Section 20-461-4 - Contracts and bonds(a) Each applicant for a community association manager certificate of registration, and each registrant seeking renewal of such a certificate of registration, shall include with the application or renewal application proof of the existence of the bond or bonds required by section 20-460 of the general statutes.(b) If a registrant sends notification pursuant to section 20-461-3 of these regulations that he or she has contracted with an additional association, or has renewed an existing bond, the registrant shall include with the notice proof of the existence of the required bond.(c) All contracts concerning the provision of association management services shall comply with all federal or state fair housing statutes or regulations.(d) Whenever a provision of these regulations requires proof of the existence of a bond, such proof shall consist of the following:(1) a certificate of insurance from the insurance company verifying the existence and amount of the bond, and listing the association as an obligee; and(2) a written statement from two officers of the association, one of whom must be the treasurer, listing the estimated highest level of reserve funds over the next twelve months, the amount of the monthly association assessments, and the estimated maximum funds that will be in the custody of the community association manager at any time.(e) A community association manager shall obtain a bond for each association in an amount sufficient to cover the maximum funds that will be in his or her custody at any time while the bond is in force, but in no event shall the bond amount be less than the total of the estimated highest level of reserve funds over the next twelve months plus three months' assessments, except as provided in section 20-460(c) of the general statutes.(f) The bond for each association shall cover every employee, officer, partner, member or agent of the community association manager.(g) If a contract to provide association management services is terminated for any reason, the community association manager shall turn over, without charge, funds and financial records to the association within five business days of such termination, unless a later date is requested by the association.Conn. Agencies Regs. § 20-461-4
Effective November 25, 1991