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 Preeti Amin (“Amin”).
Amin was licensed as a mortgage agent (licence #M19001463) under the Act beginning on July 5, 2019, until the expiry of her licence on March 31, 2023
On September 8, 2023, by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (“FSRA”), the Director, Litigation and Enforcement (the “Director”) issued a Notice of Proposal proposing to, among other things, impose administrative penalties on Amin for contravening section 3 of Ontario Regulation 187/08.
The Notice of Proposal was delivered to Amin on or around September 9, 2023. A Request for Hearing (Form 1) dated September 12, 2023, was delivered to the Financial Services Tribunal (the “Tribunal”), in accordance with section 39(5) of the Act respecting the Notice of Proposal.
On September 9, 2024, Amin withdrew the Request for Hearing and on September 13, 2024, the Tribunal closed its file with respect to the matter. This order is made pursuant to a Minutes of Settlement and Undertaking (the “Minutes”) entered into by Amin and the Director on September 4, 2024.
Administrative penalties in the amount of $10,000 are hereby imposed on Preeti Amin, for the reasons set out in the Minutes of Settlement dated September 4, 2024.
TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Amin with information as to where and how to make the payment.
If Preeti Amin fails to pay the administrative penalty in accordance with the terms of this Order and any further agreement or undertaking, 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 an order imposing the penalty is a debt due to the Crown and is enforceable as such.
DATED at Toronto, Ontario, September 24, 2024.
Original signed by
Elissa Sinha
Director, Litigation and Enforcement
By delegated authority from the Chief Executive Officer
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