Colorado Real Estate Journal - August 5, 2015
Colorado’s community association manager licensing requirements went into effect July 1. The law requires community association managers and management firms to be licensed by the state. The regulation was first under study in the 2012 Sunrise Review: Common Interest Community Association Managers, conducted by the Department of Regulatory Agencies. The recommendation from the review and ultimate intent of the new law is to provide additional means of consumer protection to the 1.18 million residents living in over 9,100 community association neighborhoods in Colorado. Managers must complete 24 hours of pre-licensing education that is focused on the practice of community association management. Managers can meet the requirement by obtaining a Certified Manager of Community Associations credential, awarded by Community Association Mangers International Certification Board. In order to be awarded the CMCA, managers must demonstrate a comprehensive understanding of the practice of community association management and agree to abide by a standard of professional conduct. Managers must demonstrate a knowledge of Colorado’s laws concerning governing common interest communities and complete a state background check. Additionally, the law requires all active, licensed community association management companies to have a policy of errors and omissions insurance to cover all acts requiring a license. Every active designated manager licensee must have a blanket fidelity bond covering the dishonest acts of all employees in the company. Further, the law provides means of consumer protection by implementing repercussions for managers who act outside of the best interest for their community. The Community Associations Institute has a web page dedicated to details and information on how to obtain the Colorado community association manager license, www.caionline.org.