View the full Act here: MUNICIPAL AFFAIRS AND HOUSING STATUTES AMENDMENT ACT (NO. 2), 2020 (BILL 14)
Amended: Strata Property Act, S.B.C. 1998, c. 43 and Financial Institutions Act, R.S.B.C. 1996, c. 141
Summary: Bill 14 amends the Strata Property Act, including to:
- Permit regulations prescribing the percentages of contingency reserve funds;
- Require a strata corporation to strata corporation's insurance coverage in an Information Certificate;
- Require a strata corporation to inform owners and tenants of any material change in the strata corporation's insurance coverage;
- Limit an owner's liability for an insurance deductible to a prescribed amount if the owner is responsible for the loss or damage but not as a result of any act or omission by the owner;
- Add regulation-making power regarding depreciation reports and to retroactively prescribe circumstances in which a strata corporation's property insurance is not required to be on the basis of full replacement value.
Bill 14 also amends the Financial Institutions Act, including to:
- Prohibit paying referral fees regarding strata corporation insurance and permit the Insurance Council of BC to enforce if there is a contravention of tis prohibition.
In Force: On Royal Assent and by regulation