Hawaii HB591 mandates commercial property management experience for managing agents of residential condominiums over 75 feet in height.

Hawaii HB591 amends the state's statutes to require managing agents for residential condominium properties exceeding 75 feet in height to have commercial property management experience. This change aims to ensure that managing agents possess the necessary expertise to handle the complexities of high-rise properties, aligning them with the standards of commercial buildings. The bill also mandates that managing agents maintain a fidelity bond to protect against losses due to fraud or dishonesty by their employees.

Hawaii HB591 mandates commercial property management experience for managing agents of residential condominiums over 75 feet in height.

Hawaii HB591 amends the state's statutes to require managing agents for residential condominium properties exceeding 75 feet in height to have commercial property management experience. This change aims to ensure that managing agents possess the necessary expertise to handle the complexities of high-rise properties, aligning them with the standards of commercial buildings. The bill also mandates that managing agents maintain a fidelity bond to protect against losses due to fraud or dishonesty by their employees.