Reg#2 Released for Comment
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. One of the key goals of the amendments was to improve communication between condominiums and owners. The second regulation contains several provisions designed to do exactly that. Information Certificates The regulations detail the "Information Certificates" required by section 26.3 of the amendments to the Act. There will be three types of certificates:
- Periodic Information Certificates (PIC), which must be sent twice per year;
- Information Certificate Updates (ICU), which must be sent when certain events occur; and
- New Owner Information Certificates (NOIC), which must be sent to all new owners.