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Bill increases protection

THE Real Estate Legislation Amend-ment Bill which relates to fidelity guarantee funds has been passed through WA Parliament.

Fair Trading Minister Doug Shave said fidelity guarantee funds aimed to give consumers redress in situations where they lose money through fraud or other criminal activity by a real estate, business or settlement agent.

“This new legislation extends the period in which claims can be made from twelve months to three years, and in some cases to six years, by giving the boards which administer the funds greater discretionary powers,” Mr Shave said.

He said the Real Estate and Business Agents Supervisory Board and the Settlement Agents Board would now be able to provide consumers with greater protection by offering them improved access to fidelity guarantee funds.

“I am confident (the amendments) will overcome the problem,” he said.

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