The Residential Property Managers Bill has been introduced to Parliament.
The Bill, which will regulate the property management industry, is now awaiting its first reading and referral to select committee, the Ministry of Housing and Urban Development have announced.
Whether this happens prior to the 2023 general election will depend on the availability of Parliament’s time.
If the Bill is enacted there will be an 18-month period to allow for the Regulatory Authority to establish systems and to allow for the making of regulations and operational standards.
While a further 6 months will be allowed for residential property managers and RPMOs to get licensed before the regime takes full effect (24 months after enactment).
The proposed regulations include:
- compulsory registration and licensing for individual property managers and property management organisations,
- training and entry requirements,
- industry practice standards, and
- a complaints and disciplinary process.