Senators unanimously voted in favour of the Real Estate Brokers’ Licensing Act 2017 yesterday.

The Act was passed by MPs in the House of Assembly on Friday and replaces legislation enacted in 1976.

Progressive Labour Party senator Vance Campbell said the new Act “modernises the operation and supervision” of the real estate industry and brings Bermuda into compliance with standards set up by the Financial Action Task Force.

Consultation with the real estate industry and legal fraternity were employed in putting together the bill, Mr Campbell said.

One Bermuda Alliance senator Nandi Outerbridge said that the new Act had been in the works for quite some time and had enjoyed “broad consultation with the relevant stakeholders”.

The Opposition, she said, had “no issue” with supporting the legislation.

Independent senator James Jardine said: “It is extremely important that this particular area of our business community be regulated.”

He added: “I am very pleased to see this legislation finally moving forward. It’s good, and it’s appropriate, and it’s necessary.”

Mr Campbell said of the Act: “This is not glamorous stuff, it’s not exciting, but it’s vitally important to our economy.”