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The Government has finally secured support for a bill aimed at protecting home buyers and sellers from rogue real estate agents after New Zealand First and the Green Party agreed to back it.
Associate Justice Minister Clayton Cosgrove said yesterday he had secured their support for the Real Estate Agents Bill, which will set up a new agency to regulate the industry and an independent disciplinary tribunal.
Mr Cosgrove announced four further changes as a payoff for the support of the smaller parties, including abandoning plans to tighten up the way auctions are run and giving the Real Estate Institute input into the first round of appointments to a complaints and disciplinary tribunal.
The changes do not address the main bones of contention for the institute, which wanted property managers of rental properties to also be covered by the law, and membership of the institute to remain compulsory. It also wanted greater representation on the new agency and tribunal.
Mr Cosgrove said the issue of property managers would be addressed separately from property sales and he supported a review of the area, which the select committee had suggested.
He said he was told of New Zealand First's decision to support the bill on Tuesday - nearly two months after it was reported back from the select committee.
He did not agree he had struggled to find support to pass the bill, saying its core principles had remained intact throughout, indicating there were no major concerns.
"I've always said I was confident we would have support for the bill."
But National justice spokesman Simon Power said that although his party backed the proposed changes, it was an "embarrassing backdown" for Mr Cosgrove.
"He knew he had to make some big changes if he wanted it to become law this year. Mr Cosgrove's style delayed progress on this matter for weeks and now he's been forced into an embarrassing backdown."
United Future had pulled its support after the select committee reported back, partly blaming Mr Cosgrove's attitude towards the Real Estate Institute.
It is one of several bills Labour has been struggling to secure support for to ensure they pass before the election.
It is still negotiating with parties including the Greens and New Zealand First over legislation to abolish theSerious Fraud Office and set up the Organised Crime Agency, and theemissions trading scheme and biofuel legislation.
A bill to require more accountability from financial advisers is also under question.
