Disclaimer
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, S.O. 2006, c.29 (the “Act”), in particular sections 7, 38 and 39

AND REGARDING Reliance Mortgage Company Ltd. (“Reliance Mortgage”)

 

ADMINISTRATIVE MONETARY PENALTY ORDER

 

On August 23, 2011, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to Impose Administrative Monetary Penalties on Reliance Mortgage.

Reliance Mortgage requested a hearing before the Financial Services Tribunal (“Tribunal”) in accordance with the Act. On January 10, 2012, a hearing was held before the Tribunal. By decision dated January 26, 2012, the Tribunal ordered the Superintendent to carry out the proposals to impose administrative monetary penalties on Reliance Mortgage as follows:

 

ORDER

Administrative monetary penalties in the amount of:

are imposed on Reliance Mortgage Corporation Limited, pursuant to section 39 of the Act.

TAKE NOTICE THAT Reliance Mortgage 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. Reliance Mortgage must pay the administrative monetary penalties no later than 30 days after the date of the invoice.

If Reliance Mortgage fails to pay the administrative monetary penalties 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. Administrative monetary penalties that are not paid in accordance with the terms of an order imposing the penalty are a debt due to the Crown and are enforceable as such.

Dated at Toronto, February 21, 2012

Original Signed By

Philip Howell
Superintendent of Financial Services

© Queen's Printer for Ontario, 2012