REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, in particular sections 8, 18, 19, and 21.
AND REGARDING Zaheer Mohammad
INTERIM ORDER TO SUSPEND LICENCE
Mr. Zaheer Mohammad
Subsection 19(1) of the Mortgage Brokerages, Lenders and Administrators Act, 2006 (“the Act”), provides that the Superintendent of Financial Services may, by order, revoke a licence in certain specified circumstances.
Section 21 of the Act provides that if the Superintendent proposes to revoke a licence without the licensee’s consent, the Superintendent shall give written notice of the proposal to the licensee, including the reasons for the proposal.
Section 19(3) of the Act provides that if, in the Superintendent’s opinion, the interests of the public may be adversely affected by any delay in the revocation of a licence as a result of the steps required by section 21 (the requesting and holding of a hearing before the Financial Services Tribunal), the Superintendent may, without notice, make an interim order suspending the licence.
The Superintendent has issued a notice of proposal to revoke the mortgage agent licence of Zaheer Mohammad. The Superintendent is of the opinion that in the present circumstances the interests of the public may be adversely affected by any delay in the revocation of Mr. Mohammad’s mortgage agent licence and therefore interim suspension of that licence is necessary.
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IT IS ORDERED THAT pursuant to subsection 19(3) of the Act, the mortgage agent licence of Zaheer Mohammad (“Mr. Mohammad”) (licence #M08005693) is suspended. During the suspension, Mr. Mohammad is not authorized to deal or trade in mortgages in Ontario.
TAKE NOTICE THAT this Interim Order takes effect immediately and will remain in effect until the expiry of the period for requesting a hearing in respect of the Superintendent’s Notice of Proposal set out below (15 days after the Notice is given, or deemed to have been delivered).
AND TAKE NOTICE THAT pursuant to subsections 48(4) and 49(1) and (2) of the Act, every person who fails to comply with an order made under this Act is guilty of an offence and every individual convicted of an offence under the Act is liable to a fine of not more than $100,000.00 or imprisonment for a term of not more than a year or both a fine and imprisonment. Every corporation convicted of an offence under the Act is liable to a fine of not more than $200,000.00.
Pursuant to subsection 48(5) of the Act, every director or officer of a corporation that commits an offence under this Act who directed, authorized, assented to, acquiesced in or participated in the commission of the offence, or who failed to take reasonable care to prevent the corporation from committing the offence, is guilty of an offence, whether or not the corporation is prosecuted or convicted.
Subsection 48(6) provides that every partner of a partnership and every individual who is a member of the directing body of an entity, other than a person or partnership, who directed, authorized, assented to, acquiesced in or participated in the commission of an act or omission by the partnership or entity which, if committed by a person, would be an offence under the Act, is guilty of an offence.
DATED at Toronto, Ontario, April 27, 2016.
Original signed by
Superintendent of Financial Services