Section 1.  Subsection (2) of section 190.009, Florida

Statutes, is amended to read:

     190.009  Disclosure of public financing.--

     (2)  The Division of Florida Land Sales, Condominiums,

Homeowners' Associations, and Mobile Homes of the Department of

Business and Professional Regulation shall ensure that

disclosures made by developers pursuant to chapter 498 meet the

requirements of subsection (1).

     Section 4.  Section 190.048, Florida Statutes, is amended

to read:

     190.048  Sale of real estate within a district; required

disclosure to purchaser.--

     (1)(a)  Subsequent to the establishment of a district under

this chapter, each contract for the initial sale of a parcel of

real property and each contract for the initial sale of a

residential unit within the district shall include as a separate

addendum to the contract, immediately prior to the space

reserved in the contract for the signature of the purchaser, the

following disclosure statement in boldfaced and conspicuous type

which is larger than the type in the remaining text of the

contract: "THE   (Name of District)   COMMUNITY DEVELOPMENT

DISTRICT MAY IMPOSE AND LEVY TAXES OR ASSESSMENTS, OR BOTH TAXES

AND ASSESSMENTS, ON THIS PROPERTY. THESE TAXES AND ASSESSMENTS

PAY THE CONSTRUCTION, OPERATION, AND MAINTENANCE COSTS OF

CERTAIN PUBLIC FACILITIES AND SERVICES OF THE DISTRICT AND ARE

SET ANNUALLY BY THE GOVERNING BOARD OF THE DISTRICT. THESE TAXES

AND ASSESSMENTS ARE IN ADDITION TO COUNTY AND OTHER LOCAL

GOVERNMENTAL TAXES AND ASSESSMENTS AND ALL OTHER TAXES AND

ASSESSMENTS PROVIDED FOR BY LAW."

     (b)  The disclosure statement in paragraph (a) shall also provide

complete copies of all covenants and restrictions to which the

property is subject. This addendum shall disclose any existing

agreement between a developer and any other party that obligates

the purchaser of the unit to additional taxes, assessments, or fees

within 10 years following the sale of the unit. Such disclosure

shall provide a reasonable estimate of the first 3 years for

each tax, assessment, or fee. Any significantly under funded or

unfunded liabilities of a CDD which potentially may become the

responsibility of the CDD residents within in the next ten (10) years 

must be identified, explained and disclosed.

Such disclosure shall be provided to the purchaser

within 10 days before the execution of the sales contract;

Otherwise, the contract may be voided at the election

of the purchaser and any deposits shall be returned in full.

However, such disclosure may be provided to the purchaser

10 days before the execution of the sales contract if the

closing date has been extended by an additional 10 days.

     (2)(a)  Failure to provide the disclosure statement as

required in subsection (1) shall constitute a rebuttable

presumption of willful noncompliance with subsection

(1) and shall result in a fine of $2,500 for each violation, up

to a maximum of $10,000, payable to the prospective buyer, and

shall include reasonable attorney's fees and collection costs,

due 30 days after the execution or voiding of the sales

contract. It shall be the responsibility of the seller and all

agents and brokers involved with the transaction to provide

these disclosure statements to the buyer,

     (b)  The developer and sales agent shall submit an annual

report to the Department of Community Affairs that certifies

compliance with this section and payment of any related fines

and criminal penalties for such noncompliance as may be passed

by the Legislature. Failure by the developer or sales agent to

provide an annual report shall result in a $50,000 fine payable

to the department.

     Section 2.  Section 190.0485, Florida Statutes, is amended

to read:

     190.0485  Notice of establishment.--Within 30 days after

the effective date of a rule or ordinance establishing a

community development district under this act, the district

shall cause to be recorded in the property records in the county

in which it is located a "Notice of Establishment of the

__________ Community Development District." The notice shall, at

a minimum, include the legal description of the district and a

copy of the disclosure statement specified in s. 190.048(1)(a).