Penalties for Financial Reporting Violations

Penalties for Financial Reporting Violations

In 2018, the Florida Legislature revised a provision within the Condominium Act concerning financial reporting.  Specifically, if a condominium association fails to comply with a request from the Division of Condominiums, Timeshares and Mobile Homes (the “Division”) regarding providing a unit owner with a copy of the annual financial report, the condominium association, as a punishment, may not waive the financial reporting requirement for the fiscal year in which the owner’s request was made, or the following year.  The new law clarifies the time frame, whereas the previous version of the law did not specify how long the association was prohibited from waiving the financial reporting requirement.  Note that despite what an owner may claim, the penalty only applies when the association fails to respond to a request by the Division to provide a copy of the financial report to a unit owner.