New South Wales Consolidated Regulations

STRATA SCHEMES MANAGEMENT REGULATION 2016 - REG 18

18 Payment plans for unpaid contributions: section 85(6) of Act

(1) A payment plan for the payment of overdue contributions is to be in writing and is to contain the following--

(a) the name of the lot owner and the title details of the lot,

(b) the address for service of the lot owner,

(c) the amount of the overdue contributions,

(d) the amount of any interest payable for the overdue contributions and the way in which it is calculated,

(e) the schedule of payments for the amounts owing and the period for which the plan applies,

(f) the manner in which the payments are to be made,

(g) contact details for a member of the strata committee or a strata managing agent who is to be responsible for any matters arising in relation to the payment plan,

(h) a statement that a further plan may be agreed to by the owners corporation by resolution,

(i) a statement that the existence of the payment plan does not limit any right of the owners corporation to take action to recover the amount of the unpaid contributions.

(2) The strata committee must, at the request of a lot owner who has entered into a payment plan, give the lot owner a written statement for each calendar month (or any longer interval specified by the lot owner) of the plan that sets out the payments made during that month and the amount of unpaid contributions and interest owing.