The second draft regulation also describes the mandatory disclosure and training requirements for condominium directors. These changes came about because of perceived problems with widespread mismanagement, deceit, or fraud. Fortunately, these problems are less common than portrayed. Nonetheless, these changes should help protect condominium owners.
The disclosure requirements start even before a person becomes a director. Candidates must disclose certain information at the meeting where the election is taking place if they did not disclose it before in the candidates notice. Continue reading
As you probably know by now, the government intends to release draft regulations to go along with the amendments to the Act. The purpose of releasing the draft regulations is to allow for public comment. The first draft regulation, which was released in December, addressed the mandatory licensing of managers.For the first draft regulation, the deadline for comments has passed.
The second draft regulation, which was released this week, is aimed at common condominium issues: communications from condominiums to owners and mortgagees; mandatory disclosures and training for directors; meetings and voting; and record retention and access to records. The government posted the full draft regulation and a reader-friendly version on its website. The deadline for public comments for the second draft regulation is March 30th, 2017. In the next few posts, I’ll describe some of the key features of the second draft regulation.