Wednesday, July 29, 2009

More on real estate regulation

Estate agent conduct also in Graeme Samuel's sights

The full text of the bill is here

Essentially one of the proposals is that s new section 76E be inserted, providing for pecuniary penalties, for breaches of 'a provision of Division 1 of Part V (other than s52)'.

This means that breaches of the various specific false/misleading representation provisions (including 'aiding/abetting/inducing etc') in s53 would potentially give rise to substantial penalties.

This change obviously goes well beyond misconduct by real estate agents.

No comments: