REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29 (the “Act”), in particular section 35.
AND REGARDING Cristal Brown
ORDER TO CEASE AND DESIST UNLICENSED ACTIVITY
On March 12, 2018, the Superintendent of Financial Services (the “Superintendent”) issued a Notice of Proposal to Impose a Permanent Compliance Order to Cease and Desist Unlicensed Activity (the “Notice”) against Cristal Brown (“Ms. Brown”) pursuant to subsection 35(3) of the Act.
The Notice was served on Ms. Brown by registered mail and regular mail on March 14, 2018.
Ms. Brown had 15 days after receipt of the Notice to request a hearing before the Financial Services Tribunal (the “Tribunal”) in accordance with subsections 35(3) and 35(4) of the Act.
The Registrar of the Tribunal confirmed that, as of April 4, 2018, no request for hearing has been filed by Cristal Brown or anyone on her behalf.
Subsection 35(6) of the Act provides that the Superintendent may carry out the proposal to impose a compliance order when no hearing has been requested.
IT IS ORDERED that Cristal Brown is required to:
- Immediately cease providing information about prospective borrowers to prospective mortgage lenders, directly or indirectly, in return for remuneration and in respect of mortgage transactions, as defined under clause 2(1)(b) of the Act;
- Immediately cease negotiating, arranging, or attempting to negotiate or arrange mortgages on behalf of other persons or entities in return for remuneration and in respect of mortgage transactions, as defined under clause 2(1)(d) of the Act; and
- Immediately cease otherwise dealing in mortgages as defined in section 2(1) of the Act.
TAKE NOTICE THAT pursuant to subsections 48(4) and 49(1) and (2) of the Act,
every person who fails to comply with an order made under this Act is guilty of an offence and every individual convicted of an offence under the Act is liable to a fine of not more than $100,000.00 or imprisonment for a term of not more than a year or both a fine and imprisonment.
Si vous désirez recevoir cet ordre en français, veuillez envoyer votre demande immédiatement à: Adjointe, audiences, Greffe, Commission des services financiers de l’Ontario, 5160 rue Yonge, boîte 85, Toronto ON M2N 6L9.
DATED at Toronto, Ontario, April 17, 2018.
original signed by
Superintendent of Financial Services