O. Reg. 675/20: GENERAL
filed November 27, 2020 under Travel Industry Act, 2002, S.O. 2002, c. 30, Sched. D
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made under the
Travel Industry Act, 2002
Made: November 26, 2020
Filed: November 27, 2020
Published on e-Laws: November 27, 2020
Printed in The Ontario Gazette: December 12, 2020
Amending O. Reg. 26/05
(GENERAL)
1. (1) Subsection 2 (2) of Ontario Regulation 26/05 is amended by adding the following paragraphs:
10. A brokerage registered under the Real Estate and Business Brokers Act, 2002 that trades in short-term accommodation rental properties.
11. A broker or salesperson registered under the Real Estate and Business Brokers Act, 2002 who trades in short-term accommodation rental properties on behalf of the brokerage that employs the broker or salesperson.
(2) Subsection 2 (3) of the Regulation is amended by adding the following definitions:
“broker”, “brokerage”, “salesperson” and “trade” have the same meaning as in subsection 1 (1) of the Real Estate and Business Brokers Act, 2002; (“agent immobilier”, “courtier”, “maison de courtage”, “mener des opérations”)
(3) Subsections 2 (2) and (3) of the Regulation, as amended by subsections (1) and (2), are amended by striking out “Real Estate and Business Brokers Act, 2002” wherever it appears and substituting in each case “Trust in Real Estate Services Act, 2002”.
2. Section 22 of the Regulation is amended by adding the following subsections:
(1.1) Despite subsection (1), a registrant is not required under that subsection to file an annual financial statement for a fiscal year that ends on or after December 1, 2020 and before December 1, 2022. However, if the registrant is otherwise required to prepare for any purpose an annual financial statement for a fiscal year that ends during that period and the annual financial statement is accompanied by either a review engagement report or an audit opinion prepared by a public accountant licensed under the Public Accounting Act, 2004, the registrant shall file the annual financial statement with the registrar.
(1.2) If a registrant is not required to file an annual financial statement for a fiscal year that ends on or after December 1, 2020 and before December 1, 2022, the registrant shall instead file a verification statement in accordance with this section.
3. Subsection 46 (5) of the Regulation is amended by striking out “April 1, 2021” at the end and substituting “April 1, 2022”.
4. Subsection 57 (6) of the Regulation is amended by striking out “April 1, 2022” at the end and substituting “April 1, 2024”.
5. Subsection 58 (5) of the Regulation is revoked and the following substituted:
(5) The travel agent is entitled to be reimbursed for any commission owing on account of the travel services purchased by the customer, but is not entitled to be reimbursed for counselling fees or other remuneration, including a service charge.
6. Subsection 58.1 (4) of the Regulation is revoked and the following substituted:
(4) The travel agent is entitled to be reimbursed for any commission owing on account of the travel services purchased by the customer, but is not entitled to be reimbursed for counselling fees or other remuneration, including a service charge.
7. Section 64 of the Regulation is revoked and the following substituted:
Commissions and other remuneration repayable by registrant
64. (1) If a customer has not received any of the travel services paid for, the registrant shall pay the amount of all commissions and other remuneration that the registrant received for the travel services, except for counselling fees, to the customer.
(2) Subsection (1) does not apply if a claim has been paid, in respect of the commission or other remuneration, to the customer from the Fund.
(3) If a customer receives payment under subsection (1), a claim shall not be paid to the customer from the Fund in respect of the commission or other remuneration.
Commencement
8. (1) Subject to subsection (2), this Regulation comes into force on the later of December 1, 2020 and the day it is filed.
(2) Subsection 1 (3) comes into force on the later of the day section 1 of the Trust in Real Estate Services Act, 2020 comes into force and the day this Regulation is filed.