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 ECO/VIS Mortgage Services Inc. (“ECO/VIS”)
ADMINISTRATIVE MONETARY PENALTY ORDER
On July 28, 2011, the Superintendent issued a Notice of Proposal to Impose an Administrative Monetary Penalty of $1,500.00 pursuant to section 39 of the Act. The Superintendent alleged that ECO/VIS was contravening or not complying with, or had contravened or failed to comply with section 7(4) of the Act and section 42 of Regulation 188/08, in that ECO/VIS failed to have errors and omissions (“E&O”) insurance as required by the Act.
ECO/VIS requested a hearing before the Financial Services Tribunal (“Tribunal”) in accordance with the Act. A hearing before the Tribunal was held on March 9, 2012. By decision dated May 30, 2012, the Tribunal ordered the Superintendent to impose an Administrative Monetary Penalty of $1,500.00 against ECO/VIS.
An Administrative monetary penalty is imposed on ECO/VIS Mortgage Services Inc., as follows:
TAKE NOTICE THAT ECO/VIS Mortgage Services Inc. will receive 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. ECO/VIS Mortgage Services Inc. must pay the administrative monetary penalty no later than 30 days after the date of the invoice.
If ECO/VIS Mortgage Services Inc. 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, June 5, 2012.
Original Signed By
Superintendent of Financial Services
© Queen's Printer for Ontario, 2012