H514 - Community Association Managers Licensure Act

• Establishes mandatory licensure for community association managers effective July 1, 2016, requiring applicants to be 18+, complete 45 hours of approved instruction, pass a licensing exam, and demonstrate good moral character and fitness.

• Requires community association managers to maintain fidelity bonds covering client budgets (maximum $2,000,000), segregate client funds in separate accounts, and maintain records for at least three years.

• Mandates annual registration of all community associations with the North Carolina Real Estate Commission beginning January 1, 2016, with registration fees not exceeding $100 annually.

• Prohibits community associations that fail to maintain registration from enforcing liens against property owners and restricts their access to legal remedies.

• Establishes licensing requirements for private community association manager schools, including $5,000 bonds, approval of instructional programs, and compliance with educational standards.