Property Services Regulation Bill Published

Property Services Regulation Bill Published

This Bill has been drawn up in order to improve the regulation of
auctioneers, letting agents and property management companies.
It is an important element in the government’s strategy to address
problems in the management of multi-unit developments. The existing
district court-based licensing system for auctioneers and housing agents
will be transferred to the Property Services Regulatory Authority.
The Authority will:
• Operate a comprehensive licensing system covering all providers of
property services, i.e. auctioneers, letting agents and property
management agents;
• Set and enforce standards;
• Establish and administer a system of investigation and adjudication of
complaints;
• Promote increased consumer awareness and protection;
• Establish, maintain and administer the Property Services Compensation
Fund.
The Authority is empowered to appoint an inspector to carry out an
investigation of a licensee on its accord or on foot of a complaint.
If a licensee is convicted of an offence under the Act, the district court
may revoke all licenses held by the licensee and prohibit the licensee
(either permanently or temporarily) from applying for a licence again.
The purpose of the Property Services Compensation Fund is to
compensate clients of licensees for losses sustained as a result of
dishonesty on the part of a licensee. The grant or renewal of licences will
be subject to making an annual contribution to the Fund.
The Bill also provides for establishment of an appeals board to hear
appeals against certain decisions of the Authority.
 
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