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 Greatland Realty Corporation (“Greatland”)
ADMINISTRATIVE MONETARY PENALTY ORDER
Greatland is licenced under the Act as a mortgage brokerage.
On August 29, 2011, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to Impose an Administrative Monetary Penalty. Greatland was served with the Notice of Proposal on September 1, 2011.
Greatland filed a Request for Hearing with the Financial Services Tribunal on September 19, 2011.
The hearing was scheduled for April 27, 2012. On April 27, 2012 Greatland withdrew its Request for Hearing, and agreed to pay the proposed administrative monetary penalty in the amount of $1,500.00.
The Superintendent is satisfied that Greatland contravened or failed to comply with section 7(4) of the Act and section 42 of Regulation 188/08, in that Greatland failed to have errors and omissions (“E&O”) insurance as required for the period from April 2, 2010 to January 25, 2011.
Section 39(7) of the Act provides that the Superintendent may carry out the proposal to impose an administrative monetary penalty when no hearing has been requested.
An administrative monetary penalty in the amount of $1,500 is imposed on Greatland Realty Corporation.
TAKE NOTICE THAT Greatland 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. Greatland must pay the administrative monetary penalty no later than 30 days after the date of the invoice.
If Greatland 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, May 11, 2012.
Original Signed By
Superintendent of Financial Services
© Queen's Printer for Ontario, 2012