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With sponsors saying they are trying to ease financial strains on condominium owners, Florida House and Senate committees on Tuesday approved plans to revamp laws dealing with condo associations.

The House Commerce Committee and the Senate Agriculture, Environment and General Government Appropriations Committee unanimously backed the measures (HB 913 and SB 1742), which include differences that will need to be negotiated before a final version could pass.

The bills would revise laws that stem from the 2021 collapse of the Champlain Towers South condominium building in Surfside that killed 98 people.

The laws, initially passed in 2022 and tweaked in 2023, included requiring “milestone inspections” of older buildings and “structural integrity reserve” studies to determine how much money should be set aside for future major repairs.

But as condo associations have tried to meet the requirements, residents have said they face steep financial assessments to cover the costs.

The bills, for example, would allow condo-association boards to obtain lines of credit. read more

By STAN CHOE, Associated Press Business Writer

NEW YORK (AP) — Nvidia is pulling Wall Street lower on Wednesday after it said new restrictions on exports to China will chisel billions of dollars off its results.

The S&P 500 was down 0.9% in early trading. The Dow Jones Industrial Average was down 180 points, or 0.4%, as of 9:35 a.m. Eastern time, while the slide for Nvidia and other stocks in the chip industry dragged the Nasdaq composite down a market-leading 1.7%.

Nvidia was the single heaviest weight on the market and dropped 5.7% after it said the U.S. government is restricting exports of its H20 chips to China, citing worries that they could be used to build a supercomputer. The limits could shave roughly $5.5 billion off Nvidia’s results for the first quarter, covering charges related to inventory and purchase commitments.

China and the United States, the world’s two largest economies, have been locked in a trade war and raising tariffs and other impediments to trade between each other. But these restrictions on exports for chips used in artificial-intelligence technology are getting more support from both U.S. political parties, not just President Donald Trump’s. read more

By Kimberly Palmer, NerdWallet

Intuitive budgeting involves approximating your expenses instead of counting every penny. For some people, this kind of relaxed approach is more appealing than traditional budgeting.

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“It’s more of a dance with your numbers,” says Bari Tessler, author of “The Art of Money” and a financial therapist in Boulder, Colorado.

In fact, Tessler shies away from even using the word “budget,” which can feel “so rigid and diet-like, as if there’s a right and wrong way.”

Tessler prefers “money map.” That phrase, she says, evokes the idea that “this is something we get to craft on our own, based on what phase of life we’re in, who we’re caring for and what our numbers look like.” read more

NEW YORK (AP) — A federal judge has ordered Bank of America to pay more than $540 million to resolve long-running litigation from a U.S. regulator that alleged the company underpaid mandatory assessments for deposit insurance.

The order, reached March 31 and published publicly on Monday, arrives over eight years after the Federal Deposit Insurance Corporation sued Bank of America in 2017.

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“We are pleased the judge has ruled and have reserves reflecting the decision,” Bank of America said in a statement to The Associated Press. The FDIC declined to comment when reached Tuesday. read more

By ALEXA ST. JOHN

DETROIT (AP) — President Donald Trump hinted that he might temporarily relieve the auto industry from “permanent” tariffs he previously imposed on the business. The president didn’t specify how long the potential pause would be or what it would entail, but the auto sector is awaiting how rules might change on 25% tariffs based on U.S. parts, if duties remain on assembled vehicles.

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Experts have said short pauses aren’t likely to give carmakers enough of an opportunity to adjust their vast global supply chains, though parts exemptions would certainly bolster the industry amid Trump’s trade war whiplash. read more