Fla. Admin. Code Ann. R. 61B-17.005 - Examination of Documents

(1) "Initial Acceptance" means the division finds the filed documents that have been recorded acceptable as corrected, if any corrections are made following a notice of deficiency.

(2) "Final Acceptance" means:

(a) The division finds the non-recorded documents acceptable as corrected, if any corrections are made following a notice of deficiency, or

(b) The developer submitted recorded amendment(s) to previously recorded documents that incorporate corrections made after a notice of deficiency.

(3) "Record" or "recorded" means a document that has been recorded in the official records of the county where the condominium is located. The copy of the recorded document(s) provided to the division must bear the county clerk's official stamp or seal with the recording date and location in the public records by book and page. A photocopy of the recorded document is acceptable as long as the recording information is clearly legible.

(4) "Withdrawn" means the filing has been withdrawn from the review process.

(5) Upon receipt of a filing, the division will determine whether the filing is in proper form. The filing is considered to be in proper form when:

(a) Tabbing. All forms and documents, properly completed, tabbed, labeled and assembled in accordance with these rules, are included;

(b) The Condominium Filing Statement has been completed properly; and

(c) The correct filing fee has been received by the division.

(6) If the division does not give notice within (10) days after receipt of the filing, the filing is presumed to be in proper form for purposes of the examination process. If the filing is not considered to be in proper form, the division shall notify the developer or its agent of the unacceptability of the filing and the reasons therefor.

(7)

(a) The division will examine the content of the filing to determine its sufficiency under the Condominium Act and these rules. Within 45 days from receipt of the initial filing, the division shall notify the developer or its agent by mail of any deficiencies or that the filing is accepted. If the notice is not given within 45 days from receipt of the filing, the filing is presumed to be accepted. However, failure to notify the developer or its agent of any deficiencies shall not preclude the determination of deficiencies at a later date nor shall it relieve the developer of any responsibility under the law.

(b) Division acceptance of a filing pursuant to these rules shall automatically expire if, within 24 months after the date of the division's acceptance letter, the developer has not, pursuant to Section 718.104, F.S., created the condominium indicated in the accepted filing, or in the case of a phase condominium, has not created the phase or phases pertaining to that filing. However, division acceptance of a filing will not expire if, within 30 days before or after the expiration of the 24-month period referenced above, the developer in writing requests to extend the filing acceptance for an additional 24-month period. Additional requests to extend the acceptance may be filed within 30 days before or after the expiration of any requested extension. There is no fee associated with the timely filing of a request to extend the division's acceptance of a developer filing. Accompanying each request for extension shall be a statement signed by the developer or its duly authorized representative affirming that as of the date the request for extension is sent to the division, all changes to the accepted filing occasioned by changes in Chapter 718, F.S. The Condominium Act, and the rules of the division, have been effectuated. The developer, when the filing acceptance expires pursuant to this rule, shall immediately and in writing notify all purchasers under contract of the expiration of acceptance of the filed documents and shall offer immediate refunds of any deposits collected, as well as interest as appropriate, under the contracts. If a filing acceptance expires, the developer, when subject to the provisions of Section 718.202, F.S., shall, within 45 days of such expiration, provide to the division a complete accounting of any deposits collected pursuant to the accepted documents. A complete refiling of the documents pursuant to the requirements of Chapter 718, F.S., and these rules, including the payment of filing fees, shall be required prior to any additional offerings.

(c) As utilized in this rule, the phrase "complete accounting" refers to a list of the names and addresses of all purchasers under contract, the date each contract was entered into, the amount of each deposit, the date and amount of each disbursement from the escrow account, and a copy of all notifications to purchasers under contract required by this rule.

(8) The developer shall have 45 days from the date of the division's notification of deficiencies in the filing to correct any deficiencies noted by the division. The developer shall submit such corrections with a cover letter containing an itemization of corrections in the same order in which the deficiencies were presented and shall submit corrected pages showing additions and deletions by underline and strike through or similar coding. The division shall, however, grant an extension of the 45-day period upon written request received by the division within the 45-day period, which request shall set forth the reasons for the request. If deficiencies are not corrected within the 45-day period and an extension of time is not timely requested, the division shall reject the filing and no further offers may be made. The developer will not be granted more than four (4) 45-day extensions. The division shall notify the developer of said rejection by a final order. Prior to the issuance of a final order, the division shall notify the developer of the pending action and shall provide an opportunity for the developer to respond in writing or at a hearing if requested. If a filing is rejected, the developer, when subject to the requirements of Section 718.202, F.S., shall, within 45 days of issuance of the final order of rejection, provide the division with a complete accounting of any deposits collected pursuant to the rejected documents. The developer shall also, immediately and in writing, notify all purchasers under contract of the rejection and shall offer immediate refund of deposits collected, as well as interest as appropriate, under the contracts. A complete refiling of the documents pursuant to the requirements of Chapter 718, F.S., and these rules, including the payment of filing fees, will be required prior to any additional offerings.

(9) The division shall notify the developer or its agent within 30 days from the receipt of documents correcting noted deficiencies of the acceptability of the corrections. If the notice is not given within 30 days, the documents will be considered accepted for filing purposes.

(10) In no event shall the division's acceptance of the filing be construed as a division endorsement or approval of the offering and no document or offering material shall indicate that the division has in any manner endorsed or approved the offering.

(11) If a filing is received without the correct filing fee, the Division's review period will not commence and the filing will not be reviewed. If the correct filing fee is not submitted within one week after the developer receives the division's notification, the filing will be returned, no further offers may be made, and all purchasers under contract shall be entitled to a refund of any deposit and interest earned thereon.

(12) If a filing contains previously recorded documents that require corrections, a recorded amendment incorporating these corrections must be filed within 30 days of the division issuing an Initial Acceptance. If the recorded amendment is not submitted or if the filing has not been withdrawn within the 30-day period, the division will reject the filing under this rule, and no further offers may be made utilizing the rejected documents.

Notes

Fla. Admin. Code Ann. R. 61B-17.005

Rulemaking Authority 718.501(1)(f), 718.502(1)(c) FS. Law Implemented 718.501, 718.502, 718.505 FS.

New 11-15-77, Amended 7-22-80, 8-31-83, Formerly 7D-17.05, Amended 9-7-88, 3-21-89, Formerly 7D-17.005, Amended 1-26-03, 8-30-04, 12-10-2013.

New 11-15-77, Amended 7-22-80, 8-31-83, Formerly 7D-17.05, Amended 9-7-88, 3-21-89, Formerly 7D-17.005, Amended 1-26-03, 8-30-04, 12-10-13.