REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29 (the “Act”), in particular sections 38 and 40;
AND REGARDING Grand Mortgage Investment Corporation
ORDER IMPOSING SUMMARY ADMINISTRATIVE PENALTY
Grand Mortgage Investment Corporation holds a mortgage administrator licence, licence number 12333.
In a letter dated March 9, 2019 sent to GRAND MORTGAGE INVESTMENT CORPORATION, the Superintendent of Financial Services (“Superintendent”) advised of the intention to impose a summary administrative penalty of $1,000 against GRAND MORTGAGE INVESTMENT CORPORATION for failing to file a copy of its audited financial statements within 90 days after the end of its 2017 fiscal year end, contrary to section 3 of Ontario Regulation 193/08.
Pursuant to subsection 40 (2) of the Act, the Superintendent provided GRAND MORTGAGE INVESTMENT CORPORATION with the opportunity to make written submissions, which were to be received by the Superintendent’s delegate on or before April 12, 2019. GRAND MORTGAGE INVESTMENT CORPORATION provided a written submission by the deadline.
Therefore, pursuant to subsection 40(1) of the Act and subsection 15(1) of Ontario Regulation 193/08, the Superintendent orders a summary administrative penalty against GRAND MORTGAGE INVESTMENT CORPORATION.
A summary administrative penalty of $1,000 is imposed on GRAND MORTGAGE INVESTMENT CORPORATION.
TAKE NOTICE THAT GRAND MORTGAGE INVESTMENT CORPORATION 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. GRAND MORTGAGE INVESTMENT CORPORATION must pay the administrative penalty no later than 30 days after the date of the invoice.
If GRAND MORTGAGE INVESTMENT CORPORATION 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, May 10, 2019
Original signed by
Director, Licensing Branch
Licensing and Market Conduct Division
By Delegated Authority from the Superintendent of Financial Services
© Queen's Printer for Ontario, 2019