The regulator of the real estate industry in Quebec has announced an increased indemnity payment for consumers who are victims of fraud, fraudulent tactics, or misappropriation of funds.
OACIQ’s increase in the maximum amount paid from the FICI fund, from $35,000 to $100,000, is a 186% rise.
“The OACIQ makes every effort to ensure that this kind of unfortunate situation remains an exception. However, should this happen, this increase of the maximum indemnity will allow aggrieved consumers to be even better protected by the Real Estate Brokerage Act we are enforcing," said Nadine Lindsay, President and Chief Executive Officer of the OACIQ.
The new maximum is now in effect and coincides with an increase in the maximum period of eligibility for filing a claim from one year to two years following knowledge of facts, giving applicants greater flexibility.
"We hope that these new measures, combined with what we are already doing on a daily basis to carry out our mission, will help increase public trust in the profession and the role played by the Real Estate Brokerage Act in the transactions performed by a broker," said Nadine Lindsay.