Banks to get guidance manuals to ensure consistent application of Condominium Act

See full statement from the Attorney General Chambers:

In keeping with His Excellency President Dr. Mohamed Irfaan Ali’s recent call on commercial banks to take a more proactive approach to financial inclusion by bringing banking services to new housing schemes, this morning, the Hon. Mohabir Anil Nandlall SC MP, Attorney General & Minister of Legal Affairs met with the Guyana Association of Bankers Inc. (GABI) and other key stakeholders at the Attorney General’s Chambers and Ministry of Legal Affairs to address concerns raised by the Association regarding the condominium mortgage registration process.

Also in attendance were were Rosalie Robertson SC, Registrar of Lands; Reza Manraj, Registrar of Commerce; Zanna Frank, Registrar of Deeds; Rajesh Ramgolam, Secretary, Central Housing & Planning Authority (CHPA); Hannifah Jordan, Head, Corporate Legal Secretariat, CHPA; Nafeeza Gafoor, Chairperson, GABI and Manager, ScotiaBank; Shawn Gurcharran, Treasurer, GABI and CEO, GBTI; Darshan Ramdhani KC, drafter of the Act and other representatives.

During the engagement, representatives of the Association sought guidance and clarifications on the application of the Condominium Act 2022 and requested clarity on the applicable procedures for the registration of condominiums as well as registration of mortgages on condominiums in Guyana.

It was recognized that there was a need for closer collaboration between the banking sector and the Deeds and Land Registries, as well as training of the staff in relation to procedures outlined in the legislation.

Following substantive discussion, it was mutually agreed that no institutional impediments exist with respect to the Act or its associated processes, and that the legislation, in its current form, is both efficient and effective in achieving its intended objectives.

The Attorney General reaffirmed his commitment to facilitating public sensitisation of the Act and has directed the drafter of the legislation to develop a comprehensive guidance manual for use by financial institutions to ensure consistent and informed application of the Act’s provisions.