HI HB591

Requires managing agents for residential condominium properties exceeding 75 feet in height to have commercial property management experience.

Amends Hawaii Revised Statutes Section 514B-132 by adding a new requirement (subsection 7) that managing agents demonstrate experience in commercial property management for high-rise residential properties.

Maintains existing requirements for managing agents including: licensed real estate broker status, biennial registration with the commission, fidelity bond coverage of $500 per unit (minimum $20,000, maximum $500,000), and immediate reporting of registration changes.

Addresses legislative findings that volunteer AOAO (Association of Apartment Owners) board members lack expertise comparable to professional property managers and current statutory requirements are inadequate to protect against incompetence, negligence, fraud, or misrepresentation.

Takes effect upon approval with no specified effective date delay.