Proposed Amendments To Act Tabled

By: by Husna Yusop and Hemananthani Sivanandam (Jul 15, 2010)

KUALA LUMPUR (July 15, 2010): Proposed amendments to the Valuers, Appraisers & Estate Agents Act 1981 which seeks among others to make it an offence for a person to aid or abet in committing an offence under the Act, were tabled for first reading in the House yesterday.

Currently, the law makes it is an offence to procure or attempt to procure registration to practise under this Act by knowingly making or producing any false or fraudulent declaration, certificate, application or representation.

It is also an offence to impersonate a registered valuer, appraiser or estate agent or sell, transfer or permit an unauthorised person to use the licence issued.

The current penalty for the above is a maximum fine of RM25,000 or three years jail or both, and the person shall be liable to a further penalty of RM500 for each day during the continuance of such offence.

Under the amendments, it is proposed that the penalties, including for aiding and abetting, be raised to RM300,000 and RM1,000 respectively.

It is also proposed to make it an offence for a person to practise as a valuer, appraiser or estate agent without lawful authority, with a penalty of up to RM300,000 fine or three years jail, or both, provided.

The amendment bill, tabled by Deputy Finance Minister Datuk Donald Lim, also seeks to increase the fine that may be imposed by the Board of Valuers, Appraisers and Estate Agents.

It was proposed that the amount of fine be increased from RM5,000 to RM10,000 and from RM10,000 to RM25,000 respectively for offences such as fraud, contravening, failing or neglecting to comply with the law or being guilty of any professional misconduct.

As for committing offences under the Act where no penalty was expressly provided until now, it is proposed that the penalty is increased from RM10,000 to RM200,000.

Other aspects of the bill include seeking to provide for additional functions of the board, namely the power to prescribe rules on the taking out of professional indemnity insurance and to prescribe standards, directives, circulars and guidelines for the purposes of the act.

It also seeks to introduce new sections to empower the board to appoint committees to assist it in performing its functions and to determine the functions and procedures of the committees.

It is also proposes to expand the scope of valuation practice under the existing Act by authorising a registered valuer or appraiser to value all interest in lands or buildings including furniture, fixtures, trade stocks, plant, machinery, equipment and other effects. -- theSun