November 26, 2020
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Bill No. CS/CS/HB 601
Amendment No. 743317
Senate House

1Representative Reagan offered the following:
3     Amendment
4     Remove lines 2408-2608 and insert:
6     Section 49.  Paragraph (a) of subsection (2) of section
7719.502, Florida Statutes, is amended to read:
8     719.502  Filing prior to sale or lease.--
9     (2)(a)  Prior to filing as required by subsection (1), and
10prior to acquiring an ownership, leasehold, or contractual
11interest in the land upon which the cooperative is to be
12developed, a developer shall not offer a contract for purchase
13or lease of a unit for more than 5 years. However, the developer
14may accept deposits for reservations upon the approval of a
15fully executed escrow agreement and reservation agreement form
16properly filed with the Division of Florida Land Sales,
17Condominiums, Timeshares, and Mobile Homes. Each filing of a
18proposed reservation program shall be accompanied by a filing
19fee of $250. Reservations shall not be taken on a proposed
20cooperative unless the developer has an ownership, leasehold, or
21contractual interest in the land upon which the cooperative is
22to be developed. The division shall notify the developer within
2320 days of receipt of the reservation filing of any deficiencies
24contained therein. Such notification shall not preclude the
25determination of reservation filing deficiencies at a later
26date, nor shall it relieve the developer of any responsibility
27under the law. The escrow agreement and the reservation
28agreement form shall include a statement of the right of the
29prospective purchaser to an immediate unqualified refund of the
30reservation deposit moneys upon written request to the escrow
31agent by the prospective purchaser or the developer.
32agent by the prospective purchaser or the developer.

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