The Minister for Justice, Equality and Law Reform, Mr. Dermot Ahern T.D., today published the Property Services (Regulation) Bill 2009 which will be presented in the Seanad.
Minister Ahern said: "The legislative reforms set out in this Bill are designed to improve the current system of regulation of auctioneers, letting agents and property management agents. The Bill, in so far as it provides for the regulation of property management agents, is also an important element of the Government’s strategy to address problems arising in relation to the management of multi-unit developments."
The purpose of the Bill is to give effect to recommendations set out in the Report of the Auctioneering/Estate Agency Review Group. The existing District Court-based licensing system for auctioneers and house agents will be transferred to the Property Services Regulatory Authority, which is currently operating on a non-statutory basis, and its scope extended to cover property management agents. The Authority will also be given comprehensive investigative and enforcement functions and will also be responsible for establishing and administering a new Property Services Compensation Fund.
With a view to further protecting the interests of clients and users of property services, the Bill also gives the Authority power to set and enforce standards in areas connected with the provision of property services by means of regulations. These include the terms of building contracts, the content of advertisements for the sale or letting of land and standards for the measurement of land offered for sale or letting.
The Bill and accompanying Explanatory Memorandum are attached for your review.
IPFMA will be participating in a joint review of the Bill with the Society of Chartered Surveyors, so members are requested to forward any comments or concerns to info@ipfma.com for tabling at the working group meeting.
Property Services (Regulation) Bill 2009