REGARDING the Mortgage Brokerages, Lenders and Administrators Act,
2006, S.O. 2006, c.29 (the “Act”), in particular sections 7, 38 and 39
AND REGARDING Robert James Lusted (“Lusted”)
ADMINISTRATIVE MONETARY PENALTY ORDER
Lusted is licensed under the Act as a mortgage brokerage.
On July 8, 2011, the Superintendent of Financial Services (“Superintendent”) issued
and served a Notice of Proposal to Impose an Administrative Monetary Penalty. The
Superintendent had determined that Lusted did not have errors and omissions
insurance from one of the approved providers from July 1, 2010 to February 8, 2011.
Lusted requested a hearing in accordance with the Act. Subsequently the
Superintendent and Lusted entered into Minutes of Settlement to resolve this matter
and Lusted has withdrawn the request for hearing.
An administrative monetary penalty in the amount of $1,500.00 is imposed on Robert James Lusted, pursuant to section 39 of the Act.
TAKE NOTICE THAT Lusted 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.
If Lusted fails to pay the administrative monetary penalty in accordance with the terms of this Order, the Superintendent may file the Order with the Superior Court of Justice and this Order may be enforced as if it were an order of the court. An administrative monetary 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.
DATED at Toronto, Ontario, February 14, 2012.
Original Signed By
Superintendent of Financial Services
© Queen's Printer for Ontario, 2012