Hawaii SB801 mandates commercial property management experience for managing agents of high-rise residential condominiums.

Hawaii SB801 addresses the inadequacy of current statutory requirements for managing agents, particularly for residential condominium properties over seventy-five feet in height. The bill aims to protect AOAO board members and unit owners from potential losses due to incompetence or fraud by requiring managing agents to have commercial property management experience. Additionally, it mandates that managing agents maintain a fidelity bond to safeguard against employee fraud or dishonesty.

Hawaii SB801 mandates commercial property management experience for managing agents of high-rise residential condominiums.

Hawaii SB801 addresses the inadequacy of current statutory requirements for managing agents, particularly for residential condominium properties over seventy-five feet in height. The bill aims to protect AOAO board members and unit owners from potential losses due to incompetence or fraud by requiring managing agents to have commercial property management experience. Additionally, it mandates that managing agents maintain a fidelity bond to safeguard against employee fraud or dishonesty.