With the final week of parliament drawing to a close before the General Election, the Residential Property Managers Bill has quickly passed its First Reading.
The Bill, which will regulate the property management industry, was introduced to parliament earlier this month and now has been referred to the Social Services and Community Committee where interested parties can now provide submissions.
Submissions are an important part of the law making process and the Committee has called for submissions on the Bill by 12 October 2023.
The National party voted to pass the Bill through its First Reading, but their Housing spokesperson, Chris Bishop, indicated that the Bill is far from set in stone.
“We will be supporting this Bill through its First Reading… but we do so with a degree of scepticism about the necessity of it and if it will work in the way which the government intends,” Bishop said.
Bishop also said that after the Select Committee process, the next sitting parliament would vote to decide if the Residential Property Managers Bill would remain on the Order Paper (agenda).
As expected, Labour, the Green Party and the Māori Party all gave full the Bill their support, while Act stood alone as the only party opposed in the First Reading.
If the Bill is passed into law, 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.