CCI-T & ACMO Legislative Brief (Updated)
For those of you keeping up with the review of the Condominium Act, 1998, CCI-T and ACMO have updated their Joint Legislative Brief. You can obtain a copy from CCI Toronto. Key features include:
- Full cost recovery for all "reasonable costs in fulfilling its duties under the Act".
- Fines of up to $250.00 for each breach.
- Increased qualifications for directors (i.e. not convicted of indictable offence) and a requirement for education of directors within 2 years of election.
- Removal of owner-occupied position.
- Additional duties on auditors with respect to the preparation of the audited financial statements and reports.
- Expanded obligations on declarants with respect to new condominiums, disclosure statements, first year budget deficiencies, and turnover meetings.
- Changes to the thresholds for notice and voting by owners with respect to changes made to the common elements, assets or services.
- Improved ability for the condominium to recover insurance deductibles from owners for damage to other units and the common elements.
- Removing the requirement for mediation/arbitration before a compliance application under section 134.There are also several minor amendments to the language throughout. The purpose of the minor amendments is generally to reduce confusion and eliminate inconsistencies. The process of making, or amending, the law is not a quick one. It will likely take years to complete the review of the Condominium Act, 1998, but it will be interesting to see what happens.