Long Title |
The purpose of this Bill is to give consumers greater protection in their dealings with real estate and business agents and settlement agents, by improving their access to the Fidelity Guarantee Funds. These funds are administered by the Real Estate and Business Agents Supervisory Board and the Settlement Agents Supervisory Board. Currently, the relevant Acts require that a person lodge notice of a claim within 12 months of the consumer becoming aware of the defalcation on which the claim is based. This Bill extends that period to 3 years, and provides the Boards with the discretionary ability to accept claims that are up to 6 years old. |