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.