As we all know, the new manager licensing regulations impose a number of requirements on community association managers (“CAM”) and CAM companies. One such regulation, Rule F-1(2), requires the CAM or CAM company to keep and retain a copy of the “documents and association records maintained and produced during the management of the common interest community for a minimum period of 3 years following termination”.
This begs the question: exactly which records are “maintained and produced” during such management tenure? Just those records that the CAM produced during its management tenure? What about all the boxes of records that were turned over from the prior management company?
In response to that question, the Director of the Division of Real Estate adopted a position statement clarifying which association records are required to be retained by the CAM or CAM company following termination. The Director’s position is that Rule F-1(2) covers those documents that the CAM or CAM company has produced or been involved with during their management tenure. It does not include documents that the CAM or CAM company “was not involved with prior to their representation of the association”, or any “publicly recorded documents”.
Additionally, the Director clarified Rule A-8, which addresses reciprocity for those managers who hold licenses in other jurisdictions. Specifically, an applicant who has been licensed for two or more years in another jurisdiction may use that jurisdiction’s license in lieu of Colorado’s qualifying credential requirements. The Director identified the following four jurisdictions as having licensing qualifications that are substantively equivalent or greater than Colorado’s licensing requirements:
- Nevada, and
Within 30 calendar days after issuance of a CAM license under this criterion, the applicant must still successfully pass the Colorado law portion of the examination.