IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006,
S.O. 2006, c. 29, as amended (the “Act”), in particular sections 38 and 39;
AND IN THE MATTER OF Yu Wang, also known as Jade Wang (“Wang”).
Wang is licensed as a mortgage agent (licence # M15000164) under the Act. Wang’s licence expired on March 31, 2023. Before the expiry of Wang’s licence, Wang applied to renew the licence. The renewal application is pending.
On January 10, 2024, by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”), the Director, Litigation and Enforcement (the “Director”) issued a Notice of Proposal to impose an administrative penalty in the amount of $10,000 on Wang for dealing in mortgages for remuneration while not licensed or exempt under the Act, contrary to section 2(3) of the Act.
The Notice of Proposal was delivered to Wang on January 13, 2024. Section 39(5) of the Act provides that any person on whom a Notice of Proposal is delivered has fifteen (15) days after the Notice of Proposal is received to request a hearing by the Financial Services Tribunal (the “Tribunal”).
On February 1, 2024, the Registrar of the Tribunal confirmed that Wang did not request a hearing by the Tribunal in accordance with section 39(5) of the Act. Therefore, pursuant to section 39(7) of the Act, the Director makes the following order.
An administrative penalty in the amount of $10,000 is hereby imposed on Yu Wang for the reasons set out in the Notice of Proposal.
TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Yu Wang with information as to where and how to pay the administrative penalty. Yu Wang must pay the administrative penalty no later than thirty (30) days after the date of this Order or as otherwise agreed on.
If Yu Wang fails to pay the administrative penalty in accordance with the terms of this Order, the Chief Executive Officer may file the Order with the Superior Court of Justice and the Order may be enforced as if it were an order of the court. An administrative penalty that is not paid in accordance with the terms of the order imposing the penalty is a debt due to the Crown and is enforceable as such.
DATED at Toronto, Ontario, February 8, 2024
Original signed by
Elissa Sinha
Director, Litigation and Enforcement
Financial Services Regulatory Authority of Ontario
By delegated authority from the Chief Executive Officer
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