Legislation that “modernises the operation and supervision” of Bermuda’s real estate industry was passed unanimously by Senators on Wednesday.
The new Real Estate Brokers’ Licensing Act 2017, which replaces the law enacted in 1976, also brings Bermuda in line with the current compliance standards set by the Financial Action Task Force.
Progressive Labour Party Senator Vance Campbell, who piloted the bill through the Upper House yesterday, noted that there was ongoing consultation with real estate industry executives and Bermuda’s legal fraternity to put this new bill together.
Several senators said they found the recent information session organised by the Attorney General quite useful and informative, including Independent Senator James Jardine and One Bermuda Alliance Senator Nick Kempe.
OBA Senator Nandi Outerbridge noted that the new Act had been in the works for quite some time, following “broad consultation with the relevant stakeholders”. On behalf of the Opposition, she said she had “no issue” with the new legislation.
Senator Jardine said he was “very pleased to see this legislation finally moving forward” because “it’s appropriate and it’s necessary.
“It is extremely important that this particular area of business community be regulated,” he added.
Independent Senator Michelle Simmons, while noting that with concerns about fronting in Bermuda, said: “It’s time to regulate the real estate brokers.”
Ultimately, while describing the Act, Mr Campbell said: “This is not glamorous stuff, it’s not exciting, but it’s vitally important to our economy.”