Requires licensure of community management entity that contracts to conduct management services for planned real estate development association.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill requires that community management entities – those that handle the day-to-day operations of planned real estate developments – obtain a license from the New Jersey Department of Community Affairs. The commissioner will establish requirements for these entities to demonstrate competence before they can contract with homeowners’ associations. Failure to obtain a license before entering a new management contract could result in a penalty of up to $4,000 per contract. The bill aims to ensure a certain level of professionalism and accountability in the management of these communities.
Bill text
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Document of record
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Sponsors
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1 on record
Primary sponsor
Joseph Cryan
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