TORONTO, Nov. 29, 2024 /CNW/ - Ontario's financial services regulator, FSRA, has initiated enforcement action against Renkai Lin ("Lin") and ZK Financial Inc. ("ZK Financial").
FSRA alleges that Lin and ZK Financial are no longer suitable to be licensed under the Mortgage Brokerages, Lenders and Administrators Act, 2006 and its regulations, because they provided false information with respect to the application for the licence and the Annual Information Returns. Lin's past conduct affords reasonable grounds for belief he will not deal or trade in mortgages in accordance with the law and with integrity and honesty. These are the grounds for refusing to renew Lin's licence and to revoke ZK Financial's licence under subsections (1) and (3) of section 10 of Ontario Regulation 409/07 and section 1(2) of Ontario Regulation 408/07.
FSRA is proposing to refuse to renew the mortgage broker licence to Lin and to revoke the mortgage brokerage licence to ZK Financial.
Lin and ZK Financial 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:
Russ Courtney
Senior Manager of Media Relations
Financial Services Regulatory Authority
C: 437-225-8551
Email: [email protected]
SOURCE Financial Services Regulatory Authority of Ontario
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