IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29 as amended (the "Act") in particular sections 14, 21, 38, and 39;

AND IN THE MATTER OF Harpinder "Nancy" Deol ("Deol")

ORDER TO IMPOSE AN ADMINISTRATIVE PENALTY
AND TO IMPOSE CONDITIONS ON LICENCE

Deol was licensed as a mortgage agent from July 1, 2008, to April 1, 2023 (licence #M08006362). Deol subsequently re-applied for a mortgage agent license on March 6, 2024.

On July 19, 2024, the Director, Litigation & Enforcement (the “Director”), by delegated authority from the Chief Executive Officer (“CEO”) of the Financial Services Regulatory Authority of Ontario (“FSRA”), issued a Notice of Proposal to impose Administrative Penalties in respect of Deol, and on August 1, 2024, the Director issued a Notice of Proposal to refuse to issue a license in respect of Deol (together, the “NOPs”).

Requests for Hearing (Form 1), dated August 2, 2024, and August 6, 2024, were delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with sections 21(3) and 39(5) of the Act respecting the NOPs.

ORDER

An administrative penalty in the amount of $55,000 is hereby imposed on Harpinder “Nancy” Deol, for the reason set out in the Minutes of Settlement.

TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Harpinder “Nancy” Deol with information as to where and how to pay the administrative penalties. Harpinder “Nancy” Deol 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 Harpinder “Nancy” Deol 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 December 12, 2024 at Toronto, Ontario,

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

ORDER

Level 1 mortgage agent licence will be issued forthwith and no later than 7 days following the execution of the Minutes of Settlement to Deol.

For the reasons set out in the Minutes of Settlement, the following conditions are imposed on the Level 1 mortgage agent licence issued to Harpinder “Nancy” Deol (“Deol”) for a period of nine months:

1. Deol shall not be eligible to apply for a Level 2 mortgage agent license prior to the expiration of that nine-month period;
2. Deol’s work as a mortgage agent will be supervised by the licensed mortgage broker with at least two years of experience (the “Supervisor”), who has been accepted by the CEO;
3. Deol and the Supervisor shall submit monthly written reports to the Senior Manager, Market Conduct Action Team (the “Senior Manager”), regarding Deol’s mortgage agent business activities, if any;
4. Deol must facilitate the Supervisor’s review of all of her activities relating to dealing or trading in mortgages, if any;
5. Deol must provide the Supervisor with copies of all mortgage applications, if any, she has prepared in advance of submission to the lender or potential lender;
6. Deol is required to ensure that all mortgage applications, mortgage disclosure document and every mortgage lender commitment, if any, have been initialed and dated by the Supervisor and maintain evidence of the Supervisor’s review;
7. Deol shall provide the Supervisor with all of the information and documentation the Supervisor requested by the Supervisor of Deol to discharge their obligations;
8. If the Supervisor cannot continue to supervise Deol, the Supervisor and/or Deol shall notify the Senior Manager within 5 business days of the Supervisor withdrawing their supervision;
9. If the Supervisor ceases supervising Deol, Deol shall cease all mortgage agent business activity immediately until a new supervisor has been approved in writing by the CEO or his delegate;
10. Deol is subject to an examination of her mortgage files from time-to-time at the discretion of the CEO or his delegate, acting reasonably;
11. If Deol ceases to be licensed with her brokerage, Deol will notify the Senior Manager in writing within 5 business days and Deol agrees to stop all mortgage agent activities until:
    1. Deol informs the Senior Manager in writing of her new mortgage brokerage; and
    2. A new Supervisor is approved by the Senior Manager, which approval shall not be unreasonably withheld, and submits a signed undertaking in respect of the above terms.

DATED December 12, 2024 at Toronto, Ontario,

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

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