The president of a property development company that owes dozens of St. Albertans money is now facing charges under the province's new Consumer Protection Act.
Greg Christenson, the president and owner of Christenson Group of Companies (CGC), is facing two counts of failing to return a life-lease entrance fee within 180 days.
A life lease involves paying a lump sum upfront in exchange for reduced monthly rent. This initial payment is intended to be refunded when the resident either moves out or passes away.
He is facing charges under Alberta's Consumer Protection Act, which was amended to cover life leases in May 2024.
The legislation, introduced by Dale Nally, the MLA for Morinville-St. Albert and Minister of Red Tape Reduction and Service Alberta, established new requirements for life lease agreements. Bill 12, the Consumer Protection (Life Leases) Amendment Act, requires a life lease fee be returned within 180 days after a resident moves or passes away. If the money is not returned, the lease operator could face a fee or jail time.
The bill does not help those who provided their termination notice before the legislation passed. Those who gave their termination after the bill was passed should have their money returned to them within six months. If it hasn't been returned by then, they should also gain interest on the payment.
Residents who gave their notice before the new legislation passed are still waiting for their money to be returned to them. CGC homes have a clause stating that once a building reaches a six per cent vacancy rate, loans will enter a queue to be paid at a later date.
Currently, hundreds of Albertans, including residents in St. Albert, are still waiting for their life lease repayments.
As of the end of 2024, there were 217 pending life lease loan refunds across all nine CGC facilities in Alberta, with the total outstanding amount approaching $75 million.
As of Dec. 31, 2024, 40 loans remained in the queue at Citadel Village in St. Albert, with more than $13 million still outstanding.
The St. Albert Gazette reached out to Greg Christenson for comment but did not receive a response by press time.
His first court appearance is scheduled for June 12 at the Edmonton Court of Justice.
