S.F. No. 4442 Summary

• Property managers and management companies cannot have a financial interest in construction, salvage, or appraisal firms and hire those same firms for work without written disclosure to owners at least 3 days before executing a contract.

• Property managers are prohibited from requesting or accepting money, rebates, or anything of value from contractors as inducements for referrals, contract awards, fee arrangements, or fee splitting (unless the other party is a licensed contractor).

• Property managers cannot be compensated based on fines collected and cannot charge fees for collecting fines imposed by the association.

• Contracts with property managers exceeding one year cannot require more than 30 days' notice of nonrenewal and must be terminable by the owner for any reason upon 60 days' notice.

• Owners can sue property managers for violations in court and recover damages plus actual costs and reasonable attorney fees; fines levied by associations are capped at $100 per violation with a $2,500 total cap per violation and cannot be foreclosed as liens.