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Financial Services Regulatory Authority of Ontario

IN THE MATTER OF the Mortgage Brokerage, Lenders and Administrators Act, 2006,
S.O. 2006, c. 29, as amended (the “Act”), in particular section 15;

AND IN THE MATTER OF Stephen Dostal.

ORDER AMENDING LICENCE

Stephen Dostal (“Dostal”) is licensed as a mortgage agent under the Act (licence # M08005029).

On January 21, 2020, and by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”), the Executive Vice President, Market Conduct issued a Notice of Proposal to revoke the mortgage agent licence issued to Dostal.

A Request for Hearing (Form 1), dated February 2, 2020, was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with section 21(3) of the Act respecting the Notice of Proposal.

On November 12, 2020, Dostal withdrew the Request for Hearing, and on November 25, 2020, the Registrar of the Tribunal confirmed that the Tribunal closed its file in respect of this matter. This Order is made pursuant to a settlement agreement entered into by Dostal and the Head, Licensing and Risk Assessment Branch.

Therefore, pursuant to section 15(1) of the Act, and by delegated authority from the Chief Executive Officer, the Head, Licensing and Risk Assessment Branch, makes the following Order.

ORDER

The mortgage agent licence (licence # M08005029) issued to Stephen Dostal is amended to include the following conditions:

  1. Dostal’s work as a mortgage agent will be supervised by a licenced mortgage broker acceptable to the Financial Services Regulatory Authority of Ontario (“FSRA”), with at least ten years of experience as a mortgage broker;

  2. The period of supervision shall end on November 5, 2021;

  3. Throughout the period of supervision, Dostal and the Supervising Broker shall submit quarterly written reports regarding Dostal’s mortgage agent activities to FSRA;

  4. The Supervising Broker shall notify both Dostal and FSRA, immediately, in writing, if the Supervising Broker is unable or unwilling to supervise Dostal. Dostal agrees to stop all mortgage agent activities until a new Supervising Broker is approved by FSRA and submits a signed undertaking in a form satisfactory to FSRA;

  5. Dostal may be subject to spot audits of his mortgage files from time-to-time at FSRA’s discretion;

  6. If Dostal ceases to be a mortgage agent with Circle Mortgage Group Inc., Dostal will notify FSRA in writing within five (5) business days and Dostal agrees to stop all mortgage agent activities until:

    1. Dostal informs FSRA, in writing, of his new mortgage brokerage; and

    2. a new Supervising Broker is approved by FSRA and submits a signed undertaking in a form satisfactory to FSRA;
  7. The licence issued to Dostal may be suspended immediately if he fails to comply with these conditions.

TAKE NOTICE THAT every person who fails to comply with a condition of his, her or its licence is guilty of an offence under the Act. Every individual convicted of an offence under the Act is liable to a fine up to $100,000, imprisonment for a term up to one year or both a fine and imprisonment. Every corporation convicted of an offence under the Act is liable to a fine up to $200,000.

DATED at Toronto, December 7, 2020.

Original signed by

Wendy Horrobin
Head, Licensing and Risk Assessment Branch

By delegated authority from the Chief Executive Officer

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