Statutes, codes, and regulations
Florida Administrative Code
Department 61 - DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATIONDivision 61B - Division of Florida Condominiums, Timeshares and Mobile Homes
Chapter 61B-40 - TIMESHARE ACCOUNTING AND FINANCIAL REPORTING REQUIREMENTS SCOPE; BOOKS AND FINANCIAL RECORDS; BUDGETS; GUARANTEES; RESERVES; FINANCIAL REPORTING
Section 61B-40.0062 - Waiver of Reserves

Fla. Admin. Code R. 61B-40.0062

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Current through Reg. 50, No. 222; November 13, 2024
Section 61B-40.0062 - Waiver of Reserves

For condominium timeshare plans any vote to waive or reduce the funding of reserves required by Section 718.112(2)(f)2. or 721.07(5)(t), F.S., shall be effective for only one annual budget. In a multi-condominium association no waiver or reduction of the funding of reserves shall be effective as to a particular condominium unless:

(1) Conducted at a duly called meeting of the association;
(2) The same percentage of voting interests of the condominium as is otherwise required for a quorum of the association is present, or represented by proxy; and
(3) A majority of those voting interests in that condominium that are present, or represented by proxy, vote to waive or reduce the funding of reserves.

Fla. Admin. Code Ann. R. 61B-40.0062

Rulemaking Authority 718.501(1)(f), 721.03(2), 721.26(6) FS. Law Implemented 718.112(2)(f), 721.03(3), 721.07(5)(t) FS.

New 2-5-96, Amended 12-18-01, 1-12-10.

New 2-5-96, Amended 12-18-01, 1-12-10.