After several months of discussions, the Constitution, Codes, General Legislation and Administration Commission of the Chamber of Deputies approved the real estate operator law, which seeks to regulate activity in the sector, with the support of all member political parties.
The deputy of National Party (PN) by the department of Maldonado, Diego Echeverriacelebrated the approval of the project “after months of work and with the support of all parties.”
“Today we voted in committee on this law, which is a demand for that sector of the country’s economy,” said the legislator in this regard, who added that, from now on, “professionalizing, making transparent and providing certainty” will be a reality in the real estate.
What are the highlights of the law?
In its article 1, it is established that the object of the law is to regulate the exercise of professional activity at the real estate level, which is carried out by agents, brokers, commission agents, brokers, providing companies or providers of real estate and tourism services, and operators.
From thereon, all of them will be grouped together as “real estate operators” within the framework of the defense of free competition. In addition to the definition, the requirements to practice as such are established, as well as the rights and sanctions provided for obligations for non-compliance with the regulations.
Likewise, the legislative initiative declares real estate activity to be of general and national interest due to its contribution to the development of the country’s economy.
Among the other highlights, article 8 creates the National Registry of Real Estate Operators, which will operate within the orbit of the Ministry of Economy and Finance (MEF), and will be administered by an honorary commission composed of three members of the Executive Branch, as well as two members of the representative unions of the sector.