FEATURE activity could face felony charges; (3) the term of a condo board director is limited to eight years, with some exceptions. Effective: July 1, 2017. PRIVATE FLOOD INSURANCE As REALTORS® petition Congress to reauthorize the National Flood Insurance Program (NFIP), lawmakers continue to work to attract private flood insurance capital to Florida. HB 813 accomplishes two primary goals: (1) Rating flexibility for flood insurers is extended from 2019 until 2025 before they must follow guidelines similar to other lines of coverage. Not extending this provision could discourage private insurers from entering the Florida market; (2) insurance agents can place flood policies with surplus lines insurers for two more years — until 2019 — before they must make a "diligent effort" to place the coverage with carriers regulated by the state. Diligent effort requires an agent to seek coverage and be rejected by at least three regulated carriers writing the same type of coverage. Effective: July 1, 2017. AFFORDABLE HOUSING WORKGROUP FUNDING Up to $100,000 is provided for expenses for the Affordable Housing Workgroup, a 14-member board (that includes one REALTOR®) charged with developing recommendations for addressing the state's affordable housing needs by Jan. 1, 2018. The Florida Housing Finance Corporation will approve the recommendations. APPRAISER COMPLIANCE HB 927 is a Department of Business and Professional Regulation bill that ensures appraisal management companies (AMCs) remain in compliance with the Dodd-Frank Act. Additionally, AMCs may not require lenders to hold them harmless from claims over an appraiser's performance. The bill also authorizes the Florida Real Estate Appraisal Board to consider other standards of practice in non-federally related transactions. Effective: Oct. 1, 2017. UNLICENSED REAL ESTATE ACTIVITY FUND Up to $500,000 from the Professional Regulation Trust Fund is provided to the Department of Business and Professional Regulation to combat unlicensed real estate activity. DRONE REGULATION HB 1027 preempts the regulation of unmanned aircraft systems (drones) to the state of Florida. This will prevent drone operators from having to potentially comply with ordinances adopted by 400+ local governments. Effective: July 1, 2017. APPROVED CONSTITUTIONAL AMENDMENTS NON-HOMESTEAD PROPERTY TAXES In 2008, voters approved Amendment 1, which created a 10 percent cap on the annual increase of property taxes for all non-homestead properties. The 2008 amendment sunsets on Jan. 1, 2019, unless renewed in the 2018 general election. HJR 21 puts the question before voters again in November 2018. Unlike the 2008 referendum, which had a 10-year lifespan, HJR 21 would make the cap permanent. HOMESTEAD TAX EXEMPTION Representing $645 million (and then increasing in subsequent years) in property tax savings, HJR 7105 puts a constitutional amendment on the 2018 ballot that would allow homeowners to shield an additional $25,000 of the value of their home from nonschool property taxes. This additional $25,000 would apply the exemption to the portion of values between $100,000 and $125,000. Effective Jan. 1, 2019, if approved by 60 percent of voters. orlandorealtors.org 15
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