The Minister of Lands, Housing, and Urban Development, Judith Nabakooba has presented the Valuation Bill, 2024, to Parliament.
The proposed legislation aims to regulate property valuation practices in Uganda by introducing measures to professionalize and oversee the work of valuers.
According to the Minister, the Bill if passed into law is expected to lead to; regulating valuation function; increase public confidence in valuation function and services; professionalize the valuation function; strengthen office responsible for Government valuations; ensure efficient land acquisition processes; and, improve efficiency of the real estate and financial markets. Under Clause 2 of the Bill proposes the creation of the Office of the Chief Government Valuer who will be responsible for the National Valuation Information System.
The Government in Clause 4 of the Bill proposes to establish the Institute of Certified Valuers of Uganda whose functions would include; maintaining the standard of the valuation profession in Uganda and conduct of certified valuers and practicing valuers; facilitating and supervising the provision of continuous professional education and acquisition of knowledge in valuation by the members of the Institute; and, protecting and assisting the public in all matters of valuation and in matters incidental to valuation.
Other proposed functions of the institute are; representing, protecting and assisting members in relation to the conditions of practice of valuations; and, encouraging research in valuation and related subjects, maintain a library of resources relating to the practice of valuation; maintaining the journal of the Institute.
Clause 8 of the Bill proposes the functions of the Council of the Institute whose major mandate would include the enrolment of members and maintain the roll; issues practicing certificates and licenses to professional valuers; regulate the conduct of certified valuers and practicing valuers; and, adopt internationally accepted valuation standards.
Under Clause 20, the Government has proposed the qualifications of a person to be registered as a member of the Institute of Certified Valuers. All valuers already registered under the category of valuation under the Surveyors Registration Act, will at the commencement of the new law be enrolled as a member of the Institute. The Chief Government Valuer and valuers in the office of the Chief Government valuer would automatically be enrolled as members of the Institute.
A valuer to be registered as a member of the Institute and hence being issued with a certificate of practice and license would one with a Bachelors degree in valuation or equivalent qualifications recognised by the Council of the Institute; and is a member of a professional body of valuers that is comparable in membership to the Institute. Also to be enrolled, a valuer will have worked under supervision of a certified valuer for at least one year and shall
undertake professional training and pass qualifications examinations of the Institute.
The Government in this Bill has also provided for circumstances under which a person will not be renewed as a licensed valuer. These include; when a person is adjudged by a competed court to be suffering from mental illness; is convicted of an offense involving fraud or dishonesty by a competent court; none renewal of membership for two years; and, disqualified from membership by the Council on recommendation of the Disciplinary Committee.
In a move to stop unprofessionalism in the valuation industry, a fine of UGX 100m or custodial sentence of 2 years or both has been suggested for a person who; knowingly makes any statement which is false in a material particular or misleading with a view of gaining advantage, concession or privilege; forges any document purporting to be a certificate, receipt, approval or other document issued in accordance with the Act; impersonates a certified valuer or a practicing valuer; fails to report an alteration made in a valuation report ; and, certified or practicing valuer who permits another person, not being professional as a case may be, to use his or her name.
Other offense that would be punishable by a fine of UGX 1m or 2 years jail term or both for a person who; willfully delays or obstructs any person in the exercise of his or her duties under this Act; refuses or fails to allow entry or inspection to a property to be valued; refuses or neglects to furnish particulars in relation to a property which is subject of valuation; willfully makes any false statement in response to any question for purposes of a valuation; and, refuses to allow any books, documents or papers to be inspected or extracts to be taken with respect to a valuation
