Attorney General Mohabir Anil Nandlall has directed the drafter of Guyana’s Condominium Act 2022 to develop a guidance manual for financial institutions following concerns raised by commercial banks over the condominium mortgage registration process.
The manual, aimed at ensuring consistent application of the Act’s provisions, was among the outcomes of a meeting held Tuesday at the Attorney General’s Chambers between Nandlall, the Guyana Association of Bankers Inc. (GABI) and key stakeholders including the Registrar of Lands, the Registrar of Deeds and the Central Housing and Planning Authority (CHPA).
The meeting followed a recent call by President Irfaan Ali on commercial banks to take a more proactive approach to financial inclusion by extending banking services to new housing schemes.
Bankers sought clarification on the application of the Condominium Act and procedures for registering condominiums and condominium mortgages. Participants agreed that closer collaboration was needed between the banking sector and the Deeds and Land Registries, along with staff training on procedures outlined in the legislation.
Following discussions, all parties agreed that no institutional impediments existed with respect to the Act or its associated processes, and that the legislation was both efficient and effective in achieving its intended objectives.
Nandlall reaffirmed his commitment to facilitating public sensitisation of the Act.
