NEWFOUNDLAND AND LABRADOR
REGULATION 115/10

Real Estate Licensing Regulations (Amendment)
under the
Real Estate Trading Act
(O.C. 2010-314)

(Filed December 21, 2010)

Under the authority of section 51 of the Act, the Lieutenant-Governor in Council makes the following regulations.

Dated at St. John's, December 16, 2010.

Robert Thompson
Clerk of the Executive Council

REGULATIONS

Analysis

        1.   Ss.10.1&10.2 Added
10.1 Audits
10.2 Semi-annual reports

CNLR 994/96
as amended

        1. The Real Estate Licensing Regulations are amended by adding immediately after section 10 the following:

Audits

   10.1 A trust account established under section 29 of the Act shall be audited annually by a person who is a public accountant licensed under the Public Accountancy Act and a statement in the form approved by the superintendent respecting the trust account, together with the audit reports in the form approved by the superintendent, shall be submitted by an agent to the superintendent not more than 90 days after the end of the preceding fiscal year.

Semi-annual reports

   10.2 In addition to the requirements of section 10.1, an agent shall prepare a statement in the form approved by the superintendent concerning the trust account established under section 29 of the Act and submit the statement to the superintendent within 30 days of the semi-annual reporting date of the agent.

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