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The board of directors would be responsible for running the corporation and be chaired by one of three members of the public who are appointed by the minister. The remaining board seats would be filled by one member appointed by each industry council from its elected industry members.
Each industry council would be made up of three industry members elected by their industry and two public members appointed by the minister and a chair.
The new board of directors will would have two years to come up with bylaws and rules to be approved by the minister.
In the first year, the board of directors must create a bylaw that establishes a dispute resolution process. The new legislation also defines the roles of the executive director who would be responsible for administration of the organization and the registrar who would be in charge of investigations and enforcing the rules. Investigations were previously the responsibility of the executive director.
Kristie Kruger, chair of the Alberta Real Estate Association said her organization is pleased the government has heard its concerns
“This legislation demands greater openness and transparency, which will help rebuild eroded trust in the real estate regulator,” she said in the government’s press release.
