Common interest developments: managing agent fees.

Existing law, the Davis-Stirling Common Interest Development Act, governs the formation and operation of common interest developments, and requires a common interest development to be managed by an association, as specified. Existing law, unless otherwise provided by the governing documents, authorizes the board of directors of the association to hire a managing agent, defined as a person who, for compensation or in expectation of compensation, exercises control over the assets of a common interest development. Existing law requires, unless the governing documents impose more stringent requirements, the board of directors of the association to review various financial documents and…