IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29 (the “Act”), in particular sections 16, 21, 38 and 39;
AND IN THE MATTER OF Sumit Pal Singh (“Singh”).
Singh was licensed as a mortgage agent (licence #M20001196) under the Act from May 26, 2020, until March 31, 2023. On March 8, 2023, Singh applied to renew his mortgage agent licence.
On July 10, 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 (the “Director”) issued a Notice of Proposal to refuse to renew Singh’s licence for dealing in mortgages for remuneration, without acting on behalf of Singh’s brokerage, contrary to subsection 2(3) of the Act. The Director further proposed to impose an administrative penalty on Singh for receiving remuneration from a person other than Singh’s brokerage, contrary to subsection 4(1) of Ontario Regulation 187/08.
A Request for Hearing (Form 1), dated July 19, 2023, was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with sections 21(3) and 39(5) of the Act respecting the Notice of Proposal.
The Tribunal held an electronic hearing from May 13, 2024, to May 14, 2024.
The Tribunal, in its Reasons for Decision dated September 9, 2024 (the “Decision”), directed the Chief Executive Officer to issue an administrative penalty of $5,000 against Singh and to renew his license with conditions.
An administrative penalty in the amount of $5,000 is hereby imposed on Sumit Pal Singh, for the reason set out in the Decision.
TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Sumit Pal Singh with information as to where and how to pay the administrative penalties. Sumit Pal Singh must pay the administrative penalties no later than thirty (30) days after the Order is issued unless otherwise agreed with the Financial Services Regulatory Authority of Ontario.
If Sumit Pal Singh 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, November 12, 2024.
Original signed by
Elissa Sinha
Director, Litigation and Enforcement
By delegated authority from the Chief Executive Officer
For the reasons set out in the Decision, the following conditions are imposed on the mortgage agent licence (licence #M20001196) issued to Sumit Pal Singh:
Upon finding employment through a mortgage brokerage, Sumit Pal Singh is to be closely supervised by his broker to ensure that he is operating within the requirements of the Act, and is dealing fairly with his clients. This supervision will remain in place for 18 months from the day Sumit Pal Singh is employed as a mortgage agent through a registered brokerage.
DATED at Toronto, Ontario, November 12, 2024.
Original signed by
Elissa Sinha
Director, Litigation and Enforcement
By delegated authority from the Chief Executive Officer
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