We are pleased to see that two of the bills that we were talking about with representatives and senators in Tallahassee last month have successfully continued through the legislative process and are now awaiting the Governor’s signature. Once signed, these bills will both positively impact the residential property management industry here in Florida and fortify the property rights of owners with residential investment homes for rent here in the state.
HB 621 – Property Rights (otherwise known as the Squatter’s Bill), passed the House and the Senate unanimously, and if approved by the Governor will take effect July 1, 2024. This bill provides a more formal process for the removal of unauthorized occupants, including more authority for the Sheriff to assist property managers in that process. You can read a more complete summary of the bill here: https://www.flsenate.gov/Committees/BillSummaries/2024/html/3352.
HB 1305 – Residential Tenancies (related to Security Deposits/Florida financial Institutions), also passed the House and Senate unanimously, and will take effect immediately upon the Governor’s signature. This bill expressly permits landlords to comply with the Act by depositing their tenants’ security deposits in any qualifying bank in Florida, regardless of where the financial institution was chartered or is headquartered. (In recent months, an attorney has been targeting Florida property management companies and filing lawsuits against them under a misinterpretation of statute whereby the bank they were using had to have been chartered here in Florida.) This bill clarifies that point. You can read a more complete summary of the bill here: https://www.flsenate.gov/Committees/BillSummaries/2024/html/3291.
We find that participating in Legislative activity both locally here in Florida, and in Washington DC, is a positive way to advocate for the property rights of the owners for whom we manage. This is just one of the many strategies we employ to help our owners experience the most secure and stable residential investment ownership possible.
