Le Lézard
Classified in: Business
Subjects: NPT, POL, AVO

Bill on the Regulation of the Financial Sector: The Greater Montréal Real Estate Board has Serious Concerns



L'ÎLE-DES-SOEURS, QC, Oct. 6, 2017 /CNW Telbec/ - In reaction to the introduction of the bill to amend the Real Estate Brokerage Act (REBA), the Greater Montréal Real Estate Board (GMREB) is concerned about the consequences that the government's proposed measures will have on consumers, knowing the importance of real estate transactions on Québec's economy.

Québec's Minister of Finance, Mr. Carlos J. Leitão, tabled bill 141 yesterday in the National Assembly. This bill is aimed primarily at improving the regulation of the financial sector, the protection of money deposits and the rules of functioning for financial institutions. Expected since 2016, this legislative exercise includes an in-depth reform of the REBA, which governs real estate brokers operating in Québec.

While welcoming the Government's initiative to enhance the REBA with a view to modernizing it, the GMREB nonetheless believes that the proposed amendments will have a detrimental effect on consumer protection during a real estate transaction.

Although it is too early to comment on the entire bill, the GMREB will analyze the proposal in further detail but urges the Minister of Finance to carefully assess the potential impact of the proposed changes.

The GMREB suggests that the provisions of the bill will allow individuals to freely carry out real estate brokerage activities without holding a licence, without having prior training and without having any professional insurance. It is important to remember that the GMREB has been campaigning for several years now for better oversight of real estate brokerage activities.

"The government's proposal, which does not clearly define a brokerage operation, will contribute to creating more confusion among the public. We believe the government should better define the activities included in a brokerage operation and reserve them for licence holders, thereby improving the protection of the public," said Mathieu Cousineau, President of the GMREB Board of Directors.

The GMREB will closely monitor the progress of the bill and will continue to make representations on behalf of its members, all the while collaborating with the Department of Finance. It goes without saying that the GMREB invites the Minister of Finance to consult with industry stakeholders on the issues raised by this proposal and its effects on consumer protection.

About the Greater Montréal Real Estate Board

The Greater Montréal Real Estate Board is a non-profit organization with more than 9,000 members: real estate brokers. Its mission is to actively promote and protect its members' professional interests in order for them to successfully meet their business objectives.

 

SOURCE Greater Montréal Real Estate Board


These press releases may also interest you

at 11:00
DreamCloud Holdings, the fastest growing company in the online mattress industry, today announces an agreement to acquire science-based sleep company, Level Sleep. As part of the arrangement, DreamCloud Holdings has acquired exclusive rights to sell...

at 11:00
Valley Republic Bancorp today announced its financial results for the quarter ended June 30, 2018. Highlights for the 2nd Quarter of 2018 Compared to the 2nd Quarter of 2017: Net income: up 41% Pretax income: up 31% Net loans: up 12% Deposits: up...

at 11:00
Phoenix Children's Hospital and UnitedHealthcare have renewed their network relationship, ensuring that Arizona residents enrolled in UnitedHealthcare employer-sponsored, individual and Medicaid health plans have continued access to Phoenix...

at 11:00
SAN FRANCISCO, July 19, 2018 /PRNewswire-PRWeb/ -- Venture West Consulting (Venture West) and StratusPartner today announced a definitive merger agreement in which Venture West will remain the surviving corporate entity. The merger combines a wealth...

at 11:00
RBC Wealth Management ? U.S. today unveiled a new, customizable practice management program designed to help individual advisors and advisor teams grow their business, improve their quality of life and maximize their potential. "We understand that...

at 11:00
AUSTIN, Texas, July 19, 2018 /PRNewswire-PRWeb/ -- Resident Inspection will help property managers change the way they receive tenant Move-In Inventory & Condition inspections and reduce security deposit disputes. COMING SOON! (end of August 2018)...




News published on 6 october 2017 at 15:31 and distributed by: