Real Estate Institute Welcomes Date Extension

MEDIA RELEASE

18 December 2007

Real Estate Institute Welcomes Submission Date Extension

The extension of the submission deadline on the Real Estate Agents Bill to the end of February was today welcomed by the Real Estate Institute.

“This is good news for the consumer as it will allow adequate time for people to make submissions and for the Justice and Electoral Select Committee to give due consideration to all the issues in this comprehensive Law Reform Bill,” said the Institute’s National President, Murray Cleland.

The Institute was advised by the Committee Chair, Lynne Pillay, this afternoon that the closing date for submissions had been extended from 8 February to 29 February. 

The decision brings the Bill into line with the Climate Change Bill, the Affordable Housing Bill, the Dog Control Bill, the Companies Amendment Bill and the Financial Service Providers Bill, all of which had their first reading at the same time as the Real Estate Agents Bill.

“We will be encouraging our members to participate fully in the legislative process as the decisions made on the design of the new regulatory regime will be important in ensuring that the public is adequately protected.”

“There are some good provisions in the Bill that will help protect consumers, and ensure professional standards are maintained throughout the industry.”

“However, there are areas where we consider that the Bill needs to be strengthened.  Key among these is the failure to extend coverage to property managers, letting and leasing agents although they handle millions of dollars a year through their trust funds.”

“The Institute will be arguing hard in its submissions to the committee for this weakness to be remedied,” Mr Cleland said

“We are also keen to avoid piling costs on to the consumer by creating a structure which is unnecessarily bureaucratic and cumbersome and we are not satisfied that, as currently drafted, the Bill gets this balance right.”

“These are important issues and we are pleased that we will now have the opportunity to consider them fully and to come up with appropriate solutions,” Mr Cleland said.

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