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Superintendent of
Financial
Services
Ontario Coat of Arms
Surintendant des
services
financiers

REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29, in particular sections 38 and 40;

AND REGARDING 1508778 Ontario Ltd.


ORDER IMPOSING SUMMARY ADMINISTRATIVE PENALTY

1508778 Ontario Ltd. holds mortgage brokerage licence #11197 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 1508778 Ontario Ltd. 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 1508778 Ontario Ltd. the opportunity to make written submissions, which were to be received by the Superintendent on or before June 17, 2015. The brokerage did not make any submissions.

ORDER

An administrative penalty of $1,000 is imposed on 1508778 Ontario Ltd.

TAKE NOTICE THAT 1508778 Ontario Ltd. 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. 1508778 Ontario Ltd. must pay the administrative penalty no later than 30 days after the date of the invoice.

If 1508778 Ontario Ltd. 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 May 30, 2016

Original signed by

Anatol Monid
Executive Director, Licensing and Market Conduct Division

By Delegated Authority from the Superintendent of Financial Services

© Queen's Printer for Ontario, 2016