If you are a Board Member know the recents Laws in Florida!

There have been some significant changes in Florida regarding the responsibilities and independence of board members, especially with the introduction of House Bill 1021, which took effect in July 20241. Here are some key points:

1. Conflict of Interest Requirements: The new law sets strict conflict of interest requirements for board members and management companies1. This ensures that decisions are made in the best interest of the community rather than individual board members1.

2. Fiduciary Duties: Board members are now expected to actively monitor corporate performance and ensure that management companies have appropriate information and reporting systems in place2. This includes providing accurate financial reporting and compliance with laws and corporate policies2.

3. Education Requirements: New education requirements have been introduced for board members to ensure they understand their fiduciary responsibilities3.

4. Transparency and Accountability: Amendments to various sections of the Florida Statutes aim to enhance transparency, accountability, and safety in the management of community associations4.

These changes are designed to improve governance and safety within community associations.