WHEREAS by Section 84(1) of the Real Estate Act, S.A. 1995, c.R-4.5 (the “Act”), the Real Estate Council of Alberta (the “Council”) has the power, duty and responsibility to amend or appeal bylaws and rules;
THEREFORE BE IT RESOLVED THAT:
69.1(1) A mortgage agent’s accounting for the purposes of Section 25 of the Act shall consist of a Report of Auditors, in a form containing the information required by the Council.
69.1(2) The Report of Auditors must be completed by an independent Chartered Accountant, Certified General Accountant, or Certified Management Accountant.
69.1(3) The fiscal year end reporting date for all mortgage agents is March 31.
69.1(4) A mortgage agent’s accounting referred to in subsection (1) shall be filed with the Council not later than 90 days after March 31 and shall cover the fiscal year or, where the agent did not carry on business for the entire fiscal year, that part of the fiscal year for which the mortgage agent carried on business.
AMENDED by Council in Calgary, Alberta on this 7th day of May 1997.