Common interest developments: managing agent fees.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Passed
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill requires common interest developments to provide members with a detailed statement of all fees charged by their managing agents as part of the annual policy statement. It also mandates the Department of Real Estate to create and require training for executive officers on their fiduciary duties, management responsibilities, and the Davis-Stirling Act. The bill updates the Civil Code to clarify these requirements and establish a process for delivering fee statements electronically upon request.
Key provisions
- Requires annual policy statements to include a statement of all managing agent fees.
- Mandates the Department of Real Estate to develop and validate an education course for executive officers on the Davis-Stirling Act.
- Requires executive officers to complete 12 hours of the education course within two years of appointment or election.
- Updates Section 5310 of the Civil Code to include a requirement for managing agent fee disclosures in the annual policy statement.
- Adds Section 5378 to the Civil Code to specify electronic delivery of fee statements upon member request.
- Requires annual review of managing agent fees by the board of directors.
- Requires association to deliver fee statements electronically upon written request by a member.
- Updates Section 5500 to include detailed information about managing agent fees in the annual policy statement.
Who is affected
Bill text
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Sponsors
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1 on record
Primary sponsor
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