January 24, 2021
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       Florida Senate - 2010                                     SB 854
       By Senator Sobel
       31-00819-10                                            2010854__
    1                        A bill to be entitled                      
    2         An act relating to rental property foreclosure or
    3         short-sale actions; requiring lenders to notify
    4         tenants or lessees of potential foreclosure or short
    5         sale actions against the rental property; requiring
    6         the lenders to provide tenants or lessees a first
    7         right of refusal to purchase the property at fair
    8         market value; specifying eligibility requirements to
    9         exercise such right; requiring lenders to use certain
   10         escrow funds for certain purposes; specifying lender
   11         liability for certain costs for failure to comply with
   12         certain notice requirements; specifying time
   13         restrictions on tenants or lessees bringing actions
   14         for damages; providing an effective date.
   16  Be It Enacted by the Legislature of the State of Florida:
   18         Section 1. (1) Upon consideration of initiating a
   19  foreclosure or short-sale proceeding against mortgaged property
   20  that is subject to a rental or lease agreement, the lender shall
   21  notify each tenant or lessee that such action may be initiated
   22  against the property of which the tenant’s or lessee’s dwelling
   23  unit is a part. The lender shall provide the tenant or lessee
   24  with a first right of refusal to purchase the property at fair
   25  market value. In order to exercise such right, the tenant or
   26  lessee must show proof of the rental agreement and a rental
   27  history of at least 1 year. The lender shall use any funds held
   28  in escrow relating to such mortgage or note for the purpose of
   29  closing costs of the purchase if the tenant or lessee chooses
   30  the option to purchase. If the tenant or lessee does not choose
   31  the option to purchase, the lender shall use such escrow funds
   32  to relocate the tenant or lessee.
   33         (2) Failure to comply with the notice requirements of
   34  subsection (1) renders the lender liable for closing costs or
   35  relocation costs and attorney’s fees and related costs. Any
   36  action by the tenant or lessee to recover damages must be
   37  brought within 90 days after such notice or after the tenant or
   38  lessee learns of the lender’s failure to provide such notice.
   39         Section 2. This act shall take effect July 1, 2010.

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