Acts and Regulations

2011, c.215 - Real Estate Agents Act

Section 31
Disposition versions

Full text
Bonds
31(1)For the purposes of this section, “fraud” shall be deemed to include failure to maintain and operate a trust account in accordance with sections 18, 19 and 20.
31(2)The Director may declare a bond given under this Act forfeited in the following circumstances:
(a) subject to subsection (4), an agent, salesperson or other person in respect of whose conduct the bond has been conditioned has been convicted of an offence involving fraud, theft or conspiracy to commit an offence involving fraud or theft under the Criminal Code (Canada), if that offence relates in any way to a trade in real estate;
(b) subject to subsection (4), a judgment or default judgment based on or involving a finding or allegation of fraud relating in any way to a trade in real estate has been given against an agent, salesperson or other person in respect of whose conduct the bond has been conditioned; or
(c) a person has suffered loss through a wilful act or neglect or misappropriation of trust funds by an agent, salesperson or other person in respect of whose conduct the bond has been conditioned and that person makes application to the Director indicating the reason for the loss and the refusal or inability of the person occasioning the loss to make restitution, together with any other information that the Director considers necessary.
31(3)When the Director declares a bond forfeited under subsection (2), the amount of the bond is a debt due to the Commission, owing by the person bound by it.
31(4)The Director may not declare a bond forfeited under paragraph (2)(a) or (b) until after the conviction, judgment or order has been confirmed by the highest court to which an appeal may be taken or the period for appeal has expired.
31(5)A bond given under this Act shall be deemed to be in effect for a period of two years following the date on which the bond would otherwise terminate by lapse, expiry or cancellation, but liability under the bond is limited to acts or omissions before that date of the agent, salesperson or other person in respect of whose conduct the bond has been conditioned; and a clause to this effect shall be deemed to be inserted in every bond given for the purposes of this Act.
31(6)Despite any other provision of this Act, at no time shall the total liability of the insurer under the bond exceed the face value of the bond.
31(7)When new bonds have been issued by the same guarantor party on the expiry of previous bonds, all those bonds shall be deemed to be one continuing bond and the maximum amount for which the guarantor party shall be liable shall be the face value of the bond last issued on expiry of a previous bond.
31(8)The Tribunal may assign a bond forfeited under the provisions of this section or, subject to subsection (11), may pay over any money recovered under it to a person, or to the Registrar of the Court of King’s Bench, in trust for the persons who may become, in respect of claims arising out of trades in real estate, judgment creditors of the person so bonded, or to a trustee, custodian, interim receiver, receiver or liquidator of the judgment creditors, as the case may be; the assignment or payment over to be in accordance with and on conditions set out in the regulations or in a special order of the Tribunal.
31(9)If the Crown becomes a creditor of a person in respect of a debt to the Crown arising under this Act, the Minister of Finance and Treasury Board may take the proceedings that the Minister of Finance and Treasury Board considers fit under the Bankruptcy and Insolvency Act (Canada), the Judicature Act, the Companies Act, the Winding-up Act or the Winding-up and Restructuring Act (Canada) for the appointment of an interim receiver, custodian, trustee, receiver or liquidator, as the case may be.
31(10)If a bond has been forfeited under the provisions of subsection (2) by reason of a conviction or judgment under paragraph (2)(a) or (b) and, within two years after the conviction or judgment having become final or after the agent or salesperson in respect of whom the bond was furnished ceasing to carry on business as such, the Commission has not received notice in writing of a claim against the proceeds of the bond or of the portion of it that remains in the possession of the Commission, the Commission, subject to subsection (11), shall pay the proceeds or portion of the proceeds to a person who on forfeiture of the bond made payments under it.
31(11)If money has been recovered by the Commission under a bond forfeited under subsection (2), the Commission may deduct from that money and retain
(a) the amount of the costs incurred by the Commission in connection with the recovery and distribution of the money, including the costs of an investigation of a claim made on the money, and
(b) if a payment is to be made under subsection (10), the amount of any expenses that have been incurred in connection with an investigation or otherwise relating to the agent or salesperson in respect of whom the bond forfeited was furnished.
R.S.1973, c.R-1, s.17; 1978, c.D-11.2, s.34; 1979, c.41, s.106; 1984, c.30, s.2; 1995, c.31, s.11; 2013, c.31, s.33; 2016, c.36, s.15; 2016, c.37, s.165; 2019, c.29, s.134; 2023, c.17, s.230
Bonds
31(1)For the purposes of this section, “fraud” shall be deemed to include failure to maintain and operate a trust account in accordance with sections 18, 19 and 20.
31(2)The Director may declare a bond given under this Act forfeited in the following circumstances:
(a) subject to subsection (4), an agent, salesperson or other person in respect of whose conduct the bond has been conditioned has been convicted of an offence involving fraud, theft or conspiracy to commit an offence involving fraud or theft under the Criminal Code (Canada), if that offence relates in any way to a trade in real estate;
(b) subject to subsection (4), a judgment or default judgment based on or involving a finding or allegation of fraud relating in any way to a trade in real estate has been given against an agent, salesperson or other person in respect of whose conduct the bond has been conditioned; or
(c) a person has suffered loss through a wilful act or neglect or misappropriation of trust funds by an agent, salesperson or other person in respect of whose conduct the bond has been conditioned and that person makes application to the Director indicating the reason for the loss and the refusal or inability of the person occasioning the loss to make restitution, together with any other information that the Director considers necessary.
31(3)When the Director declares a bond forfeited under subsection (2), the amount of the bond is a debt due to the Commission, owing by the person bound by it.
31(4)The Director may not declare a bond forfeited under paragraph (2)(a) or (b) until after the conviction, judgment or order has been confirmed by the highest court to which an appeal may be taken or the period for appeal has expired.
31(5)A bond given under this Act shall be deemed to be in effect for a period of two years following the date on which the bond would otherwise terminate by lapse, expiry or cancellation, but liability under the bond is limited to acts or omissions before that date of the agent, salesperson or other person in respect of whose conduct the bond has been conditioned; and a clause to this effect shall be deemed to be inserted in every bond given for the purposes of this Act.
31(6)Despite any other provision of this Act, at no time shall the total liability of the insurer under the bond exceed the face value of the bond.
31(7)When new bonds have been issued by the same guarantor party on the expiry of previous bonds, all those bonds shall be deemed to be one continuing bond and the maximum amount for which the guarantor party shall be liable shall be the face value of the bond last issued on expiry of a previous bond.
31(8)The Tribunal may assign a bond forfeited under the provisions of this section or, subject to subsection (11), may pay over any money recovered under it to a person, or to the Registrar of the Court of Queen’s Bench, in trust for the persons who may become, in respect of claims arising out of trades in real estate, judgment creditors of the person so bonded, or to a trustee, custodian, interim receiver, receiver or liquidator of the judgment creditors, as the case may be; the assignment or payment over to be in accordance with and on conditions set out in the regulations or in a special order of the Tribunal.
31(9)If Her Majesty becomes a creditor of a person in respect of a debt to the Crown arising under this Act, the Minister of Finance and Treasury Board may take the proceedings that the Minister of Finance and Treasury Board considers fit under the Bankruptcy and Insolvency Act (Canada), the Judicature Act, the Companies Act, the Winding-up Act or the Winding-up and Restructuring Act (Canada) for the appointment of an interim receiver, custodian, trustee, receiver or liquidator, as the case may be.
31(10)If a bond has been forfeited under the provisions of subsection (2) by reason of a conviction or judgment under paragraph (2)(a) or (b) and, within two years after the conviction or judgment having become final or after the agent or salesperson in respect of whom the bond was furnished ceasing to carry on business as such, the Commission has not received notice in writing of a claim against the proceeds of the bond or of the portion of it that remains in the possession of the Commission, the Commission, subject to subsection (11), shall pay the proceeds or portion of the proceeds to a person who on forfeiture of the bond made payments under it.
31(11)If money has been recovered by the Commission under a bond forfeited under subsection (2), the Commission may deduct from that money and retain
(a) the amount of the costs incurred by the Commission in connection with the recovery and distribution of the money, including the costs of an investigation of a claim made on the money, and
(b) if a payment is to be made under subsection (10), the amount of any expenses that have been incurred in connection with an investigation or otherwise relating to the agent or salesperson in respect of whom the bond forfeited was furnished.
R.S.1973, c.R-1, s.17; 1978, c.D-11.2, s.34; 1979, c.41, s.106; 1984, c.30, s.2; 1995, c.31, s.11; 2013, c.31, s.33; 2016, c.36, s.15; 2016, c.37, s.165; 2019, c.29, s.134
Bonds
31(1)For the purposes of this section, “fraud” shall be deemed to include failure to maintain and operate a trust account in accordance with sections 18, 19 and 20.
31(2)The Director may declare a bond given under this Act forfeited in the following circumstances:
(a) subject to subsection (4), an agent, salesperson or other person in respect of whose conduct the bond has been conditioned has been convicted of an offence involving fraud, theft or conspiracy to commit an offence involving fraud or theft under the Criminal Code (Canada), if that offence relates in any way to a trade in real estate;
(b) subject to subsection (4), a judgment or default judgment based on or involving a finding or allegation of fraud relating in any way to a trade in real estate has been given against an agent, salesperson or other person in respect of whose conduct the bond has been conditioned; or
(c) a person has suffered loss through a wilful act or neglect or misappropriation of trust funds by an agent, salesperson or other person in respect of whose conduct the bond has been conditioned and that person makes application to the Director indicating the reason for the loss and the refusal or inability of the person occasioning the loss to make restitution, together with any other information that the Director considers necessary.
31(3)When the Director declares a bond forfeited under subsection (2), the amount of the bond is a debt due to the Commission, owing by the person bound by it.
31(4)The Director may not declare a bond forfeited under paragraph (2)(a) or (b) until after the conviction, judgment or order has been confirmed by the highest court to which an appeal may be taken or the period for appeal has expired.
31(5)A bond given under this Act shall be deemed to be in effect for a period of two years following the date on which the bond would otherwise terminate by lapse, expiry or cancellation, but liability under the bond is limited to acts or omissions before that date of the agent, salesperson or other person in respect of whose conduct the bond has been conditioned; and a clause to this effect shall be deemed to be inserted in every bond given for the purposes of this Act.
31(6)Despite any other provision of this Act, at no time shall the total liability of the insurer under the bond exceed the face value of the bond.
31(7)When new bonds have been issued by the same guarantor party on the expiry of previous bonds, all those bonds shall be deemed to be one continuing bond and the maximum amount for which the guarantor party shall be liable shall be the face value of the bond last issued on expiry of a previous bond.
31(8)The Tribunal may assign a bond forfeited under the provisions of this section or, subject to subsection (11), may pay over any money recovered under it to a person, or to the Registrar of the Court of Queen’s Bench, in trust for the persons who may become, in respect of claims arising out of trades in real estate, judgment creditors of the person so bonded, or to a trustee, custodian, interim receiver, receiver or liquidator of the judgment creditors, as the case may be; the assignment or payment over to be in accordance with and on conditions set out in the regulations or in a special order of the Tribunal.
31(9)If Her Majesty becomes a creditor of a person in respect of a debt to the Crown arising under this Act, the Minister of Finance may take the proceedings that the Minister of Finance considers fit under the Bankruptcy and Insolvency Act (Canada), the Judicature Act, the Companies Act, the Winding-up Act or the Winding-up and Restructuring Act (Canada) for the appointment of an interim receiver, custodian, trustee, receiver or liquidator, as the case may be.
31(10)If a bond has been forfeited under the provisions of subsection (2) by reason of a conviction or judgment under paragraph (2)(a) or (b) and, within two years after the conviction or judgment having become final or after the agent or salesperson in respect of whom the bond was furnished ceasing to carry on business as such, the Commission has not received notice in writing of a claim against the proceeds of the bond or of the portion of it that remains in the possession of the Commission, the Commission, subject to subsection (11), shall pay the proceeds or portion of the proceeds to a person who on forfeiture of the bond made payments under it.
31(11)If money has been recovered by the Commission under a bond forfeited under subsection (2), the Commission may deduct from that money and retain
(a) the amount of the costs incurred by the Commission in connection with the recovery and distribution of the money, including the costs of an investigation of a claim made on the money, and
(b) if a payment is to be made under subsection (10), the amount of any expenses that have been incurred in connection with an investigation or otherwise relating to the agent or salesperson in respect of whom the bond forfeited was furnished.
R.S.1973, c.R-1, s.17; 1978, c.D-11.2, s.34; 1979, c.41, s.106; 1984, c.30, s.2; 1995, c.31, s.11; 2013, c.31, s.33; 2016, c.36, s.15; 2016, c.37, s.165
Bonds
31(1)For the purposes of this section, “fraud” shall be deemed to include failure to maintain and operate a trust account in accordance with sections 18, 19 and 20.
31(2)The Director may declare a bond given under this Act forfeited in the following circumstances:
(a) subject to subsection (4), an agent, salesperson or other person in respect of whose conduct the bond has been conditioned has been convicted of an offence involving fraud, theft or conspiracy to commit an offence involving fraud or theft under the Criminal Code (Canada), if that offence relates in any way to a trade in real estate;
(b) subject to subsection (4), a judgment or default judgment based on or involving a finding or allegation of fraud relating in any way to a trade in real estate has been given against an agent, salesperson or other person in respect of whose conduct the bond has been conditioned; or
(c) a person has suffered loss through a wilful act or neglect or misappropriation of trust funds by an agent, salesperson or other person in respect of whose conduct the bond has been conditioned and that person makes application to the Director indicating the reason for the loss and the refusal or inability of the person occasioning the loss to make restitution, together with any other information that the Director considers necessary.
31(3)When the Director declares a bond forfeited under subsection (2), the amount of the bond is a debt due to the Commission, owing by the person bound by it.
31(4)The Director may not declare a bond forfeited under paragraph (2)(a) or (b) until after the conviction, judgment or order has been confirmed by the highest court to which an appeal may be taken or the period for appeal has expired.
31(5)A bond given under this Act shall be deemed to be in effect for a period of two years following the date on which the bond would otherwise terminate by lapse, expiry or cancellation, but liability under the bond is limited to acts or omissions before that date of the agent, salesperson or other person in respect of whose conduct the bond has been conditioned; and a clause to this effect shall be deemed to be inserted in every bond given for the purposes of this Act.
31(6)Despite any other provision of this Act, at no time shall the total liability of the insurer under the bond exceed the face value of the bond.
31(7)When new bonds have been issued by the same guarantor party on the expiry of previous bonds, all those bonds shall be deemed to be one continuing bond and the maximum amount for which the guarantor party shall be liable shall be the face value of the bond last issued on expiry of a previous bond.
31(8)The Tribunal may assign a bond forfeited under the provisions of this section or, subject to subsection (11), may pay over any money recovered under it to a person, or to the Registrar of the Court of Queen’s Bench, in trust for the persons who may become, in respect of claims arising out of trades in real estate, judgment creditors of the person so bonded, or to a trustee, custodian, interim receiver, receiver or liquidator of the judgment creditors, as the case may be; the assignment or payment over to be in accordance with and on conditions set out in the regulations or in a special order of the Tribunal.
31(9)If Her Majesty becomes a creditor of a person in respect of a debt to the Crown arising under this Act, the Minister of Justice may take the proceedings that the Minister of Justice considers fit under the Bankruptcy and Insolvency Act (Canada), the Judicature Act, the Companies Act, the Winding-up Act or the Winding-up and Restructuring Act (Canada) for the appointment of an interim receiver, custodian, trustee, receiver or liquidator, as the case may be.
31(10)If a bond has been forfeited under the provisions of subsection (2) by reason of a conviction or judgment under paragraph (2)(a) or (b) and, within two years after the conviction or judgment having become final or after the agent or salesperson in respect of whom the bond was furnished ceasing to carry on business as such, the Commission has not received notice in writing of a claim against the proceeds of the bond or of the portion of it that remains in the possession of the Commission, the Commission, subject to subsection (11), shall pay the proceeds or portion of the proceeds to a person who on forfeiture of the bond made payments under it.
31(11)If money has been recovered by the Commission under a bond forfeited under subsection (2), the Commission may deduct from that money and retain
(a) the amount of the costs incurred by the Commission in connection with the recovery and distribution of the money, including the costs of an investigation of a claim made on the money, and
(b) if a payment is to be made under subsection (10), the amount of any expenses that have been incurred in connection with an investigation or otherwise relating to the agent or salesperson in respect of whom the bond forfeited was furnished.
R.S.1973, c.R-1, s.17; 1978, c.D-11.2, s.34; 1979, c.41, s.106; 1984, c.30, s.2; 1995, c.31, s.11; 2013, c.31, s.33; 2016, c.36, s.15
Bonds
31(1)For the purposes of this section, “fraud” shall be deemed to include failure to maintain and operate a trust account in accordance with sections 18, 19 and 20.
31(2)The Director may declare a bond given under this Act forfeited in the following circumstances:
(a) subject to subsection (4), an agent, salesperson or other person in respect of whose conduct the bond has been conditioned has been convicted of an offence involving fraud, theft or conspiracy to commit an offence involving fraud or theft under the Criminal Code (Canada), if that offence relates in any way to a trade in real estate;
(b) subject to subsection (4), a judgment or default judgment based on or involving a finding or allegation of fraud relating in any way to a trade in real estate has been given against an agent, salesperson or other person in respect of whose conduct the bond has been conditioned; or
(c) a person has suffered loss through a wilful act or neglect or misappropriation of trust funds by an agent, salesperson or other person in respect of whose conduct the bond has been conditioned and that person makes application to the Director indicating the reason for the loss and the refusal or inability of the person occasioning the loss to make restitution, together with any other information that the Director considers necessary.
31(3)When the Director declares a bond forfeited under subsection (2), the amount of the bond is a debt due to the Commission, owing by the person bound by it.
31(4)The Director may not declare a bond forfeited under paragraph (2)(a) or (b) until after the conviction, judgment or order has been confirmed by the highest court to which an appeal may be taken or the period for appeal has expired.
31(5)A bond given under this Act shall be deemed to be in effect for a period of two years following the date on which the bond would otherwise terminate by lapse, expiry or cancellation, but liability under the bond is limited to acts or omissions before that date of the agent, salesperson or other person in respect of whose conduct the bond has been conditioned; and a clause to this effect shall be deemed to be inserted in every bond given for the purposes of this Act.
31(6)Despite any other provision of this Act, at no time shall the total liability of the insurer under the bond exceed the face value of the bond.
31(7)When new bonds have been issued by the same guarantor party on the expiry of previous bonds, all those bonds shall be deemed to be one continuing bond and the maximum amount for which the guarantor party shall be liable shall be the face value of the bond last issued on expiry of a previous bond.
31(8)The Tribunal may assign a bond forfeited under the provisions of this section or, subject to subsection (11), may pay over any money recovered under it to a person, or to the Registrar of The Court of Queen’s Bench of New Brunswick, in trust for the persons who may become, in respect of claims arising out of trades in real estate, judgment creditors of the person so bonded, or to a trustee, custodian, interim receiver, receiver or liquidator of the judgment creditors, as the case may be; the assignment or payment over to be in accordance with and on conditions set out in the regulations or in a special order of the Tribunal.
31(9)If Her Majesty becomes a creditor of a person in respect of a debt to the Crown arising under this Act, the Minister of Justice may take the proceedings that the Minister of Justice considers fit under the Bankruptcy and Insolvency Act (Canada), the Judicature Act, the Companies Act, the Winding-up Act or the Winding-up and Restructuring Act (Canada) for the appointment of an interim receiver, custodian, trustee, receiver or liquidator, as the case may be.
31(10)If a bond has been forfeited under the provisions of subsection (2) by reason of a conviction or judgment under paragraph (2)(a) or (b) and, within two years after the conviction or judgment having become final or after the agent or salesperson in respect of whom the bond was furnished ceasing to carry on business as such, the Commission has not received notice in writing of a claim against the proceeds of the bond or of the portion of it that remains in the possession of the Commission, the Commission, subject to subsection (11), shall pay the proceeds or portion of the proceeds to a person who on forfeiture of the bond made payments under it.
31(11)If money has been recovered by the Commission under a bond forfeited under subsection (2), the Commission may deduct from that money and retain
(a) the amount of the costs incurred by the Commission in connection with the recovery and distribution of the money, including the costs of an investigation of a claim made on the money, and
(b) if a payment is to be made under subsection (10), the amount of any expenses that have been incurred in connection with an investigation or otherwise relating to the agent or salesperson in respect of whom the bond forfeited was furnished.
R.S.1973, c.R-1, s.17; 1978, c.D-11.2, s.34; 1979, c.41, s.106; 1984, c.30, s.2; 1995, c.31, s.11; 2013, c.31, s.33
Bonds
31(1)For the purposes of this section, “fraud” shall be deemed to include failure to maintain and operate a trust account in accordance with sections 18, 19 and 20.
31(2)The Director may declare a bond given under this Act forfeited in the following circumstances:
(a) subject to subsection (4), an agent, salesperson or other person in respect of whose conduct the bond has been conditioned has been convicted of an offence involving fraud, theft or conspiracy to commit an offence involving fraud or theft under the Criminal Code (Canada), if that offence relates in any way to a trade in real estate;
(b) subject to subsection (4), a judgment or default judgment based on or involving a finding or allegation of fraud relating in any way to a trade in real estate has been given against an agent, salesperson or other person in respect of whose conduct the bond has been conditioned; or
(c) a person has suffered loss through a wilful act or neglect or misappropriation of trust funds by an agent, salesperson or other person in respect of whose conduct the bond has been conditioned and that person makes application to the Director indicating the reason for the loss and the refusal or inability of the person occasioning the loss to make restitution, together with any other information that the Director considers necessary.
31(3)When the Director declares a bond forfeited under subsection (2), the amount of the bond is a debt due to the Commission, owing by the person bound by it.
31(4)The Director may not declare a bond forfeited under paragraph (2)(a) or (b) until after the conviction, judgment or order has been confirmed by the highest court to which an appeal may be taken or the period for appeal has expired.
31(5)A bond given under this Act shall be deemed to be in effect for a period of two years following the date on which the bond would otherwise terminate by lapse, expiry or cancellation, but liability under the bond is limited to acts or omissions before that date of the agent, salesperson or other person in respect of whose conduct the bond has been conditioned; and a clause to this effect shall be deemed to be inserted in every bond given for the purposes of this Act.
31(6)Despite any other provision of this Act, at no time shall the total liability of the insurer under the bond exceed the face value of the bond.
31(7)When new bonds have been issued by the same guarantor party on the expiry of previous bonds, all those bonds shall be deemed to be one continuing bond and the maximum amount for which the guarantor party shall be liable shall be the face value of the bond last issued on expiry of a previous bond.
31(8)The Tribunal may assign a bond forfeited under the provisions of this section or, subject to subsection (11), may pay over any money recovered under it to a person, or to the Registrar of The Court of Queen’s Bench of New Brunswick, in trust for the persons who may become, in respect of claims arising out of trades in real estate, judgment creditors of the person so bonded, or to a trustee, custodian, interim receiver, receiver or liquidator of the judgment creditors, as the case may be; the assignment or payment over to be in accordance with and on conditions set out in the regulations or in a special order of the Tribunal.
31(9)If Her Majesty becomes a creditor of a person in respect of a debt to the Crown arising under this Act, the Minister of Justice may take the proceedings that the Minister of Justice considers fit under the Bankruptcy and Insolvency Act (Canada), the Judicature Act, the Companies Act, the Winding-up Act or the Winding-up and Restructuring Act (Canada) for the appointment of an interim receiver, custodian, trustee, receiver or liquidator, as the case may be.
31(10)If a bond has been forfeited under the provisions of subsection (2) by reason of a conviction or judgment under paragraph (2)(a) or (b) and, within two years after the conviction or judgment having become final or after the agent or salesperson in respect of whom the bond was furnished ceasing to carry on business as such, the Commission has not received notice in writing of a claim against the proceeds of the bond or of the portion of it that remains in the possession of the Commission, the Commission, subject to subsection (11), shall pay the proceeds or portion of the proceeds to a person who on forfeiture of the bond made payments under it.
31(11)If money has been recovered by the Commission under a bond forfeited under subsection (2), the Commission may deduct from that money and retain
(a) the amount of the costs incurred by the Commission in connection with the recovery and distribution of the money, including the costs of an investigation of a claim made on the money, and
(b) if a payment is to be made under subsection (10), the amount of any expenses that have been incurred in connection with an investigation or otherwise relating to the agent or salesperson in respect of whom the bond forfeited was furnished.
R.S.1973, c.R-1, s.17; 1978, c.D-11.2, s.34; 1979, c.41, s.106; 1984, c.30, s.2; 1995, c.31, s.11; 2013, c.31, s.33
Bonds
31(1)For the purposes of this section, “fraud” shall be deemed to include failure to maintain and operate a trust account in accordance with sections 18, 19 and 20.
31(2)The Minister may declare a bond given under this Act forfeited in the following circumstances:
(a) subject to subsection (4), an agent, salesperson or other person in respect of whose conduct the bond has been conditioned has been convicted of an offence involving fraud, theft or conspiracy to commit an offence involving fraud or theft under the Criminal Code (Canada), if that offence relates in any way to a trade in real estate;
(b) subject to subsection (4), a judgment or default judgment based on or involving a finding or allegation of fraud relating in any way to a trade in real estate has been given against an agent, salesperson or other person in respect of whose conduct the bond has been conditioned; or
(c) a person has suffered loss through a wilful act or neglect or misappropriation of trust funds by an agent, salesperson or other person in respect of whose conduct the bond has been conditioned and that person makes application to the Minister indicating the reason for the loss and the refusal or inability of the person occasioning the loss to make restitution, together with any other information that the Minister considers necessary.
31(3)When the Minister declares a bond forfeited under subsection (2), the amount of the bond is a debt due Her Majesty in right of the Province, owing by the person bound by it.
31(4)The Minister may not declare a bond forfeited under paragraph (2)(a) or (b) until after the conviction, judgment or order has been confirmed by the highest court to which an appeal may be taken or the period for appeal has expired.
31(5)A bond given under this Act shall be deemed to be in effect for a period of two years following the date on which the bond would otherwise terminate by lapse, expiry or cancellation, but liability under the bond is limited to acts or omissions before that date of the agent, salesperson or other person in respect of whose conduct the bond has been conditioned; and a clause to this effect shall be deemed to be inserted in every bond given for the purposes of this Act.
31(6)Despite any other provision of this Act, at no time shall the total liability of the insurer under the bond exceed the face value of the bond.
31(7)When new bonds have been issued by the same guarantor party on the expiry of previous bonds, all those bonds shall be deemed to be one continuing bond and the maximum amount for which the guarantor party shall be liable shall be the face value of the bond last issued on expiry of a previous bond.
31(8)The Minister may assign a bond forfeited under the provisions of this section or, subject to subsection (11), may pay over any money recovered under it to a person, or to the Registrar of The Court of Queen’s Bench of New Brunswick, in trust for the persons who may become, in respect of claims arising out of trades in real estate, judgment creditors of the person so bonded, or to a trustee, custodian, interim receiver, receiver or liquidator of the judgment creditors, as the case may be; the assignment or payment over to be in accordance with and on conditions set out in the regulations or in a special order of the Lieutenant-Governor in Council.
31(9)If Her Majesty becomes a creditor of a person in respect of a debt to the Crown arising under this Act, the Minister may take the proceedings that the Minister considers fit under the Bankruptcy and Insolvency Act (Canada), the Judicature Act, the Companies Act, the Winding-up Act or the Winding-up and Restructuring Act (Canada) for the appointment of an interim receiver, custodian, trustee, receiver or liquidator, as the case may be.
31(10)If a bond has been forfeited under the provisions of subsection (2) by reason of a conviction or judgment under paragraph (2)(a) or (b) and, within two years after the conviction or judgment having become final, or of the agent or salesperson in respect of whom the bond was furnished ceasing to carry on business as such, the Minister has not received notice in writing of a claim against the proceeds of the bond or of the portion of it that remains in the possession of the Minister, the Lieutenant-Governor in Council, subject to subsection (11), may direct the Minister to pay the proceeds or portion of the proceeds to any person who on forfeiture of the bond made any payments under it.
31(11)If money has been recovered by the Minister under a bond forfeited under subsection (2), the Minister may deduct from that money and retain
(a) the amount of the costs incurred by the Minister in connection with the recovery and distribution of the money, including the costs of an investigation of a claim made on the money, and
(b) if a payment is to be made under subsection (10), the amount of any expenses that have been incurred in connection with an investigation or otherwise relating to the agent or salesperson in respect of whom the bond forfeited was furnished.
R.S.1973, c.R-1, s.17; 1978, c.D-11.2, s.34; 1979, c.41, s.106; 1984, c.30, s.2; 1995, c.31, s.11