What Board Members Need To Know...

Florida HOA Laws Require Specific Board Record Keeping

New law making in Florida would make HOAs closer to Condos.  Some requirements would be that  “Records must be maintained for 7 years, within 45 miles of the community, or within the same county; and allowing that they be recorded electronically.  Copy costs are reduced to 0.25 per page and personnel costs for requests that exceed ½ hour or more than 25 pages are $20 per hour.”  The law also requires that “New board members must certify that they have read the governing documents and must uphold them to the best of their ability within 90 days of election or appointment.”  There has been so much fraud in Florida HOAs that the law requires that HOA board to obtain Fidelity Bond/Crime and Fidelity Insurance unless a majority of the membership votes otherwise.

http://www.wptv.com/dpp/money/consumer/will-new-florida-rules-make-homeowner-associations-hoas-regulated-like-condos

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