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Submortgage Broker Information

Submortgage Broker Information

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Ka-Lai Lily (Lily Lee) Lee

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Conditions or Restrictions

Ka-Lai Lily (Lily Lee) Lee has conditions or restrictions in place.

Telephone Number
(604) 503‑3887
Email Address
[email protected]

Active Registrations: 1

Active Registrations Registration Expiry Date Conditions or Restrictions
0952130 B.C. Ltd. 28 May 2025
  1. Lily Ka-Lai Lee’s registration will be restricted to 0952130 B.C. Ltd. dba Mortgage Architects - A Better Way or another mortgage broker (the “Mortgage Broker”) acceptable to the registrar of mortgage brokers (the “Registrar”) of the BC Financial Services Authority (“BCFSA”) for a period of not less than two (2) years following the renewal of her registration (the “Conditional Registration Period”).
  2. During the Conditional Registration Period, Lily Ka-Lai Lee must remain under the direct supervision of a 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”).
  3. These conditions are in addition to Lily Ka-Lai Lee’s and the Mortgage Broker’s obligations under the Mortgage Brokers Act (“MBA”) and the Regulations made under the MBA (together, the “Legislation”).
  4. The Registrar and Lily Ka-Lai Lee have agreed upon these conditions.
  5. 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”).
  6. Lily Ka-Lai Lee must keep the Supervisor informed of the mortgage broker services that they are providing.
  7. Lily Ka-Lai Lee must obtain the Supervisor’s review and approval in respect of all mortgage broker services provided.
  8. Lily Ka-Lai Lee must not handle any trust funds in relation to matters in which they are providing mortgage broker services.
  9. The Supervisor must review all transactions in which Lily Ka-Lai Lee 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.
  10. ​​​​​​The Supervisor must immediately report to the Registrar anything of an adverse nature with respect to Lily Ka-Lai Lee’s mortgage broker services, including: a)  ​​​​failure of Lily Ka-Lai Lee 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.
  11. The Designated Individual must conduct monthly spot checks to ensure the Supervisor is reviewing Lily Ka-Lai Lee’s transactions and services.
  12. If for any reason the Designated Individual is unable to perform any of the duties imposed herein, they must immediately advise the Registrar.
  13. 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 para 5 above.
  14. If there is a change in the Designated Individual of the Mortgage Broker, the former Designated Individual and Lily Ka-Lai Lee 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.
  15. Failure by Lily Ka-Lai Lee to adhere to one or more of the conditions may constitute breach under section 8(1)(f) of the MBA.
  16. The Registrar retains the discretion to investigate this and any other matter relating to Lily Ka-Lai Lee’s registration pursuant to section 5 the MBA.
No conditions or restrictions