C-73.2, r. 4 - Regulation respecting records, books and registers, trust accounting and inspection of brokers and agencies

Section 29 Disposition versions

2023-03-23

29. When opening a general trust account, a licence holder must complete and send a declaration related to the opening of an account to the depositary financial institution and the Organization. The licence holder must keep a copy for inspection purposes.

The declaration related to the opening of an account must indicate

(1)  the name and address of the financial institution to which the declaration is addressed;

(2)  the name of the broker or the agency executive officer making the declaration, the number of the holder’s licence and the address of the establishment;

(3)  the date on which the account is opened;

(4)  that the general account opened at the financial institution in the name of the licence holder is “in trust”;

(5)  the account number;

(6)  that the account contains sums that the licence holder receives or will receive in trust in the carrying on of the holder’s activities and that the account is governed by the Real Estate Brokerage Act (chapter C-73.2);

(7)  that the interest generated by the sums deposited into the account must be paid to the Organization;

(8)  that the financial institution is authorized to transfer directly to the Organization the interest generated by the account and to deduct at source, if applicable, the administrative costs provided for in the agreement entered into or to be entered into with the Organization;

(9)  the persons authorized to sign, on behalf of the licence holder, any document related to the current transactions of the account and the signature of each person;

(10)  that at all times, the Organization is irrevocably authorized to request and obtain from the financial institution any information, explanation or copy of a document necessary or useful for the purposes of auditing the account; and

(11)  that the Organization is irrevocably authorized to freeze the sums held in trust, take possession of any sum entrusted to a licence holder, revoke the signature of the broker or agency executive officer or close any of their trust accounts.

O.C. 296-2010, s. 29; O.C. 154-2012, s. 1; O.C. 176-2023, s. 8.

2012-09-01

29. When opening a general trust account, a licence holder must complete and send a declaration related to the opening of an account to the depositary financial institution and the Organization. The licence holder must keep a copy for inspection purposes.

The declaration related to the opening of an account must indicate

(1)  the name and address of the financial institution to which the declaration is addressed;

(2)  the name of the broker or the agency executive officer making the declaration, the number of the holder’s licence and the address of the establishment;

(3)  the date on which the account is opened;

(4)  that the general account opened at the financial institution in the name of the licence holder is “in trust”;

(5)  the account number;

(6)  that the account contains sums that the licence holder receives or will receive in trust in the carrying on of the holder’s activities and that the account is governed by the Real Estate Brokerage Act (chapter C-73.2);

(7)  that the interest generated by the sums deposited into the account must be paid into the Financing fund of the Organization;

(8)  that the financial institution is authorized to transfer directly to the Financing fund of the Organization the interest generated by the account and to deduct at source, if applicable, the administrative costs provided for in the agreement entered into or to be entered into with the Organization;

(9)  the persons authorized to sign, on behalf of the licence holder, any document related to the current transactions of the account and the signature of each person;

(10)  that at all times, the Organization is irrevocably authorized to request and obtain from the financial institution any information, explanation or copy of a document necessary or useful for the purposes of auditing the account; and

(11)  that the Organization is irrevocably authorized to freeze the sums held in trust, take possession of any sum entrusted to a licence holder, revoke the signature of the broker or agency executive officer or close any of their trust accounts.

O.C. 296-2010, s. 29; O.C. 154-2012, s. 1.