S.I. No. 183/2012 - Property Services (Regulation) Act 2011 (Compensation Fund) Regulations 2012.

Notice of the making of this Statutory Instrument was published in

“Iris Oifigiúil” of 5th June, 2012.

The Property Services Regulatory Authority in exercise of the powers conferred on it by section 95 of the Property Services (Regulation) Act 2011 (No. 40 of 2011), with the consent of the Minister for Justice and Equality, hereby makes the following regulations:

Citation and commencement.

1. (1) These Regulations may be cited as the Property Services (Regulation) Act 2011 (Compensation Fund) Regulations 2012.

(2) These Regulations shall come into operation on 30 May 2012.

Definitions.

2. In these Regulations—

“Act” means the Property Services (Regulation) Act 2011 (No. 40 of 2011);

“employee” has the meaning given to it in the Property Services (Regulation) Act 2011 (Licensing) Regulations 2012 ( S.I. No. 180 of 2012 ).

Contributions to Fund.

3. (1) The amount of the contribution to be made to the Fund by a person making an application for a licence or the renewal of a licence shall be the contribution appropriate to that licence as specified in the Table to this paragraph.

TABLE

(2) A person shall, within 7 days of receipt of a notice in writing from the Authority of its intention to—

(a) issue a licence to him or her under section 31 of the Act, or

(b) renew his or her licence under section 35 of the Act,

make the appropriate contribution to the Fund as specified in paragraph (1).

The Minister for Justice and Equality consents to the making of the foregoing Regulations.

GIVEN under my Official Seal,

30 May 2012.

ALAN SHATTER,

Minister for Justice and Equality.

GIVEN under the seal of the Property Services Regulatory Authority,

30 May 2012.

THOMAS LYNCH,

Chief Executive, Property Services Regulatory Authority.

GERALDINE CLARKE,

Chairperson, Property Services Regulatory Authority.

EXPLANATORY NOTE

(This note is not part of the instrument and does not purport to be a legal interpretation.)

These Regulations specify the level of contribution which successful applicants for licences must make to the Property Services Compensation Fund before being issued with a licence.