Amends TCA Title 66.
Tennessee SB2326 mandates that homeowners' associations collecting assessments for common expenses must obtain and maintain a blanket fidelity bond to protect against losses due to theft or dishonesty by their officers, directors, employees, or managing agents. This bill directly affects homeowners' associations across Tennessee, ensuring financial protection for the associations and their members. Key provisions include the requirement for the fidelity bond and the scope of coverage against potential dishonest acts.
Tennessee SB2326 mandates that homeowners' associations collecting assessments for common expenses must obtain and maintain a blanket fidelity bond to protect against losses due to theft or dishonesty by their officers, directors, employees, or managing agents. This bill directly affects homeowners' associations across Tennessee, ensuring financial protection for the associations and their members. Key provisions include the requirement for the fidelity bond and the scope of coverage against potential dishonest acts.
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