New Virginia law: oversight of association management companies

* Virginia shall create a Common Interest Community Board, with powers similar to the Real Estate Board, to establish licensing procedures for community managers and to hear consumer complaints against licensees.
* On January 1, 2009, all entities offering professional association management services for a fee will be required to be licensed in Virginia.
* By July 1, 2011, all company employees that have the primary responsibility for association management will obtain certification from the Common Interest Community Board that the individual possesses the skills and character necessary for association management.
* Association management companies will be required to obtain surety bonds in the amount of $2 million or the amount of operating and reserve balances of the association, whichever is less.
* All association funds must be kept separate from the management company’s operating accounts.
* A Common Interest Community Ombudsman will be named to educate and assist association members.
* Annual reports on complaints and inquiries shall be submitted to the General Assembly and the Housing Commission.
* A Common Interest Community Management Recovery Fund is established to pay claims resulting from violations of the statute.