REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29, as amended (the “Act”), in particular sections 38 and 40;
AND REGARDING Good Grade Capital Incorporated, Mortgage Administrator Licence # 12577
ORDER IMPOSING SUMMARY ADMINISTRATIVE PENALTY
Good Grade Capital Incorporated (the “Administrator”) is licensed as a mortgage administrator by the Financial Services Commission of Ontario.
In a letter dated February 1, 2019, a delegate of the Superintendent of Financial Services (“Superintendent”) advised the Administrator of the intention to impose a summary administrative penalty of $1,000 against the Administrator for failing to file the 2017 Annual Information Return by March 31, 2018, as required by section 2 of Ontario Regulation 193/08.
Pursuant to subsection 40(2) of the Act, the Superintendent gave the Administrator the opportunity to make written submissions, within the time specified in the letter, regarding the imposition of the administrative penalty. The Administrator did not make any submissions and the Superintendent has decided to proceed with the imposition of a summary administrative penalty of $1,000.
Therefore, pursuant to subsection 40(1) of the Act and paragraph 1 of 15(1) of Ontario Regulation 193/08, the Superintendent orders a summary administrative penalty against the Administrator.
A summary administrative penalty of $1,000 is imposed on Good Grade Capital Incorporated, Mortgage Administrator Licence # 12577
TAKE NOTICE THAT Good Grade Capital Incorporated (the “Administrator”) 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. The Administrator must pay the administrative penalty no later than 30 days after the date of the invoice.
If the Administrator 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 26, 2019.
Original signed by
Heather Anne Driver
Director, Licensing Branch
Licensing and Market Conduct Division
By Delegated Authority from the Superintendent of Financial Services
© Queen's Printer for Ontario, 2019