HB 2753 Summary

• Establishes registration requirement for association property managers in Arizona, requiring managers to apply with the Department and submit affidavits disclosing any felony or dishonesty-related misdemeanor convictions within the past 10 years.

• Sets two-year registration terms with renewal fees, exempts licensed real estate brokers and agents from fees, and creates an association property management fund to implement and enforce the new regulations.

• Requires association property managers to avoid fraud and misrepresentation, properly account for and maintain association funds, maintain appropriate books and records, and maintain a performance bond or other financial assurance as determined by the Department.

• Authorizes the Department to investigate complaints and impose discipline including six-month suspension for first violations, 12-month suspension for second violations, and revocation for third or subsequent violations.

• Prohibits condominium and planned community associations from employing or compensating property managers unless they are registered under the new requirements, effective December 31, 2010.