Proposals to overhaul the Bermuda real estate business are set to go before the Government.

After consultation within the industry, the real estate division of the Chamber of Commerce is to take its ideas for revamping the rules and regulations governing them to the Ministry of Finance.

It is anticipated that the planned Real Estate (Brokers and Agents) Licensing Bill 1999 could be in force by the end of the year.

Organiser Cris Dapena, of the Property Group Ltd, said a meeting held last week had agreed that they should now go to Finance Minister Eugene Cox.

"Our next course of action is to intensify our liaison with the Minister of Finance, with our concerns and recommendations,'' said Cris Dapena.

The legislations aims to upgrade standards in the business, improving professionalism, offering more training and making the agents self-governing via enforceable rules.

Those pushing the scheme believe it is long overdue in cleaning up their image on an Island where properties change hands for millions of dollars, and would replace the existing Real Estate Agent's Licensing Act 1976.

The bill's backers are confident they have support from a large section of the industry for the changes, although they are quick to point out that they do not have 100 percent unanimity.

After drawing up the legislation themselves from scratch, the Chamber is asking for donations from members to help meet the legal costs of the project.

They are confident it will become a reality but are realistic in how much of what they propose will meet with what the Government feels is in the best interests of the industry.