O. Reg. 538/20: EDUCATIONAL REQUIREMENTS, INSURANCE, RECORDS AND OTHER MATTERS
Skip to contentontario regulation 538/20
made under the
Real Estate and Business Brokers Act, 2002
Made: September 22, 2020
Filed: October 1, 2020
Published on e-Laws: October 1, 2020
Printed in The Ontario Gazette: October 17, 2020
Amending O. Reg. 579/05
(EDUCATIONAL REQUIREMENTS, INSURANCE, RECORDS AND OTHER MATTERS)
1. (1) The definition of “commission protection insurance” in subsection 11 (1) of Ontario Regulation 579/05 is revoked.
(2) Paragraph 3 of subsection 11 (2) of the Regulation is revoked and the following substituted:
3. Insurance described in subsection (2.1) that provides coverage of at least $100,000 in respect of any particular claim under the insurance and at least $1,000,000 for all claims under the insurance in respect of the same occurrence.
(3) Section 11 of the Regulation is amended by adding the following subsection:
(2.1) For the purposes of paragraph 3 of subsection (2), insurance means insurance to pay claims made by a registrant for remuneration in relation to a trade in real estate, if the claims arise out of money or other property entrusted to or received by another registrant in the course of trading in real estate.
2. Subsection 17 (1) of the Regulation is amended by striking out “commission or other” wherever it appears.
Commencement
3. This Regulation comes into force on the later of the day section 7 of the Trust in Real Estate Services Act, 2020 comes into force and the day this Regulation is filed.
Made by:
Pris par :
La ministre des Services gouvernementaux et des Services aux consommateurs,
Lisa Thompson
Minister of Government and Consumer Services
Date made: September 22, 2020
Pris le : 22 septembre 2020