Requires licensure of community management entity that contracts to conduct management services for planned real estate development association.

This bill requires community management companies that handle day-to-day operations for homeowner associations, condominiums, or cooperative communities to obtain a state license. It directly affects property management entities contracting with these associations across New Jersey. The law mandates the Community Affairs Commissioner to set experience requirements for licensing, prohibits unlicensed entities from entering new contracts, and allows penalties of up to $4,000 per violation. Management services covered include financial administration, meeting coordination, and decision execution on behalf of the community association.