INFORMATION BULLETIN
For Immediate Release 2007FIN0007-000253 March 12, 2007	Ministry of Finance
CHANGES BENEFIT HOMEBUYERS, CO-OPS, BUSINESS INVESTMENT

VICTORIA – Added protection for consumers in British Columbia’s real estate market, improvements for co-operatives, and other measures to help attract business investment are among the changes included in Bill 14, the Financial Statutes Amendment Act 2007.

 

Real Estate Services Act – Amendments will strengthen consumer protection for real estate clients. The changes clarify the type of losses intended for coverage by the Special Compensation Fund and give the B.C. Real Estate Council access to the Special Compensation Fund to prevent real estate transactions from failing when money is missing from a brokerage account. Other amendments ensure that rental property and strata management firms hold their clients’ money in trust, and assist brokerages by streamlining the requirements for handling brokerage fees that have already been earned.

 

Real Estate Development Marketing Act – Amendments will improve consumer protection by clarifying that even when the developer has deposit insurance, the buyer’s seven-day cooling-off period must end before the developer can access deposit money.

 

Cooperative Association Act – Co-operatives in British Columbia will be able to formally adopt non-profit status, helping secure their access to grants and charitable tax status. Further amendments will replicate relevant portions of the repealed Company Act that are currently applied by reference and will streamline administration by letting the Corporate Registry establish and amend its own forms related to cooperatives.

 

            Business Corporations Act – Changes will allow businesses to issue uncertificated shares as well as paper certificates, help refine corporate governance rules, reduce regulatory burden, and clarify sections of the legislation. Further amendments allow the incorporation of unlimited liability companies. Currently, Alberta and Nova Scotia allow the incorporation of unlimited liability companies. By introducing their formation here, the Province is reducing business costs and delays, keeping B.C. competitive, and encouraging new investment in British Columbia.

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Media contact:	Jamie Edwardson Public Affairs Officer Ministry of Finance 250 356-5951
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