NC H871

Creates licensing requirement for community association property managers under the North Carolina Real Estate Commission, effective October 1, 2013.

Defines community association property management as activities including collecting assessments, managing funds, preparing budgets, obtaining insurance, and conducting meetings for owner's associations governed under Chapters 47C and 47F.

Requires community association property managers to maintain at least $20,000 fidelity bond coverage and prohibits control over reserve accounts and certain operating accounts without board approval and duplicate financial statement reporting.

Mandates annual community association registration with the Commission, including $100 fee, and requires written management contracts with one-year terms containing escape clauses and cancellation notice provisions.

Establishes that licenses may only be issued to individuals, not business entities, and prohibits licensees from providing legal or financial advice outside their scope of practice.