Bill Seeking to Reform V.I. Real Estate Commission Advances with High Commendations

Only a few short weeks after successfully introducing draft legislation to further regulate the local real estate industry through Bill 35-0193, Senator Novelle Francis Jr. has introduced a companion bill to reform the territory’s Real Estate Commission.

Bill 35-0117 is an act amending Title 27, Virgin Islands Code, Chapter 15, Sections 421a and 422 relating to the qualifications, term limits, and duties of the members of the Real Estate Commission. Soliciting support from members of the Committee on Rules and Judiciary, Mr. Francis explained the proposed changes, including the addition of one licensed property manager to the Commission.‌

If ultimately successful, the bill would also require three members of the Commission to live on St. Croix, three on St. Thomas, and one member on St. John. New provisions include term limits that constrain members to no more than two consecutive four-year terms. The measure would also allow members to “receive per diem expenses” and empowers the commission to “appoint a secretary and a treasurer.”‌