SB 434 – Managing Agent: Production of Records

The Davis-Stirling Common Interest Development Act defines a “managing agent” as a person who, for compensation or in expectation of compensation, exercises control over the assets of a common interest development.

This bill would require a managing agent whose management agreement has been terminated to produce client property and client records as soon as reasonably practical after the managing agent receives the request, but in no event more than 30 days from either the effective date the management agreement was terminated or the date the managing agent received the request, whichever is later, except as specified. The bill would define “client property” and “client records” for purposes of those provisions. The bill would also require that the client property and client records be provided in a format that the association can reasonably use.