IN THE MATTER OF the Mortgage Brokerage, Lenders and Administrators Act, 2006, S.O. 2006, c. 29, as amended (the “Act”), in particular sections 14, 15, and 21;

AND IN THE MATTER OF Nexus Seulal.

ORDER TO ISSUE CONDITIONAL LICENCE

On March 14, 2023, Nexus Seulal (“Seulal”) submitted an application for a new mortgage agent licence under the Act.

On November 9, 2023, 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 issued a Notice of Proposal proposing to refuse to issue a mortgage agent licence to Seulal (the “Notice of Proposal”).

A Request for Hearing (Form 1), dated November 16, 2023, was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with section 21(3) of the Act respecting the Notice of Proposal.

The Tribunal held an electronic hearing on March 11 and 12, 2024.

The Tribunal, in its Reasons for Decision dated April 4, 2024 (the “Decision”), directed FSRA to issue a mortgage agent licence to Seulal, subject to conditions.

In its Order dated May 1, 2024, the Tribunal amended its Order dated April 4, 2024 under Rule 12.02 of the Tribunal’s Rules of Procedure.

Therefore, pursuant to section 21(4) of the Act, the Director, Licensing, makes the following order.

ORDER

For the reasons set out in the Decision, a level 1 mortgage agent licence is hereby issued to Nexus Seulal. For a period of two years, Nexus Seulal’s mortgage agent licence is subject to the following conditions:

1. Seulal shall be supervised. The period of supervision shall begin on the date the licence is issued and will continue for two (2) years.
2. Seulal shall not deal or trade in mortgages without supervision.
3. Seulal will provide to FSRA the name and contact information of the mortgage broker, at the place of Seulal’s employment, that Seulal has identified as a potential Supervisor.
4. The potential Supervisor will be required to confirm to FSRA, in writing, that he/she has received a copy of this decision and reasons of the Tribunal and that he/she is prepared to act in accordance with these conditions.
5. FSRA will approve the potential Supervisor put forward by Seulal upon determining his/her suitability, which approval will not be unreasonably withheld.
6. Upon approval by FSRA, the Supervisor will review, prior to the finalization of a mortgage application, every mortgage application that Seulal has been involved with, to ensure compliance with brokerage policies and procedures.
7. The Supervisor will monitor all Seulal’s client interactions for compliance with brokerage policies and procedures.
8. The Supervisor will prepare and submit to FSRA, on a quarterly basis, written confirmation:
   1. that the Supervisor has reviewed, prior to the finalization of the mortgage application, every mortgage application that Seulal has been involved with, and has ensured compliance with brokerage policies and procedures,
   2. of the number of mortgages that Seulal has been involved with, and
   3. that Seulal has followed the brokerage’s policies and procedures in all their work including, but without limitation to, the brokerage’s identity verification requirements.
9. Seulal will not change the Supervisor without the written approval of FSRA.
10. Seulal shall not be responsible for the management or supervision of any licensed agents.

DATED at Toronto, Ontario, this 31^st day of May 2024.

Original signed by

Yovanka McBean
Director, Licensing

By delegated authority from the Chief Executive Officer

Si vous desirez recevoir cet avis en français, veuillez nous envoyer votre demande par courriel immediatement a : contactcentre@fsrao.ca.