Ivana Bacik (Independent)

I move amendment No. 57:

In page 58, subsection (4), lines 15 and 16, to delete all words from and including "which" in line 15 down to and including "persons" in line 16.

These amendments are suggested to ensure a more meaningful level of penalty is provided for against a person who contravenes the regulations under section 60. Other offences created in this Bill carry the possibility of prosecution on indictment whereas this offence may be prosecuted only through the District Court as a summary offence. Therefore, the penalty is a maximum of €5,000. We suggest a greatly increased fine of up to €100,000, given the potential level of profit that may be made where an offence under this section is committed. In the debate on Second Stage, Senator Hannigan referred to this, noting that the proposed fine of €5,000 is relatively small in the context of the potential gain a rogue estate agent may make, which may amount to several hundred thousand euro. He was talking about people who engage in gazumping. They should be subject to more meaningful penalties given the scale of profit they may anticipate making.