Reso 2024-3630 - Laserfiche WebLink

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BILL: CS/SB 1178 Page 38 The committee substitute makes several technical and clarifying changes to the bill and following substantive revisions to the bill (unless otherwise stated all revisions relate to condominium associations): • Changes the title from an act relating to condominium and cooperative association to an act relating to community associations. • Revises for clarity the requirements that condominium association managers (CAMs) and firms return documents to the association to provide that the CAM may retain records for up to 20 days after their contract is terminated in order to complete an ending financial statement or report. • Revises the requirements for CAMs to disclose a conflict of interest to: o Require the board to solicit multiple bids (instead of at least three bids) if the association considers a bid for goods or services for which a CAM has a conflict of interest; o Delete the provision allowing association members to void a contract; and o Provide that the procedures for resolving conflicts of interest in the bill do not apply to activities or the provision of goods and services that are disclosed in the management services contract. • Regarding the requirement in the bill related to the maintenance of official records: o Deletes the requirement for associations to maintain "other substantiating documentation" which is not necessary; o Deletes the requirement in the bill that official records be maintained in an organized manner; o Provides that the obligation to maintain official records includes a good faith obligation to recover records as may be reasonably possible in the event records are lost, destroyed, or otherwise unavailable; o Provides that associations may satisfy a request for access to records by making the records available for download on the association website or through an application on a mobile device; and o Deletes the requirement that the checklist made in response to a records request be accompanied by a sworn affidavit. • Provides a first degree misdemeanor criminal offense for a person to knowingly or intentionally deface or destroy required accounting records or knowingly and intentionally fail to create or maintain required accounting records, with the intent of causing harm to the association or one or more of its members. • Provides that officers and directors charged with the criminal violation created in the bill are deemed removed from office and a vacancy declared. • Requires that meetings of the board must meet at least once each quarter instead of four times a year. • Revises the requirement in the bill that copies of contracts being considered by the board must be provided to the unit owner with the meeting notice, to allow the copies to be made available for download on the association website or through an application on a mobile device. • Extends the period associations must retain a copy of an officer or director's educational certificate from 5 years to 7 years. • Provides an extension of the deadline for completion of a structural integrity reserve study if the condominium or cooperative association has entered into a contract for 348