Valuers, Appraisers, Estate Agents Amendment Bill passed

KUALA LUMPUR: The Valuers, Appraisers and Estate Agents (Amendment) Bill 2017 will give consumers or property owners the opportunity to file complaints to the Board of Valuers, Appraisers of Real Estate Agents (LPPEH).

Deputy Finance Minister Datuk Seri Othman Aziz said this would include recommendations to take action against valuers, appraisers, real estate agents and property managers who did not perform their duties to the extent of committing malpratices.

"Prior to this, they, especially those managing real estates were not registered with LPPEH, so action could not be taken ... so now the purpose is for people to solve their problems," he said when winding up the debate on the Valuers, Appraisers and Estate Agents (Amendment) Bill 2017 at Dewan Negara sitting today.

The bill was later passed by the senate.

Othman said with the amendment, all professions related to the property services industry in Malaysia could be regulated more effectively so that high quality services could be provided to address challenges faced by the industry currently and in the future.

"It is also aimed at streamlining regulatory framework to be more effective in meeting current needs of the people as well as to enhance investors' confidence in real estate agency practice in Malaysia," he said.

The Dewan Negara also passed the Securities Commission Malaysia (Amendment) Bill 2017 to amend the provisions relating to the Audit Oversight Board to ensure the effectiveness of the board on an ongoing basis in carrying out functions assigned to it under the Act. — Bernama