Collecting Chargebacks Will Soon Become More Of A Challenge

The upcoming amendments to Section 84 of the Condominium Act will give owners new rights to appeal chargebacks to the Condominium Authority Tribunal. This will provide owners with a cost-effective way to delay payment of chargebacks, which will be a challenge for condominium corporations. The process of the Tribunal can be quite time-consuming and expensive for the corporations, and their costs won't be recoverable. So, corporations need to find cost-effective ways to handle chargeback appeals. A strong indemnification provision in the Declaration is necessary for the corporations to collect chargebacks from owners. Subscribe to Condo Law News to stay updated on the latest legal developments in the Condominium industry.