Real Estate and Business Brokers Act, 2002 Regulations
Regulation - LGIC
Bill or Act:
Real Estate and Business Brokers Act, 2002
Summary of Decision:
Regulations have been filed under the Real Estate and Business Brokers Act, 2002. Those relating to substantive obligations on the sector will come into force together with the Act itself on March 31, 2006.
November 16, 2005
Summary of Proposal:
There are three related regulations:
The first regulation sets out substantive requirements for registration and other matters under the Real Estate and Business Brokers Act, 2002. A real estate brokerage, broker or salesperson must be registered to carry on business. The regulation sets out requirements for applications for registration and renewal. Registrants would continue to be subject to ongoing obligations concerning matters such as trust accounts. Failing to meet such obligations would be both grounds for refusal of registration or renewal, and also grounds for a proposal to revoke a registration. The regulation also continues existing exemptions (e.g., for the Public Guardian and Trustee).
The second regulation delegates authority to make certain regulations to the Minister. The Lieutenant Governor in Council retains its authority to make regulations under these enabling authorities and its regulations prevail in the event of any conflict. The delegated authorities relate to the Code of Ethics and other matters such as educational requirements and insurance requirements, which are more technical and suitable for Minister's Regulation.
The third regulation updates references in a regulation under the Safety and Consumer Statutes Administration Act, 1996 that speak to the prior Real Estate and Business Brokers Act to instead refer to the new Real Estate and Business Brokers Act, 2002, thereby ensuring that the new legislation is administered by the Real Estate Council of Ontario.
Ministry of Consumer and Business Services
Real Estate and Business Brokers Act 2002 Regulation
250 Yonge Street, 35th Floor
Toronto ON M5B 2N5
March 31, 2006