

61B-24.007Converter Reserve Accounts; Warranties; Disclosures

PURPOSE AND EFFECT: Rule 61B-24.007, F.A.C., requires amendment to address issues relating to the time period for converter reserves which should start at the time the declaration is recorded, not when the first unit is sold. Further, portions of the rule relating to warranties is deleted as it appears to conflict with Section 718.618(6), F.S.

SUBJECT AREA TO BE ADDRESSED: This rule amendment addresses condominium converter reserve accounts implied warranties.

RULEMAKING AUTHORITY: 718.501(1)(f), 718.621 FS.

LAW IMPLEMENTED: 718.502(5), 718.503, 718.618 FS.

IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE NOTICED IN THE NEXT AVAILABLE FLORIDA ADMINISTRATIVE REGISTER.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Sharon A. Malloy, Senior Management Analyst II, Division of Florida Condominiums, Timeshares, and Mobile Homes, 1940 North Monroe Street, Tallahassee, Florida 32399-1030

THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS AVAILABLE AT NO CHARGE FROM THE CONTACT PERSON LISTED ABOVE.