FAIR TRADING CHANGES October 2001
Asset Acquisition Projects
FAIR TRADING CHANGES October 2001
Recently the Minister for Fair Trading John Watkins announced two sets of
changes relating to the Department of Fair Trading. The first being the
introduction of the Consumer, Trader & Tenancy Tribunal Bill 2001 and the second
is reforms to the Property Stock & Business Agents Act 1941.
The Consumer, Trader & Tenancy Tribunal Bill 2001 is designed to repeal the Fair
Trading Tribunal Act 1998 and the Residential Tribunal Act 1998 and amend other
related Acts. This will enable the amalgamation of the Fair Trading Tribunal
with the existing Residential Tribunal to create a new Consumer, Trader and
Tenancy Tribunal (CTTT).
The CTTT, which will deal with home building, motor vehicle, general consumer,
some commercial, residential tenancy, retirement village, residential park and
strata/community scheme disputes, is expected to commence operation early in
2002.
Proposals have been developed following an extensive review of the Property,
Stock and Business Agents Act 1941 under National Competition Policy. Although
the emphasis of the review was on competition-related matters, the opportunity
was also taken to fundamentally review the effectiveness of the Act, which is
over 50 years old.
The Review recommended that the Government continue to regulate property agents
in order to provide an appropriate level of consumer protection. The Review also
recommended that the legislation be simplified and updated to reflect today's
property services market. Proposed reforms aim to increase the competency of
agents, improve customer protection levels, reduce the regulatory burden and
improve the way in which the legislation operates.
A Consultation Paper has been prepared and the views of interested parties are
sought. New legislation will be drafted, taking into account the views expressed
during the consultation process and it is expected that legislation will proceed
in late 2001.
Copies of an Explanatory Paper on the CTTT and the associated draft Bill,
together with the Consultation Paper relating to the Property, Stock and
Business Agents Act can be obtained from my office or downloaded from the
Department of Fair Trading website at
www.fairtrading.nsw.gov.au.
