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Property Services (Regulation) Bill 2009 expected to be signed into law by the President within the next few days. (News Item)

12/12/2011

Property Services (Regulation) Bill 2009 expected to be signed into law by the President within the next few days.

The Property Services (Regulation) Bill 2009 having already passed all Dáil stages was approved by the Seanad on Friday (9th Dec) and it is expected to be signed into law by the President within the next few days. The primary purpose of the legislation is to establish the Property Services Regulatory Authority with a mandate to set and enforce standards in the provision of property services by auctioneers, letting agents and property management agents and to provide redress mechanisms for consumers of those services.

Speaking about this legislation the Minister said
"I intend to bring the Bill into force as soon as practicable in the New Year.  With a view to achieving this objective, I have already – earlier this week – published advertisements inviting expressions of interest from suitably qualified members of the public who wish to be considered for appointment to the new Authority."

The Minister said that he had introduced amendments to give the Authority statutory responsibility for the publication of residential property sales prices and the establishment and maintenance of a Commercial Leases Database. This would introduce much-needed transparency and help to revive confidence in residential and commercial property markets.

The lack of transparency, and the absence of proper consumer protection standards, had contributed in no small way to the problems of recent years. That was the reason why the Programme for Government contained a strong commitment to transparency and consumer protection. Minister Shatter said that he was pleased to be in a position to deliver on that commitment in this legislation.