REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29 (the “Act”), in particular sections 7(4), 38 and 39
REGARDING Ontario Regulation 188/08 under the Act, in particular sections 31, 32, 40 and 59
AND REGARDING Ry-Jen Financial Consultants Limited
ADMINISTRATIVE MONETARY PENALTY ORDER
On December 10, 2014, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to Impose Administrative Monetary Penalties (“NOP”), which was served on Ry-Jen Financial Consultants Limited (the “Brokerage”). The Brokerage 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 has been received from the Brokerage or anyone on its behalf in respect of the proposal to impose the administrative monetary penalties.
The Superintendent is satisfied that:
Administrative monetary penalties in the total amount of $2,000 are imposed on Ry-Jen Financial Consultants Limited pursuant to section 39 of the Act.
TAKE NOTICE THAT the Brokerage 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. The Brokerage must pay the administrative monetary penalties no later than 30 days after the date of the invoice.
If the Brokerage fails to pay the administrative monetary penalties in accordance with the terms of this Order, the Superintendent may file this 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, this 13th day of March, 2015.
Original signed by
Licensing & Market Conduct Division
By delegated authority from the
Superintendent of Financial Services
© Queen's Printer for Ontario, 2015