July 12, 2020
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HB 125

A bill to be entitled
2An act relating to rental property foreclosure or short-
3sale actions; requiring lenders to notify tenants or
4lessees of potential foreclosure or short-sale actions
5against the rental property; requiring the lenders to
6provide tenants or lessees a first right of refusal to
7purchase the property at fair market value; specifying
8eligibility requirements to exercise such right; requiring
9lenders to use certain escrow funds for certain purposes;
10specifying lender liability for certain costs for failure
11to comply with certain notice requirements; specifying
12time restrictions on tenants or lessees bringing actions
13for damages; providing an effective date.
15Be It Enacted by the Legislature of the State of Florida:
17     Section 1.  (1)  Upon consideration of initiating a
18foreclosure or short-sale proceeding against mortgaged property
19that is subject to a rental or lease agreement, the lender shall
20notify each tenant or lessee that such action may be initiated
21against the property of which the tenant's or lessee's dwelling
22unit is a part. The lender shall provide the tenant or lessee
23with a first right of refusal to purchase the property at fair
24market value. In order to exercise such right, the tenant or
25lessee must show proof of the rental agreement and a rental
26history of at least 1 year. The lender shall use any funds held
27in escrow relating to such mortgage or note for the purpose of
28closing costs of the purchase if the tenant or lessee chooses
29the option to purchase. If the tenant or lessee does not choose
30the option to purchase, the lender shall use such escrow funds
31to relocate the tenant or lessee.
32     (2)  Failure to comply with the notice requirements of
33subsection (1) renders the lender liable for closing costs or
34relocation costs and attorney's fees and related costs. Any
35action by the tenant or lessee to recover damages must be
36brought within 90 days after such notice or after the tenant or
37lessee learns of the lender's failure to provide such notice.
38     Section 2.  This act shall take effect July 1, 2010.

CODING: Words stricken are deletions; words underlined are additions.
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