New Brunswick’s Monetary and Consumer Solutions Commission is looking for to shut down a authentic estate agency, citing alleged violations associated to trust accounts and other regulations.
The fee states in a information launch issued Tuesday it has submitted a statement of allegations with the Financial and Client Providers Tribunal trying to find to revoke the licence of Century 21 A&T Countryside Realty Inc., cease all controlled action and shell out a wonderful.
The company has 24 realtors in Moncton, Saint Andrews, Fredericton and Rothesay and has a number of energetic serious estate listings.
Audrie Beaulieu, listed as a co-owner of the company, informed CBC there wouldn’t be a comment Tuesday, but stated a statement will be issued Wednesday.
It truly is alleged the agency “persistently and continuously breached several belief account rules and other provisions” of the Real Estate Brokers Act even following it was positioned underneath a lengthy period of supervision.
The release did not say particularly what violations are alleged. CBC has requested a copy of the assertion of allegations from the tribunal. The fee did not offer an interview.
The administrative tribunal’s site suggests it provides independent adjudication and oversight in the financial and client providers sectors.
Problems imposed just after 2019 inspection
The commission’s information launch suggests a 2019 inspection by the New Brunswick Genuine Estate Association, which co-regulates the sector, “found deficiencies in its rely on account and its money reporting oversight” that led to the commission imposing conditions on the agency’s licence.
Those people problems included providing financial statements, quarterly testimonials of the have faith in accounts by an independent third social gathering, and month to month believe in reconciliation and supporting documentation to the fee.
The news release says that following several opportunities and extensions, the company consistently failed to fulfill the phrases and circumstances on its licence.
“FCNB alleges this non-compliance offers a threat to shoppers and has filed an enforcement proceeding to revoke the agency’s licence,” the launch states.
It states if the tribunal revokes the licence, any active listings could be negotiated with a new agency.