REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29 (the “MBLAA”), in particular sections 2, 5, 7, 8, 19, 21, 38 and 39;
AND REGARDING Sussman Mortgage Funding Inc.
ADMINISTRATIVE MONETARY PENALTY ORDER
Sussman Mortgage Funding Inc. (“SMFI”) is a licensed mortgage brokerage (brokerage licence #10666) under the Act. At all relevant times, SMFI held a valid mortgage brokerage licence.
Murray Sussman is a licensed mortgage broker (broker licence #M08006014). At all relevant times, Murray Sussman held a valid mortgage broker licence and was the principal broker of SMFI.
On June 27, 2014, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal against SMFI to revoke its brokerage licence. The Superintendent also proposed to impose an administrative monetary penalty against SMFI in the amount of $7,500 for the use of obsolete investor/lender disclosure statements by SMFI, contrary to section 59 of Regulation 188/08 made under the MBLAA.
In response, SMFI requested a hearing before the Financial Services Tribunal.
A settlement conference was held on January 23, 2015. A settlement document was fully executed on March 4, 2015 by all parties. Pursuant to that settlement, the Superintendent makes the following Order:
An administrative monetary penalty in the amount of $7,500 is hereby imposed on Sussman Mortgage Funding Inc.
TAKE NOTICE THAT Sussman Mortgage Funding Inc. 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. Sussman Mortgage Funding Inc. must pay the administrative monetary penalty no later than 30 days after the date of the invoice.
If Sussman Mortgage Funding Inc. 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 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 July 20, 2015.
Original signed by
Licensing and Market Conduct Division
By Delegated Authority from
The Superintendent of Financial Services