On March 4, 2015, the Colorado Division of Real Estate ("Division") held a permanent rule-making hearing to take public testimony with regard to the community association manager licensing rules. The Division considered the oral testimony given at the hearing, as well as suggestions submitted during the comment period, and modified the rules where applicable. As of March 9, 2015, the Director of the Division of Real Estate ("Director") has adopted the rules to implement and administer the Community Association Managers Practice Act. The rules will be effective May 6, 2015 and include: A rules (license qualifications, applications & examinations); B rules (continuing education); C rules (licensing - office); D rules (renewal, transfer, inactive license, reinstatement & insurance); E rules (separate accounts - records - accountings); F rules (professional standards - investigations); G rules (declaratory orders); and H rules (exceptions & director review of initial decisions). The permanent rules have been posted on the Division's website for review.
The Department of Regulatory Agencies is primarily cash funded by regulated entities through fees and assessments. Therefore, the Division has been working with the Budgeting Office to determine the initial licensing fees for the community association manager program. As with any newly regulated industry, the fee setting is complex and based on preliminary estimates of the anticipated licensing population. As such, it has been determined that the one year original licensing fee for community association managers will be $205 and the original fee for a community association business entity will be $175. Please keep in mind, community association business entity fees are one-time only fees and are not subject to renewal.
Additionally, the Division will have the licensing application available for all applicants beginning Wednesday, April 1, 2015. Effective July 1, 2015, it is unlawful for any person to engage in, or to hold out himself, herself, or itself as qualified to engage in the business of community association management without first having obtained a license from the Division. In order to be properly licensed by July 1, all applicants must complete the following:
- Hold one of the credentials found in section 12-61-1003(5)(a)(I)(A), (B), or (C), C.R.S., or complete 24 hours of alternative instruction created by the Division of Real Estate;
- Certify completion of the required educational requirements;
- Pass the state exam (Consisting of two parts: General and State specific);
- Submit a set of fingerprints to the Colorado Bureau of Investigation for the purpose of conducting a fingerprint-based criminal history record check; and
- Complete the Division created application for licensure.
Division staff has greatly appreciated the participation and input from industry and consumer groups. This cooperation is critical to the Division's ability to fulfill its mission of protecting the Colorado consumer; as well as promoting a fair and competitive business environment through appropriate and meaningful regulations.
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Written and Published by: VanEd