SB 3202

Abstract

Amends the Community Association Manager Licensing and Disciplinary Act. Provides that all community associations that (i) have 10 or more units, (ii) retain an individual to provide services as a community association manager for compensation, (iii) are not master associations, or (iv) are registered in the State as a not-for-profit corporation, shall pay to the Department of Financial and Professional Regulation an annual fee of $50 plus an additional $1 per unit not to exceed an annual fee of $1,000. Provides that 4 years after the date of the final adoption of rules under the Act, and every 2 years thereafter, the Secretary and the Board shall review the number of licenses and the amount collected from community associations and make any necessary adjustment of the fees for both licensees and community associations, as recommended by the Board, to equal the costs of administration for the licensing program. Provides that all monies received or collected pursuant to the Act shall be deposited in the Community Association Manager Licensing and Disciplinary Fund for the administration of the Community Association Manager Licensing Program and to protect the financial interests of community associations. Provides that the Department shall provide to the General Assembly on or before December 31, 2014, a report that examines all of the Department's costs to enforce the provisions of the Act. Effective immediately.