Synopsis As Introduced Amends the Condominium Property Act. Requires licensing of managers of community associations. Creates the Community Association Manager Regulatory Commission, whose members are appointed by the Governor, to administer the licensing. Requires the payment of fees. Sets forth licensing requirements. Provides for discipline and other matters. Amends the State Finance Act to create a special fund. Effective July 1, 2009.
Deletes everything after the enacting clause. Further amends the Condominium Property Act. Provides standards for compensated community association managers. Provides that a community association manager must (1) be at least 21 and a citizen or legal permanent resident; (2) not have been convicted of forgery, embezzlement, or similar offenses; (3) have knowledge of community association management and applicable laws; and (4) not have failed to cooperate with law enforcement in a complaint investigation. Provides that for community associations with 6 or more units, a manager shall not have exclusive access to association funds unless there is a fidelity bond for the association funds under the manager's control. Provides requirements concerning bonds and funds management. Provides that this Section does not apply to a receiver, bankruptcy trustee, administrator, executor, or guardian under a court order, will, or trust. Provides that this Section does not create a cause of action by a unit owner against a manager or impair any action under existing law that a unit owner may bring against an association board.