However, the fine has never been applied, and Watson said that the REB is awaiting the inclusion of a fine specific to the breach to be passed into law, before pursuing prosecution of breaches. The fine for disobeying the order is allowed under Section 18(1) of the strata law, which caps penalties at $500,000, and which applies broadly to several breaches of the law. In the meantime, the commission can issue the order to produce the returns, and where the order is disobeyed, a fine applies," Watson said. "There is no direct fine for failure to lodge the returns, but the Act is being amended to put one in place. The legislation is back before Parliament with a proposed amendment to penalise strata corporations that are late with filings or otherwise breach the law. The law requires strata corporations to file financial statements and a report of their activities within 120 days after the end of each financial year. Sign up for The Gleaner’s morning and evening newsletters. It established the Commission of Strata Corporations to monitor, regulate and supervise strata corporations.
Strata corporation registration#
The Registration (Strata Titles) (Amendment) Act came into effect on January 1, 2010. There are about 1,705, of which 1,557 are properly registered with the commission. "Only about 15.2 per cent of all the registered strata corporations, during the 2014/15 financial year, filed returns and, of those submitted, only 3.2 per cent were compliant," Watson said. The commission's job is to ensure registration and greater accountability from stratas through the filing of annual financial statements and reports, among other requirements. The law that created the commission as overseer of stratas took effect five years ago, but CEO of the Real Estate Board (REB), Sandra Watson, said even with the moratorium, compliance has been low.
Strata corporation free#
The Real Estate Board of Jamaica, home of the Commission of Strata Corporations, says that having spent two years educating strata companies on the filing of returns and other legal requirements - free of charge - delinquents can expect the commission to ramp up legal action against them.
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