IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, S.O. 2006, c. 29, as amended (the “Act”), in particular sections 14 and 22; Ontario Regulation 409/07, in particular section 2;
AND IN THE MATTER OF Andy (Wai Ho) Ng (“Ng”).
ORDER TO REFUSE TO ISSUE LICENCE
On January 11, 2019, Ng submitted a mortgage broker licence application under the Act.
On several occasions, the staff of Financial Services Regulatory Authority of Ontario (“FSRA”) advised Ng that his application was incomplete as it was missing information about a licenced mortgage brokerage on behalf of which Ng would be authorized to deal or trade in mortgages as required under section 2 of Ontario Regulation 409/07.
On January 14, 2020, pursuant to subsection 22(2) of the Act and by delegated authority from the Chief Executive Officer of FSRA (the “Chief Executive Officer”), the Director, Licensing Approvals, Market Conduct (the “Director”) gave written notice to Ng of the intention to exercise the authority under subsection 22(1) of the Act to refuse Ng’s application unless Ng provided the name and contact information of the licensed mortgage brokerage on behalf of which Ng would be authorized to deal or trade in mortgages by February 3, 2020 (the “Notice”).
On January 21, 2020, the Notice was received by Ng. As of the date of this Order, Ng did not provide information required under the Act.
Section 22(1)(b) of the Act provides that the Chief Executive Officer may, by order, refuse to issue a licence when an applicant does not give information or documents as required under the Act.
ORDER
Pursuant to subsection 22(1)(b) of the Act, the mortgage broker licence application of Andy (Wai Ho) Ng is hereby refused.
DATED at Toronto, Ontario, , 2020.
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Wendy Horrobin
Director, Licensing Approvals
By delegated authority from the Chief Executive Officer
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