Real estate industry bill introduced [New Zealand]
Legislation that creates an independent real estate industry watchdog with the power to impose stiff fines and ban “land sharks” has been introduced to Parliament.
Associate Justice Minister Clayton Cosgrove wants the changes in law by early next year and today’s introduction puts the bill on track for that.
The shake-up is a reaction to the current inhouse regime run by the Real Estate Institute of New Zealand (REINZ), which has been criticised for weak penalties, unnecessary delays and a reluctance to refer complaints to its more powerful licensing board.
The changes will strip REINZ of its regulatory powers and establish a new independent Real Estate Agents Authority that will oversee licensing, complaints and disciplinary action for the nation’s 18,000 agents.