FSRA issues notice of proposal against 2748204 Ontario Inc. operating as Flex Home Loans and against Michael Yosher Français
FSRA alleges that Flex Home Loans' and Yosher's conduct affords reasonable grounds for belief that Flex Home Loans will not administer mortgages in accordance with the law and with integrity and honesty because Flex Home Loans and Yosher contravened the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and its regulations as follows:
by carrying on business as a mortgage lender in Ontario while not being licensed or exempted from the requirement of being licensed, contrary to section 4(2) of the Act; and
by including false or misleading information in renewal applications, contrary to sections 45(1) and 45(2) of the Act.
FSRA is proposing to issue a compliance order requiring Flex Home Loans and Yosher to cease and desist from the business of mortgage lending, to inform the investors of Flex Home Loans of its licence revocation and to either facilitate the investors in finding a new mortgage administrator or to facilitate the investors administering their investments themselves.
FSRA seeks to revoke the mortgage administrator licence of Flex Home Loans 31 days after the compliance order takes effect, and to impose an administrative penalty of $10,000 against Yosher.
Flex Home Loans and Yosher have requested a hearing before the Financial Services Tribunal about this proposal.
Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities.
For media inquiries:
Ashley Legassic
Sr. Media Relations and Digital Officer
Financial Services Regulatory Authority
C: 647-719-8426
Email: [email protected]
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