Regulations
72.—(1)  The Council may, with the approval of the Minister, make regulations to give effect to the provisions and purposes of this Act, except Part VII (Appeals).
(2)  Without prejudice to the generality of subsection (1), regulations may be made under that subsection for or in respect of all or any of the following matters:
(a)applications for a licence and for registration, including the form and manner of application, and the particulars, information, and declarations to be furnished with such applications;
(b)particulars to be contained in the register, including the form in which it shall be kept and public access to the register;
(c)requirements for a licence or registration, including minimum ages, educational qualifications, professional examinations, and practical experience;
(d)professional indemnity insurance for estate agents and salespersons;
(e)continuing professional education requirements for the renewal of a licence or registration;
(ea)accreditation of any activities, courses and programmes for continuing professional education for or in respect of estate agents (including persons who are responsible for the management of estate agents) and salespersons;
[Act 24 of 2020 wef 30/07/2021]
(f)codes of practice, ethics and conduct (by whatever name) for estate agents and salespersons;
(g)conditions or restrictions in relation to other activities or businesses that estate agents or salespersons may engage in;
(h)the books, accounts and records to be opened and kept by a licensed estate agent, and the manner of keeping them;
(i)the information and records to be kept by registered salespersons, and the manner of keeping them;
(j)the particulars or other matters to be included in estate agency agreements, in order to ensure that clients are aware of —
(i)the parties, and the rights and obligations conferred on or imposed by any particular such agreement of the parties to it; and
(ii)the amount or rate, as the case may be, of any commission or other fee payable by such client under such agreement, and the time and manner of payment;
(k)the fees and charges payable under this Act, including the interest or penalty for the late payment of any fee or charge, and the waiver, refund or remission, whether wholly or in part, of such fees and charges;
(l)demerit points schemes, which may include financial penalties to be imposed on estate agents for the acts of their salespersons and other consequences including suspension or revocation;
(m)the requirements and restrictions on the business names of estate agents, and the use or display of such names;
(n)the form and manner of the keeping of registers or records under this Act, the inspection thereof, the taking of extracts therefrom, the supply of copies thereof, and the returns to be made to the Council including financial records;
(o)the use of advertisements by or on behalf of estate agents, or any solicitation or canvassing for business by or on behalf of estate agents, whether by salespersons or otherwise;
(p)the forms and procedure for Disciplinary Committee proceedings, including the fees payable, the costs that may be awarded, and the records to be kept;
(q)requirements in relation to the detection and prevention of money laundering or the financing of terrorism, or for the reporting of transactions suspected of involving money laundering or terrorism financing;
(r)requirements, conditions and restrictions in relation to the receipt, holding, handling and transmission of money by estate agents and salespersons, which may include requirements for separate trust accounts;
(s)to prescribe all matters and things which by this Act are required or permitted to be prescribed or which are necessary or expedient to be prescribed to give effect to this Act.
(3)  Regulations made under subsection (1) —
(a)may relate to all or any class or description of estate agents or salespersons;
(b)may make different provisions for different classes or descriptions of estate agents or salespersons;
(c)may provide that a contravention of any specified provision thereof shall be an offence; and
(d)may provide for penalties not exceeding a fine of $25,000 or imprisonment for a term not exceeding 12 months or both for each offence and, in the case of a continuing offence, a further penalty not exceeding a fine of $1,000 for that offence for every day or part thereof during which the offence continues after conviction.