6968303, 61B-23.002 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 6968303

Notice of Proposed Rule

Department:

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION

Division:

Division of Florida Condominiums, Timeshares and Mobile Homes

Chapter:

THE ASSOCIATION

Overview

RULE:

61B-23.002

Operation of the Association

PURPOSE:

Effective October 1, 2008, Section 718.112(2)(f)4., Florida Statutes, was amended with respect to the waiving of reserves in a condominium. Specifically, the statute now requires that proxy questions relating to waiving or reducing the funding of reserves or using existing reserve funds for other purposes shall contain a disclosure statement in capitalized, bold letters in a font size larger than any other used on the face of the proxy ballot. The purpose of this rule is to renumber and amend the Sample Limited Proxy Form to comply with the new law and revise the financial reporting waiver language of the proxy form.

SUMMARY:

This rule amendment addresses disclosure requirements for limited proxies that are used to waive reserves, reduce reserves, or use reserves for other purposes.

RULEMAKING AUTHORITY:

718.112(2)(b)2., (d)3., 718.501(1)(f) FS.

LAW:

718.1085, 718.111(12), 718.112(2)(b)2., (b), (c), (d)3., 4., (f)4., 718.117, 718.501(2)(a), 718.504 FS.

PRINT PUBLISH DATE:

4/3/2009 Vol. 35/13

COMMENTS:

From 4/3/2009 To 4/24/2009 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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