Latest news with #LendersandAdministratorsAct
Cision Canada
03-06-2025
- Business
- Cision Canada
FSRA issues notices of proposal against Chanderkant Jindal Français
TORONTO, June 3, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has initiated enforcement actions against Chanderkant Jindal (Jindal). FSRA alleges that Jindal provided false or misleading statements or representations in the solicitation or registration of insurance, contrary to section 17(c) of Ontario Regulation 347/04 under the Insurance Act. FSRA alleges that Jindal is not suitable to be licensed under the Mortgage Brokerages, Lenders and Administrators Act, and its regulations because his past and present conduct in the insurance and mortgage sectors provides reasonable grounds for belief that he will not deal or trade in mortgages in accordance with the law and with integrity and honesty. In addition, FSRA alleges that Jindal made a material misstatement or omission to FSRA on his license renewal application, contrary to section 10(3) of Ontario Regulation 409/07. FSRA is proposing to refuse to renew the mortgage agent license of Jindal and impose an administrative penalty in the amount of $5,000 against Jindal under the Insurance Act. Jindal has requested a hearing before the Financial Services Tribunal about these proposals. 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]
Yahoo
03-06-2025
- Business
- Yahoo
FSRA issues notices of proposal against Chanderkant Jindal
TORONTO, June 3, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has initiated enforcement actions against Chanderkant Jindal (Jindal). FSRA alleges that Jindal provided false or misleading statements or representations in the solicitation or registration of insurance, contrary to section 17(c) of Ontario Regulation 347/04 under the Insurance Act. FSRA alleges that Jindal is not suitable to be licensed under the Mortgage Brokerages, Lenders and Administrators Act, and its regulations because his past and present conduct in the insurance and mortgage sectors provides reasonable grounds for belief that he will not deal or trade in mortgages in accordance with the law and with integrity and honesty. In addition, FSRA alleges that Jindal made a material misstatement or omission to FSRA on his license renewal application, contrary to section 10(3) of Ontario Regulation 409/07. FSRA is proposing to refuse to renew the mortgage agent license of Jindal and impose an administrative penalty in the amount of $5,000 against Jindal under the Insurance Act. Jindal has requested a hearing before the Financial Services Tribunal about these proposals. Learn more: Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. For media inquiries: Ashley LegassicSr. Media Relations and Digital OfficerFinancial Services Regulatory AuthorityC: 647-719-8426Email: SOURCE Financial Services Regulatory Authority of Ontario View original content to download multimedia: Sign in to access your portfolio
Yahoo
28-05-2025
- Business
- Yahoo
FSRA issues notice of proposal against Joel Kelman and 1368486 Canada Inc. operating as "Quick Cash Mortgage"
TORONTO, May 28, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has initiated enforcement action against Joel Kelman (Kelman) and 1368486 Canada Inc. operating as "Quick Cash Mortgage" (QC Mortgage). FSRA alleges that Kelman is not suitable to be licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006 (Act) and that Kelman contravened the Act, and its regulations as follows: a. By failing to take reasonable steps to ensure that the brokerage and each broker and agent authorized to deal or trade in mortgages on its behalf complies with the requirements under the Act, contrary to subsection 2(1) of Ontario Regulation 410/07. b. Causing a brokerage to contravene subsection 46(1) of Ontario Regulation 188/08 by failing to maintain accurate records related to mortgage transactions, contrary to section 3 of Ontario Regulation 187/08. c. By providing false information to FSRA, contrary to subsections 45(1) and 45(2) of the Act. FSRA further alleges that QC Mortgage is not suitable to be licensed under the Act because the past conduct of Kelman, who is QC Mortgage's principal broker, officer and sole director, affords reasonable grounds for belief that the business of the corporation will not be carried on in accordance with the law and with integrity and honesty. FSRA is proposing to refuse to renew Kelman's mortgage broker licence and impose administrative penalties in the total amount of $120,000 against Kelman. FSRA is also proposing to revoke QC Mortgage's mortgage brokerage licence. Kelman and QC Mortgage have requested a hearing before the Financial Services Tribunal about this proposal. Learn more: Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. For media inquiries: Ashley LegassicSr. Media Relations and Digital OfficerFinancial Services Regulatory AuthorityC: 647-719-8426Email: SOURCE Financial Services Regulatory Authority of Ontario View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
15-05-2025
- Business
- Cision Canada
FSRA imposes an administrative penalty and compliance order on Razer Capital Corporation Français
TORONTO, May 15, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has imposed an administrative penalty in the amount of $15,000 and a compliance order to cease and desist administering mortgages in Ontario on Razer Capital Corporation (Razer Capital). Razer Capital contravened section 5(2) of the Mortgage Brokerages, Lenders and Administrators Act, 2006 by carrying on the business of administering mortgages without a licence. Razer Capital did not request a hearing before the Financial Services Tribunal or contest FSRA's 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]
Yahoo
15-05-2025
- Business
- Yahoo
FSRA imposes an administrative penalty and compliance order on Razer Capital Corporation
TORONTO, May 15, 2025 /CNW/ - Ontario's financial services regulator, FSRA, has imposed an administrative penalty in the amount of $15,000 and a compliance order to cease and desist administering mortgages in Ontario on Razer Capital Corporation (Razer Capital). Razer Capital contravened section 5(2) of the Mortgage Brokerages, Lenders and Administrators Act, 2006 by carrying on the business of administering mortgages without a licence. Razer Capital did not request a hearing before the Financial Services Tribunal or contest FSRA's proposal. Learn more: Access our enforcement database to see how FSRA is working to protect consumers through its monitoring and enforcement activities. For media inquiries: Ashley LegassicSr. Media Relations and Digital OfficerFinancial Services Regulatory AuthorityC: 647-719-8426Email: SOURCE Financial Services Regulatory Authority of Ontario View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
