Thank you, Mr. Chairman. The standing committee on legislation dealt with these proposed amendments to the Real Estate Agents' Licensing Act at its public meeting on May 27, 1992. Bill 19 would amend the existing act to deal with the types of securities that can be posted by persons who apply for a real estate agent's licence. Currently, real estate agents must furnish a bond in the amount of $25,000 to cover certain classes of loss to customers. The standing committee understands that due to limitations within the insurance industry here in the Northwest Territories, some real estate companies and agents have encountered practical difficulties in finding firms capable of, or interested in, writing the required bond. The committee recognized that in certain cases it would be easier for an agent to obtain other forms of liquid security, such as a letter of credit from a lending institution. Bill 18 would amend the Real Estate Agents' Licensing Act to provide that these alternative forms of security would be posted by current or prospective agents. The amount of the alternative security would be required to be $25,000, the amount that is necessary when someone currently posts a bond. This amendment would not eliminate the option of using a bond if that was the form of liquid security the agent wished to furnish; however, it would allow the government superintendent of real estate to approve and accept other forms of credit in addition to the bond. The types of acceptable alternatives to bonding would be established in regulations made under the Real Estate Agents' Licensing Act, and all bonds and other securities would be in the hands of the government superintendent of real estate.

Mr. Chairman, the standing committee on legislation appreciated the appearance of the Minister of Safety and Public Services, the Hon. Dennis Patterson, at its public meeting on May 27. The Minister and his officials presented the bill for committee consideration and responded to Members' comments and questions. Members of the standing committee spent a good deal of time with the Minister to consider whether protection presently afforded the public under the existing legislation might be compromised through the use of alternative forms of security by real estate agents. In the end, Members were satisfied that this bill would make licensing requirements more flexible for agents while still maintaining a very adequate level of public protection.

Mr. Chairman, at its public meeting on May 27 the standing committee on legislation carried a motion to report Bill 19 to the Legislative Assembly as ready for committee of the whole. Thank you, Mr. Chairman.