Bill > A1699

This bill requires the licensure of community management entities that contract to conduct management services for the associations of planned real estate developments in New Jersey. The Commissioner of Community Affairs would be directed to establish a licensing system and experiential prerequisites for these entities. Following the bill's effective date, an entity would be prohibited from entering a new contract to serve as a community management entity without first obtaining a license, and violations would result in penalties of up to $4,000 per contract. The bill defines a "community management entity" as an entity that provides management services, such as administering finances and coordinating meetings, for the association of a planned real estate development, which includes homeowners' associations, condominiums, and cooperative communities.