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, 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. This bill would require the board of directors of the association to review, on an annual basis, fees charged by the managing agent, as specified. The bill would require the association to deliver through electronic means a statement of these fees upon written request by a member.