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

Section 30 Disposition versions

2012-09-01

30. Where a licence holder opens a special trust account, the licence holder must complete a declaration related to the opening of an account, keep a copy of the declaration for inspection purposes and send the declaration without delay to the depositary financial institution.

The declaration must indicate, in addition to the elements referred to in paragraphs 1, 2, 3, 5, 9, 10 and 11 of section 29,

(1)  the name and address of the depositor;

(2)  the sum received and an indication that the sum is received “in trust” in the carrying on of the broker’s activities;

(3)  that the sum is deposited into a special account opened “in trust” with the financial institution under the name of the licence holder;

(4)  that the account is governed by the Real Estate Brokerage Act (chapter C-73.2); and

(5)  that the interest generated by the sum deposited into the account belong to the depositor.

O.C. 296-2010, s. 30.