{"id":28427,"date":"2024-08-14T11:14:51","date_gmt":"2024-08-14T11:14:51","guid":{"rendered":"http:\/\/www.16news.com.au\/?p=28427"},"modified":"2024-08-14T11:14:51","modified_gmt":"2024-08-14T11:14:51","slug":"new-laws-introduced-to-improve-strata-living","status":"publish","type":"post","link":"http:\/\/www.16news.com.au\/index.php\/2024\/08\/14\/new-laws-introduced-to-improve-strata-living\/","title":{"rendered":"New laws introduced to improve strata living"},"content":{"rendered":"\n<p>New laws designed to take immediate action to help restore confidence in living and investing in strata schemes are now before the NSW parliament.<\/p>\n\n\n\n<p>The reforms which impose higher penalties and greater disclosure obligations on strata managing agents are aimed at ending secret kickbacks on insurance policies and weeding out bad players.<\/p>\n\n\n\n<p>Strata laws put owners\u2019 corporations in charge of making key decisions on the buildings and common property of townhouses and apartments, usually with the assistance of a strata managing agent.<\/p>\n\n\n\n<p>The new laws will help build confidence in the sector which has been challenged by more than 965 complaints about strata agents to NSW Fair Trading in the five years to 2023. More than half of those complaints were about rules of conduct or budgets, levies and finances. &nbsp;<\/p>\n\n\n\n<p>The higher penalties, greater transparency and new enforcement powers follow an $8.4 million investment in more resources for the Strata and Property Services Commissioner in this year\u2019s budget. &nbsp;<\/p>\n\n\n\n<p>Key changes include: &nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>increasing the maximum penalties and penalty infringement notice amounts for existing agent obligations to disclose information about commissions<\/li><li>strengthening the conflict-of-interest disclosure requirements<\/li><li>banning agents from receiving a commission on insurance products when they don\u2019t play a role in finding the best deal for residents<\/li><li>strengthening NSW Fair Trading\u2019s enforcement and compliance powers.<\/li><\/ul>\n\n\n\n<p>The new laws were informed by consultation with key stakeholders such as the Owners Corporation Network and Strata Community Association.<\/p>\n\n\n\n<p><strong>Minister for Better Regulation and Fair Trading Anoulack Chanthivong said:<\/strong><\/p>\n\n\n\n<p>\u201cBuilding more high quality, higher density housing is a key pillar of the NSW Government\u2019s comprehensive plan to build a better NSW.<\/p>\n\n\n\n<p>\u201cThese reforms are critical to supporting confidence in investing and living in strata schemes. &nbsp;<\/p>\n\n\n\n<p>\u201cThey will help to restore the confidence of the 1.2 million people already living in strata schemes, but they won\u2019t be the last changes we make as we work to make strata an attractive housing option.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New laws designed to take immediate action to help restore confidence in living and investing in strata schemes are now before the NSW parliament. The reforms which impose higher penalties and greater disclosure obligations on strata managing agents are aimed at ending secret kickbacks on insurance policies and weeding out bad players. Strata laws put &hellip; <a href=\"http:\/\/www.16news.com.au\/index.php\/2024\/08\/14\/new-laws-introduced-to-improve-strata-living\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;New laws introduced to improve strata living&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-28427","post","type-post","status-publish","format-standard","hentry","category-nswnews"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/28427","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=28427"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/28427\/revisions"}],"predecessor-version":[{"id":28428,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/28427\/revisions\/28428"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=28427"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=28427"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=28427"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}