Plain English Breakdown
The official source states the Department of Real Estate will develop the course but does not specify exactly when it will be available.
AB-739: Rules for Managing Agent Fees and Executive Officer Training
This law requires common interest development associations to list managing agent fees in their annual policy statements, review those fees yearly, and mandates that validated executive officers complete a specific training course.
What This Bill Does
- Requires the annual policy statement sent to members to include a full list of all fees charged by the managing agent.
- Mandates that the board of directors reviews the fees charged by the managing agent once every year.
- Directs the Department of Real Estate to create an education course for executive officers about review requirements, fiduciary duties, management duties, and details of the Davis-Stirling Act.
- Requires validated executive officers to complete 12 hours of this new training within a specified timeframe after the course is developed.
- Allows members to request a copy of the managing agent fee statement in writing, which must be sent electronically.
Who It Names or Affects
- Common interest development associations and their boards of directors
- Executive officers of these associations who are validated by the Secretary of State
- Managing agents hired to control assets for compensation
- Members or owners living in common interest developments
Terms To Know
- Common Interest Development (CID)
- A type of housing community governed by the Davis-Stirling Common Interest Development Act.
- Managing Agent
- A person who, for compensation or in expectation of compensation, exercises control over the assets of a common interest development.
- Executive Officer
- An official leader of an association that is validated by the Secretary of State.
Limits and Unknowns
- The specific start date for when executive officers must finish their training depends on when the course is developed.
- The text does not state a specific dollar amount or limit for managing agent fees, only that they must be listed and reviewed.