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.