{"id":7829,"date":"2018-05-11T00:47:51","date_gmt":"2018-05-11T00:47:51","guid":{"rendered":"https:\/\/www.canadianrealestatemagazine.ca\/quebec-real-estate-organization-calls-for-withdrawal-of-financial-sector-regulation-bill\/"},"modified":"2023-10-24T03:59:55","modified_gmt":"2023-10-24T03:59:55","slug":"quebec-real-estate-organization-calls-for-withdrawal-of-financial-sector-regulation-bill","status":"publish","type":"post","link":"https:\/\/www.canadianrealestatemagazine.ca\/news\/quebec-real-estate-organization-calls-for-withdrawal-of-financial-sector-regulation-bill\/","title":{"rendered":"Qu\u00e9bec real estate organization calls for withdrawal of financial sector regulation bill"},"content":{"rendered":"<p>The Qu\u00e9bec Federation of Real Estate Boards (QFREB) joined the provinces three other major consumer protection bureaus in calling for the withdrawal of Bill 141, which aims to introduce further regulations in the province\u2019s financial sector.<\/p>\n<p>Although the QFREB acknowledges the need to rethink regulation of Qu\u00e9bec&#8217;s financial sector, it claims Bill 141 represents a step backward in public protection. The group said the current legislation tabled is extremely lengthy, and the current deadline does not allow sufficient time for it to be properly studied.<\/p>\n<p>Our federation supports the proposal to establish an expert panel that would take more time to examine the issues \u2014 particularly those defining <a class=\"wpil_keyword_link\" href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/top-real-estate-brokerages-in-canada\/\"   title=\"real estate brokerage\" data-wpil-keyword-link=\"linked\">real estate brokerage<\/a> operation \u2014 and could recommend an approach fully relevant to the current context,&#8221; QFREB President Patrick Juan\u00e9da said.<\/p>\n<p>QFREB represents the province&#8217;s 12 real estate boards and their 13,000 broker members.<\/p>\n<p>The bill has divided opinions among players in the province\u2019s finance industry. Mortgage Professionals Canada, for example, is lobbying for it, as the legislation could put an end to banks paying realtors there referral fees.<\/p>\n<p>\u201cWe\u2019re basically lobbying for banks to pay somebody who has a financial or mortgage license,\u201d said Montreal-based George Macris of DLC Centre-Ouest. \u201cMortgage Professionals Canada is lobbying for it. At the end of the day, the bank can pay a real estate broker or a firm right away, so one of the underlying points is the bank can continue to pay someone a referral, but it has to be someone from the financial field with a license in place. But one key point is to stop paying realtors referral fees.\u201d<\/p>\n<p>Juan\u00e9da warns against fast tracking the bill through the National Assembly. &#8220;Given that the protection of the public is at stake, it is essential that the government take the necessary time to properly and democratically assess the repercussions of the legislation.\u201d<\/p>\n<p>Onb the housing resale market, QFREB said the deregulation proposed by officials\u2014 whereby anyone would be able to act as a real estate broker, with no regulatory framework to govern the practice \u2014 would compromise public protection in property purchase transactions.<\/p>\n<p>\u00a0<\/p>\n<p><em><strong>Related stories:<\/strong><\/em><\/p>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Qu\u00e9bec Federation of Real Estate Boards (QFREB) joined the provinces three other major consumer protection bureaus in calling for the withdrawal of Bill 141, which aims to introduce further regulations in the province\u2019s financial sector. Although the QFREB acknowledges the need to rethink regulation of Qu\u00e9bec&#8217;s financial sector, it claims Bill 141 represents a [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":21135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/7829"}],"collection":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/comments?post=7829"}],"version-history":[{"count":2,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/7829\/revisions"}],"predecessor-version":[{"id":21134,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/7829\/revisions\/21134"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media\/21135"}],"wp:attachment":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media?parent=7829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/categories?post=7829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/tags?post=7829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}