Department of Human Settlements
The Property Practitioners Bill has been passed by the national assembly and sent to the national council of provinces for concurrence.
The bill was tabled in parliament in June 2018.
Comment was sought on the draft bill in April 2017.
The bill seeks to:
• provide for the regulation of property practitioners;
• provide for the continuation of the Estate Agency Affairs Board as the Property Practitioners Regulatory Authority;
• provide for the appointment of the members of the Board and matters incidental thereto;
• provide for the appointment of the Chief Executive Officer and other staff members of the Authority;
• provide for transformation of the property practitioners sector;
• provide for the establishment of the transformation fund and establishment of the research centre on transformation;
• provide for compliance with and enforcement of the provisions of the Act;
• provide for the continuation of the Estate Agents Fidelity Fund as the Property Practitioners Fidelity Fund;
• provide for consumer protection;
• provide for the repeal of the Estate Agency Affairs Act, 1976; and
• provide for matters connected therewith.
According to the bill’s memorandum, the Estate Agency Affairs Act continues to “perpetuate exclusion of some people in other areas, promote weak monitoring of estate agency matters, encourage rampant embezzlement of clients’ funds and fails to provide mechanisms for monitoring the continuous mushrooming of unregistered estate agents, and therefore contributing negatively to the functional property market.”
The select committee on social services will now process the bill.