REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29 (the “Act”), in particular sections 7, 16, 19 and 21
AND REGARDING Michael “Mick” Cavanagh and Mpire Credit Corporation
ORDER TO REVOKE LICENCE AND TO REFUSE APPLICATION
On June 16, 2017 the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to refuse to renew the mortgage broker licence of Michael “Mick” Cavanagh (“Mr. Cavanagh”) (licence #M08000825) and to revoke the mortgage brokerage licence of Mpire Credit Corporation (licence #10800), pursuant to subsections 16(4) and 19(1) of the Act.
On June 30, 2017, the Notice of Proposal was served on Mr. Cavanagh and Mpire Credit Corporation at the last known address of each person, according to the licensing records of the Superintendent.
Mr. Cavanagh and Mpire Credit Corporation had 15 days after service of the Notice of Proposal to request a hearing before the Financial Services Tribunal (“Tribunal”) in accordance with subsection 21(2) of the Act.
The Registrar of the Tribunal has confirmed that, as of July 21, 2017, no request for a hearing has been received from Mr. Cavanagh, Mpire Credit Corporation, or anyone on their behalf.Subsection 21(7) of the Act provides that the Superintendent may carry out the proposal to revoke a licence when no hearing has been requested.
The application by Michael “Mick” Cavanagh (licence #M08000825) to renew his mortgage broker licence hereby refused. The mortgage brokerage licence of Mpire Credit Corporation (licence #10800) is hereby revoked.
Dated at Toronto, August 8, 2017
Original signed by
Director, Licensing and Market Conduct Division
By delegated authority from the Superintendent of Financial Services
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