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REINSW responds to PSBA Regulation update

17 June 2014

REINSW has lodged a written submission in response to the draft Property, Stock and Business Agents Regulation 2014 (NSW) issued by NSW Fair Trading in May 2014.

“The last time the Property, Stock and Business Agents Regulation was updated was back in 2003, so it is now severely outdated, particularly when you consider how property is transacted today” REINSW CEO Tim McKibbin said.

“The current Regulation does not allow for agents to use contemporary technology in order to transact property and needs to be amended so that it is relevant to the way business is now conducted.”

The Regulation Impact Statement provided by NSW Fair Trading outlines that the Property, Stock and Business Agents Regulation will be amended to bring it up-to-date with the times, particularly in relation to modern technology.

“Paperless transactions have been on our radar for a long time and we have raised the issue with the NSW Government on numerous occasions,” Mr McKibbin said.

“In this day and age, electronic signatures and the ability to complete and finalise documents electronically is a must.”

REINSW agrees with the intention of the draft Regulation and with the majority of changes presented. However, some amendments require further attention in order to give the effect to the true intention of the changes.

Clarification for agents

“REINSW is conscious of some unnecessary complexity in the draft Regulation and has asked for certain provisions that are unworkable, convoluted, obsolete and repetitious to be rectified,” Mr McKibbin said.

“REINSW sees the proposed updates to the Regulation as an opportunity for the regulatory environment to catch up with property profession’s, the industry’s and consumers use of technology and the way property is transacted today.”

Download a copy of the REINSW submission >>>