REGARDING the Mortgage Brokerages, Lenders and Administrators Act,2006, S.O. 2006, c.29 (the “Act”), in particular sections 38, 39 and 45
AND REGARDING Centro Mortgage Inc. (“Centro”)
ADMINISTRATIVE MONETARY PENALTY ORDER
On October 7, 2013, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to Impose an Administrative Monetary Penalty on Centro Mortgage Inc., a brokerage licenced under the Act. The Notice, received by Centro on October 15, 2013, stated that Centro had 15 days, after service of the Notice, to request a hearing before the Financial Services Tribunal (“Tribunal”) in accordance with the Act.
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. On October 16, 2013, Centro informed the Superintendent that it does not wish to have a hearing.
The Superintendent is satisfied that Centro contravened a requirement under the Act by opening three branch offices and failing to notify the Superintendent of the opening of those offices within five days as required by s. 9 of Ontario Regulation 193/08.
An administrative monetary penalty in the amount of $1,000 for opening three branch offices and failing to notify the Superintendent of the opening of those offices within five days is hereby imposed on Centro Mortgage Inc.
TAKE NOTICE THAT the brokerage 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. The brokerage must pay the administrative monetary penalty no later than 30 days after the date of the invoice.
If the brokerage 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, 17th day of October, 2013.
Original Signed By
Superintendent of Financial Services
© Queen's Printer for Ontario, 2013