Thursday, April 17, 2008 [ sunstar.com.ph ]
THE Department of Trade and Industry (DTI) has increased the fines imposed on unlicensed realty service practitioners to further protect consumers.
Realty service practitioners refer to real estate salesmen, brokers, appraisers, and consultants.
Late last year, Trade and Industry Secretary Peter B. Favila signed Department Administrative Order (DAO) 06 series of 2007 or the "Revised Schedule of Administrative Fines for Violations of the Consumer Act of the Philippines and some Trade and Industry Laws."
The thrust of the new DAO is to tighten and strengthen the implementation of laws on consumer welfare and protection and certain fair trade laws.
The new DAO has taken effect since September 19 last year.
Based on DAO 07 series of 1999, an unlicensed real estate practitioner only had to pay P500.
Under the new schedule of fines, a licensed real estate practitioner who is found guilty of a case related to his profession shall be charged a minimum of P20,000 and a maximum of P60,000. Moreover, an amount of P40,000 to P120,000 will be imposed on an unlicensed practitioner (this also includes those who have expired licenses).
With the issuance of the revised schedule of fines, DTI calls for heightened consumer vigilance and cooperation of the real estate industry.
Trade and Industry Assistant Secretary Merly M. Cruz said with higher fines, unscrupulous practices in the real estate industry would be minimized if not totally eliminated.
DTI Southern Mindanao is asking the public to inform the department immediately should they know of unlicensed practitioners operating in the region or illegal transactions of some realty service practitioners. The DTI can be reached at (082) 224-0511.
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