| 1 | Representative Reagan offered the following: |
| 2 |
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| 3 | Amendment |
| 4 | Remove lines 2408-2608 and insert: |
| 5 |
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| 6 | Section 49. Paragraph (a) of subsection (2) of section |
| 7 | 719.502, 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 |
| 10 | prior to acquiring an ownership, leasehold, or contractual |
| 11 | interest in the land upon which the cooperative is to be |
| 12 | developed, a developer shall not offer a contract for purchase |
| 13 | or lease of a unit for more than 5 years. However, the developer |
| 14 | may accept deposits for reservations upon the approval of a |
| 15 | fully executed escrow agreement and reservation agreement form |
| 16 | properly filed with the Division of Florida Land Sales, |
| 17 | Condominiums, Timeshares, and Mobile Homes. Each filing of a |
| 18 | proposed reservation program shall be accompanied by a filing |
| 19 | fee of $250. Reservations shall not be taken on a proposed |
| 20 | cooperative unless the developer has an ownership, leasehold, or |
| 21 | contractual interest in the land upon which the cooperative is |
| 22 | to be developed. The division shall notify the developer within |
| 23 | 20 days of receipt of the reservation filing of any deficiencies |
| 24 | contained therein. Such notification shall not preclude the |
| 25 | determination of reservation filing deficiencies at a later |
| 26 | date, nor shall it relieve the developer of any responsibility |
| 27 | under the law. The escrow agreement and the reservation |
| 28 | agreement form shall include a statement of the right of the |
| 29 | prospective purchaser to an immediate unqualified refund of the |
| 30 | reservation deposit moneys upon written request to the escrow |
| 31 | agent by the prospective purchaser or the developer. |
| 32 | agent by the prospective purchaser or the developer. |