Condominium owners and buyers interested in Fort Lauderdale Condos for sale will pleased to learn Governor Scott recently signed into law much-needed reforms for Condominium Association Boards across Florida with 150 or more units.
Under the new law, Associations with 150 or more units are now required to issue financial statements and make them readily available online for association members to view.
In addition, term limits are set to 8 years for serving on condo governing boards and the new law clarifies "Conflicts of Interest" in an effort to curb fraud and other abuses with board members awarding association contracts to parties they have a relationship with.
The new law also provides for possible prison time for board member election fraud, falsifying ballot signatures, fabricating condominium documents and stealing or hiding election ballots.
Many of these abuses and more were exposed in a documentary titled "Condo Nightmares" featured on El Nuevo Herald and Univision 23 which encouraged the Miami-Dade Grand Jury to recommend sweeping reforms.
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