Regulatory agencies’ Division Of Real Estate regulates community association managers.
Business entities performing community association management in common interest communities in the state are required to obtain licenses under the bill. CAMs are regulated by the Division Of Real Estate (division) within the Department Of Regulatory Agencies (department). To be licensed, a business entity must:
Meet the insurance requirements specified by the director of the division (director);
An individual should be designated as the business entity’s controlling manager who is responsible for the business entity’s community association management activities;
Charge based on the number of individuals performing community association management for the business entity; and
Perform criminal history record checks on its controlling manager and each individual who manages a community association on its behalf.
Business entities licensed as CAMs must ensure that their controlling managers and each individual performing community association management on their behalf are certified by the Community Association Managers International Certification Board or the Community Associations Institute, and that they comply with periodic continuing education requirements.
In the bill, the director is instructed to establish a points-based disciplinary system for determining the appropriate level of discipline to impose on licensed entities based on the level of violation.
Before September 1, 2029, the bill repeals the licensure of CAMs. It also directs the department to conduct a sunset review of the licensure program.