June 2010

The state wants a code of ethics for Trustees

Create a code of conduct for trustees, and protect the owners' money by placing it on a specific bank account: the government is preparing legislation to put an end to practices sometimes questionable.

Consumer groups and owners can only rejoice. Not necessarily all trustees. The draft law amending the status of the condominium, and reforming the business as trustee, is currently the subject of extensive consultation conducted by the Department of Justice.

The new text contains a provision sought for years by those responsible for condos: a formal requirement for the trustee, to open a separate account on behalf of the condominium association. With such an account, the union has a perfect view of the movements made in his name and the amount of their savings.

A separate account to prevent further cases Urbania
Today, many owners voting each year an exemption to open this account in the General Assembly. Trustees often grow them, arguing that a separate account would increase bank charges and generate a (costly) additional work.

The possibility of exemption was included in the SRU law of 13 December 2000. The trustees do not hesitate to use it to avoid administrative procedures with another bank and to facilitate their cash.

some benefit even to make money grow condominium for their own interests, through reflections accounts - a practice criticized in the financial "Urbania case, the name of the company alleged to have inflicted losses of hundreds of millions of euros to banks.

The draft bill removes the exemption and thus provides the immediate opening of separate accounts. The General Assembly could decide to open the account in "the credit institution of their choice." If the trustee does not comply with these obligations, its mandate shall be null and void.

If the separate account remained in the same bank as the trustee, the text indicates that it could "be no merger agreement, or set off against any other account." Translation: reflective accounts may only be a bad memory.

In all cases, the trustee would be required to provide "a copy of the periodic statement of account upon receipt.

A decree on additional fees
The text introduces two advanced to the owners. The budget must be prepared "in consultation with the union council." This is not the case today. Especially, a decree would define "the mission of the ordinary trustee, charged a flat, and list the "special services" that may give rise to "specific fees. It would be a great step forward.

For now, only tasks "routine management" to enter the annual fee of trustees are detailed in an order dated March 19, 2010, effective July 1st.

In the spring, another text has changed the rules of ownership: Decree of 20 April. The proliferation of texts in the sector is likely to create legal uncertainty for owners, the government must be attentive to the dates effect of future changes.

A code of ethics and a board of condominium
Finally, much of the preliminary bill is devoted to the ethics of professionals. A code and the regional commissions of ethics and discipline would be created.

Tip of the condominium would also emerging, with representatives from among its co-owners. This body would propose the rules of ethics and would list the difficulties of applying the 1965 Act.

Consultation with associations, professionals and institutions has begun. "The text is not completed, said the Department of Justice. It will be amended, modified. "What will be left about all these provisions in the final act? The draft must be submitted to the Cabinet in early August, for a discussion in Parliament in the autumn.

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