It will include two members appointed by the real estate agencies that represent the largest number of registered and authorized agents in accordance with this Law to carry out financial intermediation.
SANTO DOMINGO- Article 34 of the proposed "law regulating real estate intermediation" proposes the creation of an ethics committee through which complaints and violations not covered by the legislation will be resolved.
“The ethics committee of the Real Estate Brokerage Market will address and resolve, in accordance with the procedure established by regulation in the code of ethics of the real estate brokerage market, complaints and violations thereof that do not constitute the sanctions established in the following title,” highlights Article 35.
It refers to the infractions, sanctions and administrative procedures integrated in the following articles, from 36 to 52, and which include the categories of infractions and concurrences, which will be divided into: very serious, serious and minor.
According to the document, which is being studied in the Chamber of Deputies, of which El Inmobiliariohas a copy, the ethics committee of the Dominican real estate market would be made up of two members appointed by the Minister of Housing, Habitat and Buildings (MIVHED); a representative of the National Institute for the Protection of Consumer Rights (PROCONSUMIDOR).
Also included is a delegate from the National Commission for the Defense of Competition (PROCOMPETENCIA), and two members appointed by real estate agencies that represent the largest number of registered and authorized agents in accordance with this Law to carry out financial intermediation.
A modern and comprehensive proposal
Yesterday, Congressman Alexis Jiménez, president of the Permanent Justice Commission of the Chamber of Deputies, assured El Inmobiliario that next week they will present a report on the draft bill to regulate real estate agents in the country.
“We are working on a modern, comprehensive proposal that will regulate real estate brokerage in the Dominican Republic,” Jiménez emphasized.
He said that the commission he chairs has instructions from the Speaker of the House of Representatives, Alfredo Pacheco, to release all important draft bills like this one between this week and next, explained the deputy who chairs the Commission that reviews the document, introduced last year in the Lower House.
For his part, the president of the Association of Real Estate Agents and Companies (AEI), Alberto Bogaert, said that expectations for the approval of the preliminary bill are high. “There is a lot of support from legislators, business owners, the Mayor's office, and the government in general. We have done significant outreach to influential sectors so they understand the situation of the industry, and we have received a positive and resounding response.”.
