Added by Stats. 2012, Ch. 180, Sec. 2. (AB 805) Effective January 1, 2013. Operative January 1, 2014, by Sec. 3 of Ch. 180.
(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.
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