REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29 (the “Act”), in particular sections 38 and 39
AND REGARDING Sub-Prime Mortgage Corporation
ORDER FOR AN ADMINISTRATIVE PENALTY
On June 8, 2017, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to Impose Administrative Penalties (“NOP”), which was served on Sub-Prime Mortgage Corporation (“SMC”). SMC had 15 days, after service of the NOP, to request a hearing before the Financial Services Tribunal (“Tribunal”) in accordance with the Act.
SMC did not request a hearing before the Tribunal within 15 days.
Subsection 39(7) of the Act provides that the Superintendent may carry out the proposal when the person on whom the NOP was served does not make the hearing request within 15 days after the NOP was received.
An administrative penalty of $2,000 for each of the 3 contraventions of the Act for a total administrative penalty of $6,000 is imposed on Sub-Prime Mortgage Corporation.
TAKE NOTICE THAT SMC 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. SMC must pay the administrative penalty no later than 30 days after the date of the invoice.
If SMC 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, on July 12, 2017.
Original signed by
Executive Director, Licensing and Market Conduct Division
By delegated authority from the Superintendent of Financial Services
© Queen's Printer for Ontario, 2017