Fair Trading Minister Doug Shave has announced that the Real Estate Legislation (Fidelity Guarantee Funds) Amendment Bill 1999 has passed through Parliament.
“Fidelity Guarantee Funds are designed to give consumers redress in situations where they lose money through fraud or other criminal activity of a real estate, business or settlement agent,” Mr Shave said.
“This new legislation extends the periods in which claims can be made from 12 months to three years, and in some cases to six years by giving the boards which administer the funds greater discretionary powers.”
The Minister said the Real Estate and Business Agents Supervisory Board and the Settlement Agents Board would now be able to provide greater protection to consumers by offering them improved access to Fidelity Guarantee Funds.
“Previously, the boards had no discretion to deal with claims which were not lodged within the prescribed 12-month period,” he said.
“After several cases had been brought to my attention indicating that the one year period was too short I directed Fair Trading to prepare the amendments which I am confident will overcome that problem.”
Irena Dillon (Fair Trading) 9282 0908
John Clune (Minister’s Office) 9213 6500