HOAleader.com - Tip of the Week - June 9, 2017
Published: Fri, 06/09/17
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Florida On Verge of Going After Corrupt Condo and HOA Boards
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In this week’s tip, we discuss a potential law in Florida a bill that would impose criminal penalties on condominium violations such as electoral fraud, theft of funds, and conflicts of interests. The state Senate passed the bill unanimously in May; the state House already approved in late April a similar measure, also unanimously.
The bill is now waiting for the governor’s signature or veto, though many experts predict it’ll be signed, not squelched.
Under the bill, condo board members would be subject to criminal penalties when convicted of electoral fraud, theft of funds, and conflicts of interests. The bill zeroes in to define, in particular, conflicts of interest and prohibits the following situations:
* Attorneys can’t represent both the condo association and the association’s management company.
* Board members and managers of non-timeshare condos can’t buy a unit at a foreclosure sale that results from the association’s foreclosure of its lien for unpaid assessments or taking title to the unit by deed in lieu of foreclosure.
* Non-timeshare condo associations can’t contract with a service provider that’s owned or operated by a board member or a person who has a financial relationship with a board member, which includes a board member’s or officer’s close relative.
There are many additional provisions to tighten oversight and penalties on condo boards, including the creation of a felony offense for board members who withhold condo association records to commit or cover up a crime.
“Personally, I think it’s good from the perspective that it reiterates what’s already applicable law and maybe highlights it and defines it in greater detail,” says Bill Worrall, vice president of FirstService Residential in Hollywood, Fla., which manages 1,300 condominium and homeowner associations totaling 310,000 residential units.
“Managers in Florida are required to work ethically and honestly, have a community association management license, and to fulfill some education,” Worrall adds. “Board members are also required to do some things and have a background that’s clean, to a certain extent.”
Our experts are divided on whether they think this law would be necessary in their state. Find out why in our new article:
https://www.hoaleader.com/members/2560.cfm
Best regards,
Matt Humphrey
President
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Click here to read full article:
https://www.hoaleader.com/members/Who-Can-Call-HOA-Meetings-What-Theres-Emergency-And-This-Emergency.cfm
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Are You a Self-Managed HOA or Thinking About Going It Alone?
Many condo and HOA boards have decided that they can effectively manage their community on their own. It can work for some associations. Maybe it's working for yours. Being self-managed can also be a very risky business--for your HOA and for you personally as a board member of a self-managed association. Whether you're currently self-managed or wondering whether it's a good idea for your association, you'll find out where the hazards lurk--and how to minimize your risk--when you watch this on-demand webinar.
Click here to read full article:
https://www.hoaleader.com/products/self-managed-hoa-risks-b.cfm
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