California AB739 amends the Civil Code to revise the duties of managing agents in common interest developments.

California AB739 amends the Civil Code to revise the duties of managing agents in common interest developments. The bill specifies that managing agents must review monthly reconciliations of operating and reserve accounts, income and expense statements, and check registers. Annually, they must review a statement of fees charged by the managing agent, detailing the time period, total billed and paid amounts, and a breakdown of fees into base management fees and reimbursable expenses.

California AB739 amends the Civil Code to revise the duties of managing agents in common interest developments.

California AB739 amends the Civil Code to revise the duties of managing agents in common interest developments. The bill specifies that managing agents must review monthly reconciliations of operating and reserve accounts, income and expense statements, and check registers. Annually, they must review a statement of fees charged by the managing agent, detailing the time period, total billed and paid amounts, and a breakdown of fees into base management fees and reimbursable expenses.