The president of a St. Albert property development group is facing charges under the province’s new Consumer Protection Act.
Greg Christenson, 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 is a lump sum payment made to lower monthly rent costs and is meant to be refunded once the resident either moves out or passes away.
Once a six-month period passes without the fees being repaid, they start gaining interest.
At the end of 2024, there were over 200 pending life lease loan refunds across all nine CGC properties in Alberta, with a total amount of over $75 million needing to be repaid at that time. 40 of those loans were in queue at Citadel Village in St. Albert, with more than 13 million dollars outstanding.
Greg Christenson is scheduled to appear in court in Edmonton on June 12.
