BCFSA’s Administrative Penalties Framework Consultation

The BC Financial Services Authority is releasing proposed amendments to the Real Estate Services Rules (the “Proposed Amendments”) for public and licensee comment. The Proposed Amendments are intended to update the real estate services administrative penalty framework (the “Administrative Penalty Framework”) set out in Sections 26 and 27 of the Real Estate Services Rules (the “Rules”).

Members are encouraged to submit their input regarding the Proposed Amendments through the Consultation Feedback Form. The consultation period will close on November 26, 2023.

Proposed Amendments:

The proposed amendments will not change licensing requirements under RESA or any license obligation.

  • Create two new categories of Administrative Penalties, capturing failures by both unlicensed persons and licensees to comply with BCFSA investigations, and unlicensed and related restricted activity. Restricted activities include an individual providing real estate services while their license is suspended or in a category for which they are not licensed, a brokerage making payments to an unlicensed individual or a licensee that is licensed to another brokerage.
  • Add violations with respect to the improper use of required disclosures; and
  • Expand the list of infractions eligible for Administrative Penalties that fit within the parameters of existing categories B, C and D in s. 26 of the Rules.

To learn more please refer to eMemo #4254

For any additional questions, please send an email to policy@bcfsa.ca.

Thank you for your attention to these matters which will help to ensure member input is duly considered regarding the BCFSA’s proposed amendments to the Real Estate Services Rules.