Review of NSW property, stock and business agents laws

Fair Trading is looking for feedback on the exposure draft Property, Stock and Business Agents Amendment Bill that has been released for public and industry consultation.

The draft Amendment Bill seeks to clarify and streamline the Act and reduce unnecessary red tape for licensed agents. These include stock and station agents, buyer’s agents, business agents, strata and community management agents and on site residential property managers.

Key proposed reforms include:

  • broadening the range of accepted qualifications for auditors of agents’ trust accounts to include members of recognised accounting bodies who hold practising certificates
  • agents no longer being required to lodge a separate annual statutory declaration with NSW Fair Trading if they did not receive trust money during the financial year
  • agents only having to lodge their annual audit return with NSW Fair Trading if the audit return is qualified by their auditor
  • empowering the Director-General to order random trust account audits
  • requiring agents to notify the Director-General each time they open or close a trust account at a financial institution, and
  • amending the requirements relating to the handling of unclaimed trust money, to ensure money is swiftly returned to its rightful owner wherever possible.

Go to the Review of the property stock and business agents legislation page on the Fair Trading website to download the draft Amendment Bill, fill out a questionnaire or make a formal submission.

Feedback on the review of the property stock and business agents legislation closes on 5 October 2012.

Estate Agents Co-operative Ltd is in constant contact with Fair Trading in regard to issues such as this and if you have any feedback please forward them to our Practice Support Team.

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