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BC Financial Services Authority (“BCFSA”) has issued a $50,000 penalty against real estate developer 1052192 B.C. Ltd and its directors Jaskarn Singh Kandola and Jaskarn Singh Basi.
The developer and its directors failed to file assignment reports in the Condo and Strata Assignment Integrity Register (“CSAIR”) for two properties they were developing. CSAIR is an online database for assignments of purchase agreements entered into by developers for the sale or lease of residential strata lots in B.C., including both pre-sale lots and completed lots.
In addition to the penalty, Kandola, Basi, and 1052192 B.C. Ltd are ordered to pay enforcement expenses in the amount of $4,300.
BCFSA enforces CSAIR for the Ministry of Finance, and real estate developers are required to file assignment reports within 30 days after the end of each quarter. CSAIR information provides transparency on purchase agreements being assigned to other purchasers. Information is kept confidential by the Ministry of Finance, but shared with other agencies to ensure assignment transactions are reported and the appropriate taxes assessed.
- Consent Order – Kandola, Basi and 1052192 B.C. Ltd.
BC Financial Services Authority (“BCFSA”) is a Crown regulatory agency of the Government of British Columbia. BCFSA oversees the financial services sector which includes pension plans, mortgage brokers, real estate services, real estate development marketing, and financial institutions (credit unions and insurance and trust companies). BCFSA also administers the Credit Union Deposit Insurance Corporation of British Columbia (“CUDIC”).