As we get ready to officially open the 2019 Florida Legislative Session, it will behoove real estate investors (and others) to heed Judge Gideon Tucker’s 1866 quote. A particularly eye-brow-raising early entrant is HB 155, introduced by Representative Cortes. Dubbed the “Community Recall Act”, the bill might as well be called the “Investor Disenfranchisement Act”.
The proposed bill would change recalls drastically in HOA communities by taking away owners’ rights to recall the board. Should this become law, the only members who can vote in a recall will be those who “physically reside” in the community. All absentee owners, like snowbirds and investors, will be mere spectators regardless of their overall investment in a community.
The bill has received one committee referral as of this writing – stay tuned for more as the legislative session unfolds.
For up-to-date information on this bill and how it may impact you, call Alex Dobrev or any member of the firm’s Multifamily & Condominium Group or Real Estate Group.