Rule-Making Begins on Foreign Buyer Law
Fla. regulators published notices to begin creating rules required under SB 264, the new Fla. law affecting sales to some foreign principals.
ORLANDO, Fla. – Two Florida agencies – the Department of Commerce (formerly DEO, the Department of Economic Opportunity) and the Department of Business and Professional Regulation (DBPR) announced plans to propose regulations related to SB 264, a bill passed by the 2023 Florida Legislature.
The bill impacts buyers associated with a foreign country of concern – China, Russia, Iran, North Korea, Cuba, Venezuela and Syria. The notice published by the Florida Real Estate Commission (FREC) specifies FREC will propose a new rule that will implement a form for a buyer’s affidavit, which is a requirement of the new foreign buyer law. The subject of Department of Commerce rulemaking will be the purchase of real property on or around military installations or critical infrastructure facilities by foreign principals, including definitions, registration requirements, computation of time, fines and liens.
A rule development workshop can be requested and will be noticed in the Florida Administrative register. Currently, there is no preliminary text of the proposed rules available.
The notices contain contact names if anyone wishes to comment. The announcements are reproduced below:
Department of Commerce
Notice of Development of Rulemaking
DEPARTMENT OF ECONOMIC OPPORTUNITY
RULE NOS.: RULE TITLES:
73-1.001 Definitions
73-1.002 Registration Requirements
73-1.003 Computation of Time
73-1.004 Fines
73-1.005 Liens
73-1.006 Rebuttable Presumption
PURPOSE AND EFFECT: To create a rule that aligns with new legislative changes from Senate Bill 264 from the 2023 Legislative Session that prohibits the purchase of real property on or around military installations or critical infrastructure facilities by foreign principals.
SUBJECT AREA TO BE ADDRESSED: Purchase of real property on or around military installations or critical infrastructure facilities by foreign principals.
RULEMAKING AUTHORITY: 692.203(10), F.S.
LAW IMPLEMENTED: 692.203, F.S.
IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE NOTICED IN THE NEXT AVAILABLE FLORIDA ADMINISTRATIVE REGISTER.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Karen Gates, Department of Commerce, 107 East Madison Street, Tallahassee, Florida 32399, RuleComments@commerce.fl.gov, (850) 245-7150. The Department of Commerce encourages the public to submit written comments for this rule development. To submit a comment on this rule development, please email RuleComments@commerce.fl.gov. All comments are requested to be submitted by August 14, 2023.
THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS NOT AVAILABLE.
FREC affidavit rulemaking
DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
Florida Real Estate Commission
RULE NO.: RULE TITLE:
61J2-10.200 Buyer’s Affidavits; Form
PURPOSE AND EFFECT: The Board proposes a new rule that will implement a form for buyer’s affidavits.
SUBJECT AREA TO BE ADDRESSED: To add a new rule that will implement a form for buyer’s affidavits. RULEMAKING AUTHORITY: 692.202(5)(c), 692.203(6)(c) FS.
LAW IMPLEMENTED: 692.202, 692.203 FS.
IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE NOTICED IN THE NEXT AVAILABLE FLORIDA ADMINISTRATIVE REGISTER.
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Giuvanna Corona, Executive Director, Florida Real Estate Commission, 400 W. Robinson Street, #N801, Orlando, FL 32801, Giuvanna.Corona@myfloridalicense.com.
THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS NOT AVAILABLE.
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