Committee OKs HOA fidelity-bond requirement to protect residents
The committee voted unanimously to move Senate Bill 23‑26, which would require homeowners associations to obtain and maintain a blanket fidelity bond against theft or dishonesty by officers or employees, to the committee calendar.
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Sponsor explained SB 23‑26 would require homeowners associations or unit owners associations to obtain and maintain a blanket fidelity bond to protect against losses from theft or dishonesty by officers, directors or employees. "This legislation requires a homeowners association or unit association in HOAs to obtain and maintain a blanket fidelity bond to ensure itself against losses resulting from theft or dishonesty," the sponsor said.
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