Real Property - Regulation of Common Ownership Community Managers

HB 853 creates a State Board of Common Ownership Community Managers within Maryland’s Department of Labor to license and regulate professionals managing residential communities. It directly affects condominiums, cooperatives, and homeowners associations (excluding timeshares) by requiring community managers to hold licenses, mandating community registration under certain conditions, and requiring contracts to include fidelity bonds or theft insurance. Key provisions include setting licensing standards, specifying required contract terms for management services, and establishing a dedicated fund to cover board operations. The bill aims to standardize oversight for community management services across Maryland’s residential communities.