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An order that is made regarding a licence holder reflects a situation at a particular point in time. The status of a licence holder can change. Readers should check the current status of a person’s or entity’s licence on the Licensing Link section of FSCO’s website. Readers may also wish to contact the person or entity directly to get additional information or clarification about the events that resulted in the order.

 

Ontario Coat of Arms
 
Financial Services
Commission
of Ontario

5160 Yonge Street,
Box 85
Toronto ON  M2N 6L9

REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, 5.0. 2006, c.29 (“Act”), in particular sections 29(1), 38 and 40

AND REGARDING Crystal Path Realty Inc.


ADMINISTRATIVE MONETARY PENALTY ORDER

Background:

Crystal Path Realty Inc. holds a mortgage Brokerage licence under the Act.

Section 40 of the Act provides that if the Superintendent of Financial Services (“Superintendent”) is
satisfied that a person or entity is contravening or not complying with or has contravened or failed to
comply with section 29(1) or such other provision of this Act or the regulations as maybe rescribed, the Superintendent may, by order, impose an administrative penalty on the person or entity in accordance with this section and the regulations.

The Superintendent is satisfied that Crystal Path Realty Inc. is contravening or not complying with or has contravened or failed to comply with section 29(1) of the Act and Regulation 193/08, namely:

Crystal Path Realty Inc. failed to file Annual Information Return for the year ending December31, 2011 as required by section 2 of Regulation 193/08 within 90 days after the previous fiscal year.

By letter dated June 18,2012, the Superintendent notified Crystal Path Realty Inc. that an administrative penalty may be issued in respect of Crystal Path Realty Inc.’s contravention or failure to comply with section 29(1). The Superintendent asked for written submissions in accordance with section 40(2) of the Act.

No submissions were received.

ORDER

An administrative penalty in the amount of $1000.00 is imposed on Crystal Path Realty Inc. pursuant to section 40 of the Act and section 1 5(1)of Regulation 193/08.

TAKE NOTICE THAT Crystal Path Realty Inc. will be receiving shortly an invoice from Ontario Shared Services, a part of the Ministry of Government Services, with information as to where and how to make the payment. Crystal Path Realty Inc. must pay the administrative penalty no later than 30 days after being given notice of this Order.

If Crystal Path Realty Inc. fails to pay the administrative penalty in accordance with the terms of this Order, the Superintendent may file the Order with the Superior Court of Justice and the Order may be enforced as if it were an order of the court. An administrative penalty that is not paid in accordance with the terms of an order imposing the penalty is a debt due to the Crown and is enforceable as such.

AND TAKE NOTICE THAT section 40(4) of the Act provides that this Order can be appealed to the
Financial Services Tribunal rTribunal’) in writing within 15 days after receipt of the Order. For
information and forms in connection with an appeal, contact the Tribunal at:

Registrar
Financia] Services: Tribunal
5160 Yonge Street, Box 85
Toronto. ON M2N 6L9

Phone: 416.590.7294
Toll free: 1.800.6680128 ext. 7294
Fax: 416.226.7750
http://www.fstontario.ca

Dated at Toronto, Ontario, August 31, 2012

Original Signed By

Grant Swanson
Executive Director, Licensing and Market Conduct
by delegated Authority from
Superintendent of Financial Services


© Queen's Printer for Ontario, 2012