The NL Association of Realtors is welcoming new legislation governing the industry.

The Real Estate Trading Act dates to 1964 and is the oldest legislation of its kind in the country.

While it has seen some amendments over the decades, new legislation was needed to better reflect changes in the industry over the last half century.

CEO of the association, Bill Stirling told On Target St. John’s with Linda Swain they’ve advocated for some time that they need better enforcement and public protection and stronger fines.

He says the maximum fine for unethical behaviour set in 1964 was $2,000, which hasn’t changed in 50 years. Under the new legislation that fine has increased to $50,000.

The new legislation is now going through the Government Committee Process, one of the few pieces of legislation to do so.

A public hearing is set for Tuesday, September 17 at the House of Assembly.

Listen to Bill Stirling on On Target St. John’s with Linda Swain below: