The NSW government has announced that it will introduce strata laws aimed at improving transparency in the industry.
Increasing the maximum penalties and penalty infringement notice amounts around strata managing agents’ obligations to disclose commission information are among some of the planned changes
In summary the NSW Government will implement new laws around:
- Stricter rules on matters such as commissions
- Tougher conflicts of interest disclosure requirements
- Increased penalties that can be imposed on strata agents
- The banning of agents from taking a commission when they do not play a role in finding the best deal for strata residents
- Strengthening NSW Fair Trading’s enforcement and compliance powers
The NSW government will consult with the industry ahead of introducing legislation in the coming weeks.
Adrian Mueller I BCOM LLB FACCAL I Partner
Since 2002 Adrian has specialised almost exclusively in the area of strata law. His knowledge of, and experience in strata law is second to none. He is the youngest person to have been admitted as a Fellow of the ACSL, the peak body for strata lawyers in Australia. Profile I Linked
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