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 1719751 Ontario Ltd o/a Mortgage Direct (“Mortgage Direct”)
ADMINISTRATIVE MONETARY PENALTY ORDER
On November 6, 2014 the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to an Impose Administrative Monetary Penalty (the “NOP”) on 1719751 Ontario Ltd o/a Mortgage Direct (“Mortgage Direct”).
The NOP was mailed by both regular and registered mail on November 10, 2014. Mortgage Direct had 15 days after service of the NOP to request a hearing before the Financial Services Tribunal (“Tribunal”) in accordance with the Act.
The Registrar of the Tribunal has confirmed that no request for a hearing was received from the Brokerage or anyone on the Brokerage’s behalf in respect of the proposal to impose the administrative monetary penalty.
The Superintendent is satisfied that Mortgage Direct failed to have errors and omissions insurance as required by section 7(4) of the Act and section 42 of Regulation 188/08.
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.
An administrative monetary penalty of $1,600 is imposed on 1719751 Ontario Ltd o/a Mortgage Direct.
TAKE NOTICE THAT Mortgage Direct 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. Mortgage Direct must pay the administrative penalty no later than 30 days after the date of the invoice.
If Mortgage Direct fails to pay the administrative penalty 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 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 the 7th day of January, 2015.
Original signed by
Superintendent of Financial Services
© Queen's Printer for Ontario, 2015