Wednesday, July 29, 2009

More on real estate regulation

Estate agent conduct also in Graeme Samuel's sights

http://www.abc.net.au/news/stories/2009/07/19/2629940.htm

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.

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