Bill > S3789

This bill requires the licensure of community management entities that contract to conduct management services for the associations of planned real estate developments. Specifically, it directs the Commissioner of Community Affairs to establish a system for the licensure of these entities, including setting experiential prerequisites. Following the effective date, an entity cannot enter a new contract to serve as the community management entity for an association in New Jersey unless it first obtains a license. Violators may face a penalty of up to $4,000 per contract. The bill defines a "community management entity" as a person or entity who 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.

Housing and Urban Affairs