FOR IMMEDIATE RELEASE
Real estate and mortgage brokerage:
More generous indemnities for the public
Brossard, May 10, 2018 – The Organisme d’autoréglementation du courtage immobilier du Québec(OACIQ) is pleased to announce the increase of the indemnity paid by the Real Estate Indemnity Fund (FICI) in case of fraud, fraudulent tactics or misappropriation of funds.The maximum indemnity will go from $35,000 to $100,000 per claim, an increase of 186%.
“As our exclusive mission is to protect consumers who enlist the services of real estate and mortgage brokerage professionals, we are pleased to see the government agreeing with our recommendation. The OACIQ makes every effort to ensure that this kind of unfortunate situation remains an exception. However, should this happen, this increase of the maximum indemnity will allow aggrieved consumers to be even better protected by the Real Estate Brokerage Actwe are enforcing,” said Nadine Lindsay, President and Chief Executive Officer of the OACIQ.
The terms of this measure, which is effective now, also provide for an increase in the period of eligibility to file a claim from one year to two years following knowledge of facts, giving applicants greater flexibility.
Reinforced supervision: the public even better protected
The increase of indemnities occurs while the OACIQ, in keeping with its role as regulator of real estate and mortgage brokerage, is constantly working to reinforce supervision of brokers, including by training and inspecting them, as well as investigating those who do not abide by their obligations. “We hope that these new measures, combined with what we are already doing on a daily basis to carry out our mission, will help increase public trust in the profession and the role played by the Real Estate Brokerage Actin the transactions performed by a broker,” said Nadine Lindsay.
Bill 141 amending the Real Estate Brokerage Act,which should be adopted soon, also provides for an increase in disciplinary and penal fines for brokers and persons engaged in illegal brokerage.This will be another opportunity to ensure an even stronger supervision of real estate and mortgage brokerage and provide a better protection for the public.
About the FICI
The FICI offers free protection to consumers who deal with a broker or agency and who are victims of fraud, dishonest tactics or misappropriation of funds in the course of a transaction. Although the OACIQ manages the FICI, the Fund’s assets are completely separate from those of the Organization and used exclusively to pursue the Fund’s mission. The OACIQ is responsible for compensating victims from the sums contained in the Fund, in accordance with the decisions of the Indemnity Committee.
About the OACIQ
The Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ) ensures the protection of members of the public who enlist the services of real estate and mortgage brokerage professionals governed by the Real Estate Brokerage Act.
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