YEREVAN, November 22. /ARKA/. Apartment property management comapnies in Armenia must have separate bank accounts to collect mandatory and other payments from apartment owners in non-cash form, the country's Urban Development Committee said.

Otherwise, an administrative fine is stipulated, the Committee said in a press release.

"The fine for the first time failure to meet this requirement is ten minimum wages. If the failure is not eliminated within a month, the fine for each violation will be doubled,"  said the Committee.

This requirement stems from a set of new amendments to the Code of Administrative Offences, which will enter into force on November 24 this year, as well as from amendments to the laws On management of apartment buildings and On Condominiums, adopted in 2020.

The amendments aim at improving the level of apartment buildings management, ensuring transparency and accountability, prompt spending of collected funds, as well as formation of the Reserve Fund.-0-