Dáil Éireann Debate, Thursday - 20 September 2012
158. Deputy Shane Ross asked the Minister for Justice and Equality the new regulations that have been brought in to ensure that auctioneers are operating within transparent and accountable guidelines; his plans now or in the future to regulate the property industry from a purchaser perspective; and if he will make a statement on the matter. [39722/12]
Amharc ar fhreagraThe Property Services (Regulation) Act 2011 repealed the Auctioneers and House Agents Acts 1947 to 1973 which previously governed the licensing of auctioneers and house agents. The new legislation provides for the establishment of the Property Services Regulatory Authority (PSRA) to license, control and regulate Property Service Providers (i.e. auctioneers/estate agents, letting agents and management agents). The new PSRA licensing system came into effect on 6 July 2012.
A key role of the Authority is 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. Under the 2011 Act, any person wishing to engage in the provision of property services must obtain a licence from the PSRA. A person providing a property service without a licence is guilty of an offence and liable on summary conviction to a class A fine or imprisonment for a term not exceeding 12 months or both, or on conviction on indictment to a fine or imprisonment for a term not exceeding 5 years or both.
Under the new legislation, the Authority is empowered to investigate complaints made against Property Service Providers and to initiate investigations for the purpose of ensuring compliance with the law. Any person may make a complaint, in writing, to the Authority against a property service provider in relation to the provision of a property service or the conduct of a property service provider in the course of providing a property service.
Where, on completion of an investigation the Authority is satisfied that the property service provider has engaged in improper conduct, it may impose any of the following sanctions:
- issue a reprimand, warning, caution or advice to the property service provider;
- revoke the property service provider's licence;
- suspend the property service provider's licence for a specified period;
- direct the property service provider to pay:
- up to €50,000 into the Property Services Compensation Fund,
- up to €50,000 to the Authority towards the cost of the investigation,
- up to €250,000 to the Authority by way of a financial penalty, or
- any combination of the foregoing.
