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Volume 48, No. 5

B.C. Reg. 69/2005

The British Columbia Gazette,

Part II

March 8, 2005

B.C. Reg. 69/2005, deposited February 25, 2005, pursuant

to the REAL ESTATE DEVELOPMENT MARKETING ACT [Sections 46 (2) (

a) and 47 (4)]. Order in Council 152/2005, approved and ordered February 24, 2005.

On the recommendation of the undersigned, the Lieutenant Governor,

by and with the advice and consent of the Executive Council, orders that the

Real Estate Development Marketing Regulation, B.C. Reg. 505/2004,

is amended by adding the following section:

Deposits received under prior contract

(1) A developer who receives a deposit from

a purchaser in relation to a development unit is exempt from

section 18 (1)

[handling deposits] of the Act in respect of that deposit if all of the

following conditions apply:

(

a) the deposit is received under a purchase agreement

entered into before January 1, 2005;

(

b) the purchase agreement provides that the developer will hold the deposit in trust;

(

c) the developer is authorized under the former Act to hold the deposit.

(2) A developer referred to in subsection (1) must hold the deposit as trustee in a trust account in a savings institution in British Columbia.

(3) A developer referred to in subsection (1) must not release the deposit from trust except as follows:

(

a) if the money was paid into the trust account in error;

(

b) to the purchaser with the written consent of the purchaser;

(

c) in accordance with

section 18 (2) (

f) to (

i) of the Act;

(

d) if the period of rescission under

section 78 (2)

of the former Act has expired and all of the conditions set out in either

section 18 (3) (

b) to (

d) or (4) (

b) to (

d) of the Act have been met.

(4) Section 19 [developer use of deposit] of the

Act applies to a developer referred to in subsection (1) only if the developer

complies with the requirements of

section 18 (1) of the Act.

— C. HANSEN, Minister of Finance; M. COELL , Presiding Member

of the Executive Council.

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