Property Services (Regulation) Act 2011

PART 9

Property Services Compensation Fund

77.

Property Services Compensation Fund.

77.— (1) The Authority shall establish, administer and maintain a fund to be known as the Property Services Compensation Fund (in this Act referred to as “the Fund”).

(2) Schedule 6 shall apply to the administration of the Fund.

(3) The Authority shall, in performing the functions conferred on it under this section, have regard to the principle that the total amount standing to the credit of the Fund (including the value of all investments forming part of the Fund) should, on and after the fourth anniversary of the date of establishment of the Fund, be not less than the prescribed amount.

(4) In this section, “prescribed amount” means—

( a) subject to paragraph (b), €2,000,000,

( b) such greater amount as may be prescribed by regulations made under section 96 for the purposes of this paragraph (which may be an amount greater than an amount previously prescribed by such regulations).

Annotations:

Editorial Notes:

E10

Level of contribution which applicants for licences must make to the Property Services Compensation Fund before being issued with a licence prescribed (30.05.2012) by Property Services (Regulation) Act 2011 (Compensation Fund) Regulations 2012 (S.I. No. 183 of 2012), in effect as per reg. 1(2).