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Financial Services Regulatory Authority of Ontario

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 Avraj Singh Dulay (“Dulay”).


ORDER TO IMPOSE ADMINISTRATIVE PENALTIES

Dulay was previously licensed as a mortgage agent (licence # M18002058) under the Act until his licence expired on March 31, 2023.

On July 23, 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 administrative penalties on Dulay for the following contraventions:

  1. Giving false or deceptive information or documents when dealing in mortgages in Ontario, with respect to 17 potential mortgage transactions, contrary to section 43(2) of the Act; and
  2. Doing or omitting to do anything that might reasonably cause the brokerage on whose behalf he was authorized to deal or trade in mortgages to contravene section 48 of Ontario Regulation 188/08, contrary to section 3 of Ontario Regulation 187/08.

A Request for Hearing (Form 1) dated August 7, 2024, was delivered to the Financial Services Tribunal (the “Tribunal”), in accordance with section 39(5) of the Act respecting the Notice of Proposal.

On January 15, 2025, Dulay withdrew the Request for Hearing and on January 21, 2025, the Tribunal closed its file with respect to the matter. This order is made pursuant to a settlement entered into by Dulay and the Director.

ORDER

Eighteen administrative penalties, in the total amount of $25,000, are hereby imposed on Avraj Singh Dulay for the reasons set out in the Minutes of Settlement and Undertaking.

TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Dulay with information as to where and how to pay the administrative penalties. Dulay 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 Dulay 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 an order imposing the penalty is a debt due to the Crown and is enforceable as such.

DATED at Toronto, Ontario, January 21, 2025.

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer


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