HB591

Requires managing agents for residential condominium properties over 75 feet in height to have commercial property management experience.

This bill mandates that managing agents for residential condominium properties exceeding 75 feet in height must have experience in commercial property management. It amends existing law to include this requirement, ensuring that managing agents possess the necessary expertise to handle the complexities of high-rise properties. The bill also outlines procedures for managing agents to maintain fidelity bonds, which protect against losses due to fraudulent or dishonest acts by employees.