Under the Virginia Code, any common interest community manager engaged in community management services must be licensed to do so in the state. A common interest community manager is defined as a person or business entity, including but not limited to a partnership, association, corporation, or limited liability company, who, for compensation or valuable consideration, provides any of the following services to a common interest community:
Firms that hold an active Accredited Association Management Company (AAMC) designation by CAI qualify for certification by the Common Interest Community Board
Firms that do not hold an AAMC must designate at least one qualifying individual (supervisory employee, officer, manager, owner or principal) involved in all aspects of management services who meets one of the following:
All applicants must also certify (certificate requirements) that at least half of individuals with principal responsibility for providing community association management services meet one of the following:
Effective July 1, 2012, employees of a licensed CICM with principal responsibility for community association management services or supervisory responsibility for employees who participate directly in providing community association management services must:
The certification requirements for individuals are found above.
In addition to the education and experience requirements, applicants must show they are in good standing in the Commonwealth, carry a blanket fidelity bond or employee dishonesty insurance policy, pay the required fees, and submit the required documentation with the application.
The applicant, the responsible person, and any principals of the firm must be in good standing in the Commonwealth and in every jurisdiction and with every board or administrative body where licensed, certified, or registered and the board.
Applicants must also carry a blanket fidelity bond or an employee dishonesty insurance policy. The policy must provide coverage in the amount of either $2 million or the aggregate amount of the operating and reserve balances of all associations under the control of the common-interest community manager during the prior fiscal year. Applicants may choose the lesser of these two options.
Applications must be accompanied by payment of the $100 application fee, the $25 recovery fund fee, and an annual assessment. The annual assessment is calculated by multiplying the applicant's gross receipts from the preceding year by 0.0005, the maximum assessment being $1,000. Supporting documentation of the preceding year gross receipts must be submitted with the application.
Applicants must submit the following documentation with their application:
Licenses must be renewed annually. Renewals must be accompanied by the $100 renewal fee, the calculated assessment, and proof of a blanket fidelity bond coverage or employee dishonesty insurance policy.