MN HF4485

Creates new statute 325E.68 requiring property managers to disclose in writing any direct or indirect interest in construction, salvage, or appraisal firms at least three days before hiring those firms for work.

Prohibits property managers from requesting or accepting money, rebates, or anything of value from contractors as inducement to refer business, condition for awarding contracts, part of fees, or fee splitting.

Limits automatic renewal contracts with property managers to 30-day notice requirements before anniversary dates and allows termination by property owners upon 60 days' notice.

Prohibits compensating property managers based on fines collected and prohibits charging fees for fine collection, with owners able to sue for damages including attorney fees if violated.

Caps individual fines at $100 and combined fines with late fees at $2,500, requires detailed written notice of fines and assessments, and adds restrictions on association retaliation against owners asserting legal rights.