REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, in particular sections 38 and 39;
AND REGARDING I.G. Investment Management Ltd.
ADMINISTRATIVE MONETARY PENALTY ORDER
I.G. Investment Management Ltd. (the “Brokerage”) is a licensed mortgage brokerage (brokerage licence #10809) under the terms of the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29 (the “Act”).
On April 7, 2015, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to Impose an Administrative Monetary Penalty (the “Notice of Proposal”) in the total amount of $4,500 on the Brokerage. The Superintendent had determined that the Brokerage committed six contraventions of the Act and its regulations.
The Brokerage requested a hearing before the Financial Services Tribunal (the “Tribunal”) in accordance with the Act. On July 29, 2015, the Brokerage withdrew its request for a hearing.
Pursuant to subsection 39(7) of the Act, the Superintendent makes the following Order:
Administrative monetary penalties in the total amount of $4,500 are hereby imposed on I.G. Investment Management Ltd. in the following manner:
Failure to provide general disclosure in writing of the Brokerage’s role about the nature of the Brokerage’s relationship with borrowers and lenders, contrary to subsection 18(1) of Ontario Regulation 188/08 of the Act.- $750
Failure to provide disclosure in writing of the Brokerage’s relationship with lenders, including whether it is a lender itself, contrary to subsection 19(1) of Ontario Regulation 188/08 of the Act. - $750
Failure to provide disclosure in writing of the Brokerage’s relationship to the lender in a specific mortgage presented for a borrower’s consideration, contrary to subsection 26(1) of Ontario Regulation 188/08 of the Act. - $750
Failure to present an acknowledgment or consent required by Regulation 188/08 to a borrower in a manner likely to bring to the attention of the borrower the acknowledgment or consent, contrary to section 33 of Ontario Regulation 188/08 under the Act. - $750
Failure to provide all disclosure required by Regulation 188/08 within the prescribed time, contrary to subsection 35(1) of Ontario Regulation 188/08 under the Act.
Failure to provide amortization schedules to all borrowers, contrary to subsection 8(1) of Regulation 191/08 under the Act. - $750
TAKE NOTICE THAT I.G. Investment Management Ltd. will be receiving shortly an invoice from Ontario Shared Services, a part of the Ministry of Government and Consumer Services, with information as to where and how to make the payment. I.G. Investment Management Ltd. must pay the administrative monetary penalties no later than 30 days after the date of the invoice.
If you fail 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 the 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 on the date of August 5, 2015.
Original signed by
Licensing and Market Conduct Division
By Delegated Authority from
The Superintendent of Financial Services
© Queen's Printer for Ontario, 2015