Real Property - Regulation of Common Ownership Community Managers

HB 303 creates a State Board of Common Ownership Community Managers within the Maryland Department of Labor to license and regulate professionals managing residential common ownership communities (like condominiums, cooperatives, and homeowners associations). It requires community managers to hold licenses, mandates that communities register with the Board under certain conditions, and requires contracts for management services to include specific provisions. The bill also imposes duties on contracting parties to maintain fidelity bonds or theft insurance and establishes a special fund to cover the Board’s operational costs. These changes directly affect community managers, property owners, and management companies operating in Maryland’s residential common ownership communities.