Bill > A5493

This bill requires the licensure of community management entities that contract to conduct management services for the associations of planned real estate developments. The Commissioner of Community Affairs will establish a system for the licensure of these entities, including experiential prerequisites. After the effective date, entities will be prohibited from entering new contracts to serve as community management entities without first obtaining a license, and the commissioner will impose penalties for violations. The bill defines a "community management entity" as a person or entity that, for consideration, performs management services such as administering finances and coordinating meetings for the association of a planned real estate development, which includes communities governed by homeowners' associations, condominiums, and cooperative communities. The commissioner will adopt the necessary regulations within seven months of the bill's enactment, and the bill will take effect on the first day of the seventh month following enactment.

Housing and Urban Affairs