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Superintendent of
Ontario Coat of Arms
Surintendant des

REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, SO 2006, c 29 (the “Act”), in particular sections 38, 39 and 45

AND REGARDING Sunshine Mortgages Inc.



On September 25, 2014, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to Impose Administrative Monetary Penalties (“NOP”), which was served on Sunshine Mortgages Inc.  Sunshine Mortgages Inc. 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 Sunshine Mortgages Inc. or anyone on behalf of Sunshine Mortgages Inc. in respect of the proposal to impose the administrative monetary penalties.

The Superintendent is satisfied that:

  1. Sunshine Mortgages Inc. contravened section 45 of the Act on two occasions by furnishing false and misleading information to the Superintendent by stating on two occasions that it had valid errors and omissions (“E&O”) insurance when, in fact, no such insurance was in place. The Superintendent orders an administrative penalty in the amount of $1,500 in respect of each of these two contraventions, to a subtotal of $3,000;

  2. Sunshine Mortgages Inc. contravened or did not comply with the requirement to have E&O insurance pursuant to section 7(4) of the Act and section 42 of Regulation 188/08 between July 26, 2012 and April 29, 2014. The Superintendent orders an administrative penalty in the amount of $3,000 in respect of this contravention.

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. 


Administrative monetary penalties in the total amount of $6,000 are imposed on Sunshine Mortgages Inc. pursuant to section 39 of the Act.

TAKE NOTICE THAT Sunshine Mortgages 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.  Sunshine Mortgages Inc. must pay the administrative monetary penalties no later than 30 days after the date of the invoice.

If Sunshine Mortgages Inc. 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

Anatol Monid
Executive Director
Licensing & Market Conduct Division

By delegated authority from the
Superintendent of Financial Services

© Queen's Printer for Ontario, 2015