Financial Services Commission of Ontario

Decision Information

Decision Content

 
                 Superintendent of                                                                Surintendant des

                 Financial                                                                                services

                 Services                                                                                  financiers

 

 

 

REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, (the “Act”) in particular sections 14 and 21.

 

AND REGARDING Dinesh Khanna.

 

 

ORDER TO REFUSE LICENCE APPLICATION

 

 

On December 23, 2015, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to Revoke the mortgage broker licence of Dinesh Khanna (licence #M08000505).  Mr. Khanna requested a hearing before the Financial Services Tribunal (“Tribunal”) on December 24, 2015.

 

On March 31, 2016, Mr. Khanna’s mortgage broker licence expired. He did not submit a renewal application with the Financial Services Commission of Ontario (“FSCO”) prior to the expiry of his licence.

 

On May 5, 2016, Mr. Khanna submitted an application for a mortgage broker licence.

 

On September 7, 2016, the Superintendent issued a Notice of Proposal to refuse the mortgage broker licence application of Mr. Khanna. Mr. Khanna requested a hearing before the Tribunal on September 14, 2016.

 

The Tribunal held a 9-day hearing in the above matter between November 4, 2016 and December 1, 2016.

 

On May 8, 2017, the Tribunal ordered that the Superintendent carry out the proposal to refuse Mr. Khanna’s licence application. Pursuant to subsection 21(4) of the Act, the Superintendent makes the following order.

 

ORDER

 

The application by Dinesh Khanna for a mortgage broker licence is hereby refused.

 

 

DATED at Toronto, Ontario, on                                         , 2017.

 

 

 

_______________________

Heather Driver

Director, Licensing Branch

 

By delegated authority from the

Superintendent of Financial Services

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