New Florida law reins in HOAs, limits fines

Florida has a new law that limits the reasons homeowners' associations (HOAs) can fine you.

Why it matters : Around 45% of homes in Florida are part of an HOA, which oversees property appearance, parking, noise and more in a neighborhood. Membership is often a condition of home ownership.

Between the lines: The law sets new limits on what an association can demand of its members, curbs excessive fines and makes records more accessible to the public.

• It's one of several laws passed this year to ease the burden these associations place on homeowners and eliminate some HOA restrictions on things like hurricane protection products.

Zoom in: The law bans HOAs from fining residents for leaving garbage cans out within 24 hours of trash collection or for keeping holiday decor up without first notifying them and giving them a week to remove it.

• Associations can no longer restrict where residents park a personal vehicle as long as it complies with state, county and municipal regulations.
• The law also requires HOAs to keep official records like bylaws and meeting minutes for at least seven years and make them available to residents within 10 days of a written request.
• HOA officers, directors and managers who accept bribes can now face criminal prosecution and removal from office.

The big picture: There are over 49,000 HOAs in Florida, more than any state besides California, per the latest data available from the Foundation for Community Association Research.

• Florida associations collected nearly $14 billion in assessments annually as of 2021.
• HOA dues can cost hundreds or, in some cases, thousands more on top of monthly mortgage payments — creating another barrier for prospective homebuyers, Axios' Sami Sparber writes .

What's next: The law goes into effect July 1.

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