§514B-132 Managing agents. (a) Every managing agent shall:
(b) The commission may deny any registration or reregistration application or terminate a registration without hearing if the fidelity bond and supporting documents fail to meet the requirements of this chapter and the rules adopted pursuant thereto.
(c) Every managing agent shall be considered a fiduciary with respect to any property managed by that managing agent.
(d) The registration requirements of this section shall not apply to active real estate brokers in compliance with and licensed under chapter 467.
(e) If a managing agent receives a request from the commission to distribute any commission-generated information, printed material, or documents to the association, its board, or unit owners, the managing agent shall make the distribution at the cost of the association within a reasonable period of time after receiving the request. The requirements of this subsection apply to all managing agents, including unregistered managing agents. [L 2004, c 164, pt of §2; am L 2005, c 93, §7; am L 2006, c 273, §21]