Legislation aimed at helping condo boards manage large amounts of reserve cash is moving forward in Tallahassee.
State Senator Jennifer Bradley is sponsoring the bill that allows boards to invest the mandatory reserve money needed for repairs to prevent another Surfside collapse.
Board certified condominium law expert Eric Glazer says currently boards have no guidance on how to manage the millions.
SB 1742 would set parameters on hiring an investment firm and for making "prudent" investment decisions.
"The investment committee would have to come up with advisors and the fund would have to be invested with these advisors prudently," says attorney Glazer. "So, the investors would have their hands on the money, not the board of directors anymore."
The bill is part of a series of condo reforms proposed since the Surfside condo collapse four years ago.
Because of the new condo safety laws, many condo owners complain they can't afford the assessments and those who can are concerned about who is in charge of all the millions.
A senate committee passed the bill yesterday, but it has to pass two more committees before it goes before the full senate.