(a) A “managing agent” is a person who, for compensation or in expectation of compensation, exercises control over the assets of a common interest development.
(b) A “managing agent” does not include any of the following:
(1) A regulated financial institution operating within the normal course of its regulated business practice.
(2) An attorney at law acting within the scope of the attorney’s license.
(Added by Stats. 2012, Ch. 180, Sec. 2. Effective January 1, 2013. Operative January 1, 2014, by Sec. 3 of Ch. 180.)
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Related Statutes
- SB-434 (Archuleta) Common interest developments: managing agent: production of client property and client records upon termination of management agreement.
- Business & Professions Code Section 11501. “CID Manager” Defined.
- Business & Professions Code Section 11502.5. CID Manager Education Requirements.
- Business & Professions Code Section 11502. CID Manager Certification.
- Business & Professions Code Section 11504. Manager Disclosures.
- Civil Code Section 5385. Employee not “Managing Agent”.
- Civil Code Section 5375. Prospective Managing Agent Disclosure.