SB801

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

This bill mandates that managing agents for residential condominium properties exceeding seventy-five feet in height must have commercial property management experience. It amends existing law to include this requirement, ensuring that managing agents possess the necessary expertise to handle the structural conditions of high-rise properties. The bill also requires managing agents to obtain and maintain a fidelity bond to protect against losses caused by fraudulent or dishonest acts of employees.