WHEREAS by Section 12 of the Real Estate Act (Act), the Real Estate Council of Alberta (Council) has the authority to make Rules;
Section 50(c)(iii) is amended to read:
50 A real estate brokerage must not:
(c) pay a commission or other remuneration, directly or indirectly, in connections with a trade in real estate except:
(iii) to an auctioneer qualified under the regulations under the Consumer Protection Act where the trade in real estate is made in the course of and as part of that person’s duties as an auctioneer;
Section 71(1)(b) is amended to read:
71(1) Subject to section 71(2), a brokerage must not charge, collect or attempt to collect a fee from a person for assisting the person in obtaining a mortgage from a lender until the following conditions have been met:
(b) the lender or the lender’s agent has provided the person with an initial disclosure statement and at least two business days have passed since the initial disclosure statement was received by the person or the person has waived the time period for delivery in accordance with the Consumer Protection Act.
Section 73(4) is amended to read:
73(4) Every mortgage broker that represents a lender in a deal in mortgages must ensure that the lender complies with the written disclosure requirements to be provided to the borrower pursuant to the Consumer Protection Act.
Section 74(1)(a) is amended to read:
74(1) Where the brokerage directly represents the lender in its dealings with the borrower, a brokerage must provide the borrower:
(a) prior to the mortgage commitment being agreed to by the borrower, a copy of the disclosure statement pursuant to the Consumer Protection Act; and
Dated at Calgary, Alberta, this 17th day of October, 2018.