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An order that is made regarding a licence holder reflects a situation at a particular point in time. The status of a licence holder can change. Readers should check the current status of a person’s or entity’s licence on the Licensing Link section of FSCO’s website. Readers may also wish to contact the person or entity directly to get additional information or clarification about the events that resulted in the order.

 

 
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 (the “Act”), in particular sections 19 and 39;

AND REGARDING BUILDING & DEVELOPMENT MORTGAGES CANADA INC.


ORDER

On consent of Building & Development Mortgages Canada Inc., and without there having been any finding or determination by the Financial Services Tribunal as to any contravention or failures to comply with the Act, the Superintendent of Financial Services (“Superintendent”) orders as follows:

  1. The mortgage brokerage licence of Building & Development Mortgages Canada Inc. (Financial Services Commission of Ontario licence #10102) is revoked pursuant to section 19 of the Act on consent.


  2. Building & Development Mortgages Canada Inc. shall pay administrative penalties under section 39 of the Act in the amount of $400,000, on consent, to be paid no later than July 31, 2019.


TAKE NOTICE THAT Building & Development Mortgages Canada 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.  Building & Development Mortgages Canada Inc. must pay the administrative penalties by the deadline indicated above.

If Building & Development Mortgages Canada Inc. fails to pay the administrative penalties 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.

Si vous désirez recevoir cet ordre en français, veuillez envoyer votre demande immédiatement à: Adjointe, audiences, Greffe, Commission des services financiers de l’Ontario, 5160 rue Yonge, 14em, Toronto ON M2N 6L9.

DATED at Toronto, Ontario, February 1, 2018.

Original signed by

Brian Mills
Superintendent of Financial Services
Financial Services Commission of Ontario

© Queen's Printer for Ontario, 2018