Hawaii SB1623 mandates licensing for condominium managing agents and employees to ensure compliance with condominium governance laws.

Hawaii SB1623 aims to enhance the accountability of condominium managing agents by requiring them to be licensed. The bill stipulates that managing agents must be licensed real estate brokers or authorized corporations and must register with the commission. It also mandates that managing agents obtain a fidelity bond to protect against losses caused by fraudulent or dishonest acts of their employees. The bill further requires managing agents to report changes in their registration information and to act promptly to recover losses from their fidelity bond.

Hawaii SB1623 mandates licensing for condominium managing agents and employees to ensure compliance with condominium governance laws.

Hawaii SB1623 aims to enhance the accountability of condominium managing agents by requiring them to be licensed. The bill stipulates that managing agents must be licensed real estate brokers or authorized corporations and must register with the commission. It also mandates that managing agents obtain a fidelity bond to protect against losses caused by fraudulent or dishonest acts of their employees. The bill further requires managing agents to report changes in their registration information and to act promptly to recover losses from their fidelity bond.