HB1447

Hawaii HB1447 mandates licensing for condominium managing agents to prevent fraudulent activities.

Hawaii HB1447 requires managing agents of condominiums to be licensed to prevent fraudulent activities. The bill mandates that managing agents must be licensed real estate brokers or corporations authorized to do business. It also requires managing agents to obtain and maintain a fidelity bond to protect against losses caused by fraudulent or dishonest acts of their employees. Failure to comply with these requirements can result in the denial of registration or termination of the managing agent's registration.