2006

THE LEGISLATIVE ASSEMBLY FOR THE AUSTRALIAN CAPITAL TERRITORY

AGENTS AMENDMENT REGULATION 2006 (No 2)

SUBORDINATE LAW NO SL2006-24

EXPLANATORY STATEMENT

Circulated by authority of
Mr Simon Corbell MLA
Attorney General

AGENTS AMENDMENT REGULATION 2006 (No 2)

Overview

The Agents Amendment Regulation is made under the Agents Act 2003.  The Agents Act and Agents Regulation commenced on 1 November 2003.  The Agents Act regulates the conduct of real estate, stock and station, business, travel and employment agents through the imposition of a licensing and registration system and a complaints and disciplinary system.  

This Regulation amends the Agents Regulation 2003 by extending a sunset clause in section 20A which exempted salespersons employed by a licensed real estate corporation that provides commercial real estate agent services to its parent company only from the requirement to obtain qualifications as set out in Schedule 2 of the Agents Regulation 2003 for registration.  The transitional provisions in Part 7 of the Agents Regulation, which includes section 20A, will expire on 1 June 2006.  The exemption to allow an unqualified real estate salesperson to be registered will continue indefinitely in new section 8B until such time as a review of the impact of the Agents Act 2003 on commercial property transactions is completed.

Outline of Clause Notes

Regulations 1 and 2 – Name of regulations and commencement

Regulations 1 and 2 are formal requirements for all regulations, specifying the title of the regulation and the commencement date.  Regulation 2 provides that the regulation will commence on 2 June 2006.

Regulation 3 – Legislation amended

This regulation explains that the regulation amends the Agents Regulation 2003.

Regulation 4 – Section 8A(3) and (4)

This regulation omits subsections 8A(3) and (4) of the Agents Regulation 2003 as they have both expired.

Regulation 5 – New section 8B

New section 8B carries over and remakes section 20A from the transitional provisions in Part 7 of the Agents Regulation 2003 which expire on 1 June 2006.  New section 8B exempts salespersons employed by a licensed real estate corporation that provides commercial real estate agent services to its parent company only, from the requirement to obtain qualifications as set out in Schedule 2 of the Agents Regulation 2003 for registration.  The exemption period has been extended indefinitely to permit a review of the impact of the Agents Act 2003 on commercial property transactions.  

Regulation 6 - Schedule 8, section 8.42

This regulation amends a minor typographical error in section 8.42.

This Regulation is made under the Agents Act 2003 including section 6 and section 178 (the general regulation-making power).