REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29 (the “Act”), in particular sections 22 and 53;
AND REGARDING MHC Mortgage Services Inc.
ORDER TO REVOKE LICENCE
MHC Mortgage Services Inc. (brokerage licence #11932) is a licensed mortgage brokerage under the Act.
Under section 53 of the Act, the Minister may establish fees payable under the Act. Section 10 of the Minister’s Schedule of Required Fees made under section 53 of the Act requires licensed mortgage brokerages to pay a fee of $1,056 on or before March 31, 2018 and on or before March 31 of every second year thereafter. This fee was due on or before March 31, 2018.
In a letter dated January 24, 2019, the Superintendent gave notice to MHC Mortgage Services Inc. that pursuant to section 22(1) of the Act, the Superintendent intends to revoke its licence for non payment of the $1,056 fee.
As of the date this Order was signed MHC Mortgage Services Inc. has not paid the
On June 8, 2019, the Financial Services Regulatory Authority of Ontario (“FSRA”) assumed the regulatory duties of the Financial Services Commission of Ontario and the Chief Executive Officer (“CEO”) of FSRA assumed the regulatory duties of the Superintendent under the Act and automatically replaced the Superintendent as a party to all proceedings before the Tribunal.
Clause 22(1)(a) of the Act provides that the CEO may, by order, revoke the mortgage brokerage licence without taking the steps required by section 21 of the Act when a licensee fails to pay a fee as required under the Act.
Pursuant to subsection 22(1) of the Act, the brokerage licence of MHC Mortgage Services Inc. (brokerage licence #11932) is hereby revoked.
DATED at Toronto, Ontario, on August 8, 2019.
Original signed by
Director, Licensing and Approvals
By delegated authority from the Chief Executive Officer
of the Financial Services Regulatory Authority