MD HB303

Creates the State Board of Common Ownership Community Managers within the Maryland Department of Labor, consisting of 9 members appointed by the Governor with 4-year terms

Requires individuals to obtain a license or limited license to provide management services for condominiums, cooperative housing corporations, and homeowners associations in Maryland, with 2-year license terms

Licensed Community Managers must complete approved training, pass an examination including Maryland law, and have either 5 years experience as a Licensed Associate Community Manager or hold an approved professional designation

Mandates that contracting parties maintain fidelity bond or theft insurance coverage up to $2,000,000, keep separate financial accounts for each community, and prohibits commingling of funds (willful violations punishable by up to $25,000 fine and/or 5 years imprisonment)

Requires common ownership communities to register annually with the Board by January 1, and the Board may impose penalties up to $5,000 per violation; the Act terminates July 1, 2031 under the Maryland Program Evaluation Act