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Submortgage Broker Information

Submortgage Broker Information

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Freeman Ming Yee

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Conditions or Restrictions

Freeman Ming Yee has conditions or restrictions in place.

Telephone Number
(604) 908‑9055
Email Address
[email protected]

Active Registrations: 1

Active Registrations Registration Expiry Date Conditions or Restrictions
Axium Capital Inc. 13 October 2024
  1. Freeman Ming Yee ("Mr. Yee")'s license is contingent on the satisfactory resolution of Fawcett and Fawcett v. Yee et. al, court file no. VLC-S-S-184514 (the "Proceedings") and any matter related to the Joint Venture Agreement entered into by Mr. Yee in or around April 4, 2012 (the "Joint Venture") concerning the development of the property legally described as: PID: 002-268-213 Lot 6, District Lots 241 and 242 Group 1 New Westminster District Plan 24517 (the "Property")  
  2. Mr. Yee must immediately provide to BCFSA copies of all documents related to the Joint Venture, sale of the Property and the proceeds of sale of Property;  
  3. If any dates are scheduled in the Proceedings under the Supreme court Civil Rules (the "Rules"), Mr. Yee must within three business days inform BCFSA of the dates scheduled. This may include, but is not limited to, examinations for discovery, mediation, an application, summary judgements, summary trials, or trial as appropriate.
  4. Mr. Yee waives the implied undertaking of confidentiality over the transcript of his examination for discover in the Proceedings, if any, and that he provides BCFSA with a copy of the transcript.
  5.  On conclusion of the Proceedings, Mr. Yee must immediately provide a copy of the Notice of Discontinuance or Consent Dismissal Order, as appropriate, as well as a copy of any settlement agreement with the plaintiffs;
  6. On payment of the proceeds of sale of the Property out of trust, immediately provide a copy of any agreement;
  7. Immediately inform BCFSA of any pending civil proceedings.
  8. These conditions are in addition to Mr. Yee's and the Mortgage Broker's obligations under the Mortgage Brokers Act ("MBA") and the Regulations made under the MBA (together, the "Legislation").
  9. Mr. Yee's registration will be restricted to TMG The Mortgage Group - Axium Capital or another brokerage (the "Brokerage") acceptable to the registrar of mortgage brokers (the "Registrar") of the BC Financial Services Authority ("BCFSA") until the Proceedings are satisfactorily resolved per s. (a) above (the "Conditional Registration Period").
  10. During the Conditional Registration Period, Mr. Yee must remain under the direct supervision of Mr. Michael Grudman or another designated individual of the Mortgage Broker who is acceptable to the Registrar, and who has confirmed in writing to the Registrar that they have read these conditions, are aware of their duties under these conditions, and agree to accept these duties (the "Designated Individual").
  11. The Designated Individual may delegate certain supervisory duties to a submortgage broker of the Mortgage Broker who is acceptable to the Registrar and who has confirmed in writing to the Registrar that they have read these conditions, are aware of their duties under these conditions, and agree to accept these duties (the "Supervisor").
  12. Mr. Yee must keep the Designated Individual or Supervisor informed of the mortgage broker services that he is providing.
  13. Mr. Yee must obtain the Designated Individual's or Supervision's review and approval in respect of all mortgage broker services provided.
  14. The Designated Individual or Supervisor must review all transactions in which Mr. Yee provides mortgage broker services, and all documents relevant to the transactions must be contained in the appropriate deal files and retained by the Mortgage Broker.
  15. The Designated Individual or Supervisor must immediately report to the Registrar anything of an adverse nature with respect to Mr. Yee's mortgage broker services, including:   a) failure of Mr. Yee to observe these conditions, the requirements of the Legislation or all other applicable legislation; and   b) complaints received by the Mortgage Broker, including the nature of the complaint, the parties involved, and how the complaint was resolved.
  16. If for any reason the Designated Individual is unable to perform any of the duties imposed herein, they must immediately advise the Registrar.
  17. If for any reason the Supervisor is unable to perform any of the duties imposed herein, they must immediately advise the Designated Individual and the Registrar. A new Supervisor may be appointed in accordance with the requirements set out in paragraph 11 above.
  18. If there is a change in the Designated Individual of the Mortgage Broker, the former Designated Individual and Mr. Yee must immediately notify the Registrar in writing. If the Registrar determines that the successor Designated Individual is acceptable as a Designated Individual for the purposes of these conditions, they will be provided with a copy of these conditions and will be asked to confirm in writing to the Registrar that they have read these conditions, are aware of their duties under these conditions, and agree to accept these duties, including the delegation of certain duties to the Supervisor. If that Designated Individual fails to provide such confirmation within 14 days of becoming a Designated Individual at the Mortgage Broker, they will be deemed to be unable or unwilling to perform the duties set out in these conditions. 
  19. The Registrar has the discretion to vary and/or impose additional conditions on Mr. Yee upon receiving notice of updates or resolution of the Proceedings. 
  20. The Registrar and Mr. Yee have agreed upon these conditions.
  21. Failure by Mr. Yee to adhere to one or more of the conditions may constitute breach under section 8(1)(f) of the MBA.
  22. The Registrar retains the discretion to investigate this and any other matter relating to Mr. Yee's registration pursuant to section 5 of the MBA.
No conditions or restrictions