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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.

 

Financial Services Regulatory Authority of Ontario

IN THE MATTER OF the Mortgage Brokerage, Lenders and Administrators Act, 2006, S.O. 2006, c. 29, as amended (the “Act”), in particular sections 22, 38 and 39;

AND IN THE MATTER OF 2136945 Ontario Inc., operating as Popular Mortgages (“Popular Mortgages”).

ORDER TO REVOKE LICENCE

Popular Mortgages is licensed as a mortgage brokerage (licence # 10429) under the Act.

On March 15, 2019, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to impose an administrative penalty in the amount of $2,000 on Popular Mortgages for giving false or misleading information to the Superintendent in its 2017 Annual Information Return contrary to section 45(1) of the Act.

No hearing was requested by Popular Mortgages and on May 7, 2019, the Superintendent issued an order imposing an administrative penalty in the amount of $2,000 on Popular Mortgages (the “Order”). An invoice for the administrative penalty was issued to Popular Mortgages on May 14, 2019.

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 of FSRA (the “Chief Executive Officer”) assumed the regulatory duties of the Superintendent, under the Act.

Popular Mortgages has not paid the outstanding invoice from May 14, 2019.  On June 16, 2020, by delegated authority from the Chief Executive Officer, the Director, Litigation and Enforcement, (the “Director”) issued a written notice to Popular Mortgages advising that, in accordance with section 22(1) of the Act, Popular Mortgages’ licence would be revoked for failure to pay the outstanding administrative penalty unless payment was received by June 26, 2020. The notice was served on Popular Mortgages on June 16, 2020.  As of July 3, 2020, the administrative penalty required to be paid under the Order remains outstanding.

Therefore, pursuant to section 22(1) of the Act, the Director makes the following Order:

ORDER

The mortgage brokerage licence (licence # 10429) issued to 2136945 Ontario Inc., operating as Popular Mortgages, is hereby revoked, for failure to pay an outstanding administrative monetary penalty in accordance with s.22(1) of the Mortgage Brokerage, Lenders and Administrators Act, 2006, S.O. 2006, c. 29, as amended.

DATED at Toronto, Ontario, July 6, 2020.

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer


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