REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, in particular sections 38 and 40;
AND REGARDING Connect 2 Mortgages Inc.
ORDER IMPOSING SUMMARY ADMINISTRATIVE PENALTY
Connect 2 Mortgages Inc. holds mortgage brokerage licence #10817 under the terms of the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29 (the “Act”).
In a letter dated May 25, 2015 sent to the mortgage brokerage, the Superintendent of Financial Services advised that he will impose a summary administrative penalty of $1,000 against Connect 2 Mortgages Inc. for failing to submit its 2014 annual information return by March 31, 2015, as required by section 2 of Ontario Regulation 193/08 and subsection 29(1) of the Act. Pursuant to subsection 40(2) of the Act, the Superintendent gave Connect 2 Mortgages Inc. the opportunity to make written submissions, which were to be received by the Superintendent on or before June 17, 2015. The brokerage submission was received on June 23, 2015.
An administrative penalty of $1,000 is imposed on Connect 2 Mortgages Inc.
TAKE NOTICE THAT Connect 2 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. Connect 2 Mortgages Inc. must pay the administrative penalty no later than 30 days after the date of the invoice.
If Connect 2 Mortgages 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 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 June 14, 2016.
Original signed by
Director, Market Regulation Branch
By Delegated Authority from the Superintendent of Financial Services© Queen's Printer for Ontario, 2016