AB 739: Common interest developments: managing agent fees.

Existing law, the Davis-Stirling Common Interest Development Act, governs the formation and operation of common interest developments, and requires a common interest development to be managed by an association, as specified. Existing law, unless otherwise provided by the governing documents, authorizes the board of directors of the association to hire a managing agent, defined as a person who, for compensation or in expectation of compensation, exercises control over the assets of a common interest development. Existing law requires the association to distribute an annual policy statement, containing certain information, to the members within 30 to 90 days before the end of the fiscal year. Existing law requires, unless the governing documents impose more stringent requirements, the board of directors of the association to review various financial documents and statements on a monthly basis.