The NSW Government’s department of Fair Trading is said to be drafting a final bill on strata law reform with a view to introducing it to parliament “in the next few months”.
The reforms, detailed in a position paper entitled
Strata & Community Title Law Reform, include requiring the managing agent to disclose at each annual general meeting the circumstances, amount and services provided in respect of any commissions received during the previous 12 months; and requiring agents to obtain at least three quotes for products such as insurance.
A spokeswoman for the Fair Trading Department told
Insurance Business that the final draft of the bill is due “in the next few months”.
A report by the
Sydney Morning Herald suggests that a draft bill is currently being circulated around ministers, who have until Friday to read it. It is understood that conflicts of interest are covered by the regulation.
