{"id":29169,"date":"2024-09-20T11:15:23","date_gmt":"2024-09-20T11:15:23","guid":{"rendered":"http:\/\/www.16news.com.au\/?p=29169"},"modified":"2024-09-20T11:15:23","modified_gmt":"2024-09-20T11:15:23","slug":"tough-new-strata-laws-pass-parliament","status":"publish","type":"post","link":"http:\/\/www.16news.com.au\/index.php\/2024\/09\/20\/tough-new-strata-laws-pass-parliament\/","title":{"rendered":"Tough new strata laws pass Parliament"},"content":{"rendered":"\n<p>Strata managing agents face tough new laws that crack down on secret kickbacks through greater transparency and higher penalties for agents doing the wrong thing.<\/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 ensure tough action against agents who don\u2019t properly declare conflicts of interest.<\/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 higher penalties, greater transparency and new enforcement powers follow an $8.4 million investment in more resources for NSW Fair Trading to tackle issues in strata and property services in this year\u2019s budget. &nbsp;<\/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 Government\u2019s comprehensive plan to build a better NSW so we need people to have confidence to invest and live in strata schemes.<\/p>\n\n\n\n<p>\u201cThe Government has wasted no time in tightening controls to respond to community concerns about accountability and conflicts of interest in the strata industry.<\/p>\n\n\n\n<p>\u201cThese changes will help to restore the confidence of the 1.2 million people already living in strata schemes and change the perception that strata managing agents can take advantage of owners without consequences.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Strata managing agents face tough new laws that crack down on secret kickbacks through greater transparency and higher penalties for agents doing the wrong thing. 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. &hellip; <a href=\"http:\/\/www.16news.com.au\/index.php\/2024\/09\/20\/tough-new-strata-laws-pass-parliament\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Tough new strata laws pass Parliament&#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-29169","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\/29169","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=29169"}],"version-history":[{"count":1,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/29169\/revisions"}],"predecessor-version":[{"id":29170,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/29169\/revisions\/29170"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=29169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=29169"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=29169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}