Comment Sought on Draft Property Practitioners Bill

Department of Human Settlements

The human settlements department has published two draft bills in Government Gazette 40733 for comment.

The proposed pieces of legislation are focused on the property market.

The Draft Property Practitioners 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 the establishment, appointment, powers and functions of the Property Practitioner's Ombud Office;
•    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.

The Draft Home Loan and Mortgage Disclosure Amendment Bill aims to:

•    amend the Home Loan and Mortgage Disclosure Act, 2000, so as to substitute and insert certain definitions;
•    extend the powers of the Office of Disclosure to investigate public complaints on financial institutions relating to home loans;
•    provide for instances that constitutes conflict of interest;
•    provide for the information required to be disclosed by financial institutions under the Act; and
•    provide for matters connected therewith.

Written comment on both draft bills is invited within 30 days of the date of publication.

Sabinet Cape Town Office