Does Michigan require HOA's to carry Fidelity Bond insurance? I can't seem to find anything in the Michigan site condo act by-laws that says they do or don't. This was an issue I had earlier this year when I tried to refinance and the bank said it was required. Our HOA president said we didn't need it as we were not conducting business, and there had been numorous closings prior and none of them required an FB, so he was not going to add it. What about in your states?