RELATING TO MANAGING AGENTS.
What changed between versions
Added a new requirement that managing agents for residential condominium properties over 75 feet in height must have commercial property management experience.
Added a new subsection requiring managing agents to act promptly to recover losses from fidelity bonds when employee fraud causes financial harm to associations.
Added provisions allowing managing agents unable to obtain fidelity bonds to seek exemptions from the commission.
Added requirement for managing agents to pay nonrefundable application and registration fees as prescribed by the director of commerce and consumer affairs.
Added requirement for managing agents to immediately report in writing to the commission any changes to registration information.
Removed the automatic termination provision for fidelity bond failures, replacing it with more detailed language about nonregistration or automatic termination unless exemptions are maintained.
Changed the effective date from July 1, 2025 to July 1, 3000 (likely a placeholder or error in the draft version).