NJ A1947

Establishes mandatory licensure through the Commissioner of Community Affairs for community management entities that contract to provide management services for planned real estate development associations (HOAs, condominiums, cooperatives)

Defines "management services" to include acting with association authority in transactions, executing board resolutions, collecting/disbursing money, preparing budgets, administering finances, coordinating meetings, and negotiating contracts

Requires the Commissioner to establish experiential prerequisites that applicants must meet before obtaining a license

Imposes penalties of up to $4,000 per contract for any person or entity found operating as a community management entity without proper licensure

Takes effect on the first day of the seventh month following enactment, with regulations to be adopted by the same deadline