R5AC - Regulate Bulk Condo Unit Purchases

AN ORDINANCE OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, AMENDING CHAPTER 58 OF THE MIAMI BEACH CITY CODE, ENTITLED "HOUSING," BY CREATING ARTICLE VII, ENTITLED “CONSUMER PROTECTION OF OWNERS OF RESIDENTIAL REAL PROPERTY,” BY CREATING SECTION 58-600 THEREOF, TO BE ENTITLED “DEFINITIONS,” TO ADOPT CERTAIN DEFINED TERMS; CREATING SECTION 58-602 THEREOF, TO BE ENTITLED "NOTICE TO ASSOCIATIONS,” REQUIRING PROSPECTIVE BULK OWNERS OF RESIDENTIAL CONDOMINIUM UNITS TO PROVIDE NOTICE OF THEIR ACQUISITION OF INTERESTS IN CONDOMINIUM PROPERTY; CREATING SECTION 58-610 THEREOF, TO BE ENTITLED “CIVIL PENALTIES,” TO PROVIDE FOR PENALTIES AND ENFORCEMENT; AND PROVIDING FOR REFERENCES TO FLORIDA STATUTES, REPEALER, SEVERABILITY, CODIFICATION, AND AN EFFECTIVE DATE.