H.F. No. 4516 Summary

• Prohibits property managers or property management companies with direct or indirect interests in construction, salvage, or appraisal firms from hiring those firms unless the interest is disclosed in writing to property owners at least three days before executing a work contract.

• Prohibits property managers from requesting or accepting money, rebates, or anything of value from construction, salvage, or appraisal firms as inducement to refer business, as a condition for awarding contracts, as part of contract fees, or as fee splitting (unless the other person is a licensed contractor).

• Allows property owners to bring civil actions against property managers or companies that violate these provisions and recover damages, actual costs of the action, and reasonable attorney fees.

• Establishes that these remedies are in addition to any other remedies available under law.

• Applies to all persons engaged in managing real property owned by another, including unit owners' associations in common interest communities.