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 Global Realty Partners Inc. ("Global”)
ADMINISTRATIVE MONETARY PENALTY ORDER
Global is licenced under the Act as a mortgage brokerage.
On October 4, 2011, the Superintendent of Financial Services (“Superintendent”) issued and served a Notice of Proposal to Impose an Administrative Monetary Penalty. Global requested a hearing before the Financial Services Tribunal (“Tribunal”) in accordance with the Act. However, on March 14, 2012, Global withdrew its request for a hearing.
The Superintendent is satisfied that:
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.
Administrative monetary penalties are imposed on Global Realty Partners Inc., as follows:
TAKE NOTICE THAT Global 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. Global must pay the administrative monetary penalty no later than 30 days after the date of the invoice.
If Global 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, March 20, 2012.
Original Signed By
Superintendent of Financial Services