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Proposed Insurance Requirement for Property Management Companies Fails in the Maryland Legislature

by | Aug 20, 2012

Another bill effecting condominiums and homeowners association that failed to pass during the 2012 session of the Maryland General Assembly related to insurance coverage for property management companies.  House Bill 741 would have required management companies, employed by condominiums, homeowners associations or housing cooperatives, to purchase fidelity insurance that would indemnify the assoication from an act or omission arising from fraud, dishonesty or criminal acts by an agent of employee of the mangagement company.  The proposed law received an umfavorable report from the Environmental Matters Committee, and never came to a vote.

Proposed Maryland Legislation Would Have Created State Board To Regulate Property Management Companies

by | Aug 16, 2012

House Bill 433 and Senate Bill 372 from the 2012 session of the Maryland General Assembly proposed the creation of a State Board of Common Interest Community Managers to regulate the provision of property management services to common interest communities, including condominiums, homeowner associations and housing cooperatives.  The legislation would have required the licensing of community association property managers through the new State Board.  It also would have required condominiums with more than 10 units, associations with more than 50 lots, and any community that is professionally managed, to register with the Board.  The bill was considered by the Environmental Matter Committee, but never came to a vote.