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GRAND TURK, Turks and Caicos Islands; Wednesday, 5th November, 2008 – Members of Parliament for the Turks and Caicos Islands Government met today in the nation's capital Grand Turk, convening for the Second Sitting of the Second Session of the First House of Assembly.
On the agenda was the second and third reading of the following:
Real Estate (Brokers and Salesmen) Licensing Bill 2007 (Hon. Deputy Premier); Electricity; (Amendment) Bill 2008 (Hon. Minister for Works, Utilities and Communication); Builders (Licensing) Bill 2008 (Hon. Minister for Works, Utilities and Communication); Immigration (Amendment) Bill 2008 (Hon. Minister for Home Affairs); Universities Colleges and Training Institutes Bill 2008 (Hon. Minister for Education, Youth, Sports & Culture) and the Private Investigators and Security Guards Bill 2008 (Hon. Minister for Home Affairs).
Deputy Premier and Minister for Finance Hon. Floyd Hall brought forth the second reading of the Real Estate (Brokers and Salesmen) Licensing Bill. "This bill has been brought to the house for a few months now with the intention to fulfill the mandate and to fulfill the obligation of the protection of Turks and Caicos islanders," said Hon. Hall, adding that "the Government believes that Turks and Caicos Islanders were being treated unfairly in the industry of real estate and, this bill states that ownership of real state companies should by owned by only Turks and Caicos Islanders."
This new bill, which seeks to address the problems from the previous bill, will see to the creation of a real estate board. This board said Deputy Premier Hall, will help to regulate the control of the real estate market, real estate companies, and real estate brokerage in the TCI; essentially, modernizing the handling of real estate industry.
One of the problems that this new ordinance will address is clause 21- 2a and 2b, which states that a broker should employ 60% Belongers and the other 40% being foreigners working in their company. The Government moved that this clause be amended, declaring that the new Bill should state that the number of Belongers working in real estate market in the Turks and Caicos should be 100% Belongers.
To the expatriates already working in real estate market and own real estate companies, they will be grand fathered in so they can remain in the industry.
Leader of the Opposition, Hon. Floyd Seymour, noted his concern that the original ordinance, which was enacted in 2004, is now being repealed a short four years later. However, he was pleased to say that the Opposition supports the real estate board but seeks that the board is regulated and, have members from both parties presided there on.
"This is a good Bill and this is one of the best Bills that our Government have passed," said Premier Hon. Dr. Michael Misick, "We have passed a bill a few years ago and we are now improving that Bill to best benefit our people."
"Prior to this Bill, there would not have been young entrepreneurs getting into real estate. This party has gone on a limb to protect this industry so that Turks and Caicos Islanders can benefit from this opportunity. This bill also closes the loophole of developers trying to sell real estate under the table."
To that end, the Real Estate (Brokers and Salesmen) Licensing Bill 2007 will be read for a third time, at the next session, when the House of Assembly convenes.
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