PCS for HB 1305 — Residential Tenancies (Commerce Committee, 2024)
Summary
Proposed committee substitute PCS for HB 1305, marked ORIGINAL (2024), a bill to be entitled An act relating to residential tenancies. It adds a definition of Florida financial institution to section 83.43, Florida Statutes: a bank, credit union, trust company, savings bank, or savings or thrift association insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund. Section 83.49 is amended so that a landlord who holds a tenant's deposit or advance rent in a separate account, whether non-interest-bearing or interest-bearing, holds it in a Florida financial institution instead of a Florida banking institution. Cross-references in sections 83.491 and 553.895 are conformed, and the act takes effect upon becoming a law.
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Cite this document
“PCS for HB 1305 — Residential Tenancies (Commerce Committee, 2024).”
Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2024-3220-commerce-committee-proposed-committee-bills-pcbs-fn-pcs-for-59056be501/
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 1305 ORIGINAL 2024
1 A bill to be entitled
2 An act relating to residential tenancies; amending s.
3 83.43, F.S.; defining the term “Florida financial
4 institution” for purposes of Part II of ch. 83, F.S.;
5 amending s. 83.49, F.S.; conforming references to the
6 term to changes made by the act; specifying that
7 required deposits may be held in a Florida financial
8 institution; amending ss. 83.491 and 553.895, F.S.;
9 conforming cross-references to changes made by the
10 act; providing an effective date.
11
12 Be It Enacted by the Legislature of the State of Florida:
13
14 Section 1. Subsections (7) through (17) of section 83.43,
15 Florida Statutes, are renumbered as subsections (8) through
16 (18), respectively, and a new subsection (7) is added to that
17 section to read:
18 83.43 Definitions.—As used in this part, the following
19 words and terms shall have the following meanings unless some
20 other meaning is plainly indicated:
21 (7) “Florida financial institution” means a bank, cred it
22 union, trust company, savings bank, or savings or thrift
23 association doing business under the authority of a charter
24 issued by the United States, this state, or any other state
25 which is authorized to transact business in this state and whose
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 1305 ORIGINAL 2024
26 deposits or share accounts are insured by the Federal Deposit
27 Insurance Corporation or the National Credit Union Share
28 Insurance Fund.
29 Section 2. Paragraphs (a) and (b) of subsection (1) of
30 section 83.49, Florida Statutes, are amended to read:
31 83.49 Deposit money or advance rent; duty of landlord and
32 tenant.—
33 (1) Whenever money is deposited or advanced by a tenant on
34 a rental agreement as security for performance of the rental
35 agreement or as advance rent for other than the next immediate
36 rental period, the landlord or the landlord's agent shall
37 either:
38 (a) Hold the total amount of such money in a separate non -
39 interest-bearing account in a Florida financial banking
40 institution for the benefit of the tenant or tenants. The
41 landlord shall not commingle such moneys with any other funds of
42 the landlord or hypothecate, pledge, or in any other way make
43 use of such moneys until such moneys are actually due the
44 landlord;
45 (b) Hold the total amount of such money in a separate
46 interest-bearing account in a Florida financial banking
47 institution for the benefit of the tenant or tenants, in which
48 case the tenant shall receive and collect interest in an amount
49 of at least 75 percent of the annualized average interest rate
50 payable on such account or interest at the rate of 5 percent per
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 1305 ORIGINAL 2024
51 year, simple interest, whichever the landlord elects. The
52 landlord shall not commingle such moneys with any other funds of
53 the landlord or hypothecate, pledge, or in any other way make
54 use of such moneys until such moneys are actually due the
55 landlord; or
56 Section 3. Subsection (6) of section 83.491, Florida
57 Statutes, is amended to read:
58 83.491 Fee in lieu of security deposit.—
59 (6) A fee collected under this section, or an insurance
60 product or a surety bond accepted, by a landlord in lie u of a
61 security deposit is not a security deposit as defined in s.
62 83.43(13) s. 83.43(12).
63 Section 4. Subsection (1) of section 553.895, Florida
64 Statutes, is amended to read:
65 553.895 Firesafety.—
66 (1) Any transient public lodging establishment, as defined
67 in chapter 509 and used primarily for transient occupancy as
68 defined in s. 83.43(18) s. 83.43(17), or any timeshare unit of a
69 timeshare plan as defined in chapters 718 and 721, which is of
70 three stories or more and for which the construction contract
71 has been let after September 30, 1983, with interior corridors
72 which do not have direct access from the guest area to exterior
73 means of egress and on buildings over 75 feet in height that
74 have direct access from the guest area to exterior means of
75 egress and for which the construction contract has been let
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
PCS for HB 1305 ORIGINAL 2024
76 after September 30, 1983, shall be equipped with an automatic
77 sprinkler system installed in compliance with the provisions
78 prescribed in the National Fire Protection Association
79 publication NFPA No. 13 (1985), "Standards for the Installation
80 of Sprinkler Systems." Each guest room and each timeshare unit
81 shall be equipped with an approved listed single-station smoke
82 detector meeting the minimum requirements of NFPA 74 (1984)
83 "Standards for the Installation, Maintenance and Use of
84 Household Fire Warning Equipment," powered from the building
85 electrical service, notwithstanding the number of stories in the
86 structure, if the contract for construction is let after
87 September 30, 1983. Single-station smoke detectors shall not be
88 required when guest rooms or timeshare units contain smoke
89 detectors connected to a central alarm system which also alarms
90 locally.
91 Section 5. This act shall take effect upon becoming a law.
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