SB 2326

This bill requires a homeowners' association or a unit owners' association (together, a "HOA"") collecting assessments for common expenses to obtain and maintain a blanket fidelity bond to insure the HOA against losses resulting from theft or dishonesty committed by the officers, directors, or persons employed by the HOA, or committed by any managing agent or employee of the managing agent. S uch bond or insurance policy must generally provide coverage in an amount equal to the reserve balances of the assoc iation plus 1/4 of the aggregate annual assessment income of such HOA . However, the minimum coverage amount must be $10, 000. The board of directors or managing agent may obtain such bond or insurance on behalf of the HOA."