Valuers Act 1948 Review
The valuing profession is currently regulated by the Valuers Act 1948. The following provides a brief summary of the Act's key features and the review process.
The Valuers Act 1948
The current Valuers Act:
- provides a registration process for individuals holding recognised qualifications
- establishes the Valuers Registration Board and gives jurisdiction to discipline registered valuers
- establishes the New Zealand Institute of Valuers and provides that all registered valuers must be members and that there is Ministerial control of its governance, and
- stipulates that only the holders of annual practising certificates may act as "public valuers".
You can read the complete Valuers Act 1948 on the New Zealand Legislation website.
Check the progress of the legislation on the New Zealand Parliament website.
Review of the Act
The New Zealand Institute of Valuers and the Property Institute of New Zealand are drafting a proposed review of the Valuers Acts 1948 in line with the Minister of Lands' direction.
Discussions have been held between the New Zealand Institute of Valuers, the Valuers Registration Board and client user group representatives. There is agreement that the Act needs to be reviewed and / or repealed.
LINZ will assist in the consideration of the proposed Bill's merits, including its compliance with the legislative framework for occupational regulation once it is received by the Minister.
