CAP: Clean up auction business with new law
The federal government has been urged to enact a single new and comprehensive law to govern auctions, to replace colonial-era legislation.
The Consumers Association of Penang said the colonial-era laws on auctions had generally remained unchanged and it was time to update them for the 21st century.
“In an age where auctions can be carried out over the internet there is a need to have legislation that reflects the present reality. This means having one encompassing law on the industry’s practices to ensure bidders are not disadvantaged, to raise the professionalism of auctioneers and to generally make the industry more transparent,” said CAP president SM Mohamad Idris.
CAP wants the federal government to take charge of the auction industry, issue the auctioneers licence and set up a registrar of auctioneers. He proposed that an auctioneer board be established to enable bidders to complain about rogue auctioneers.
The auction business is governed by the 86-year-old Auction Sales Enactment 1929 and also the National Land Code of 1965.
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