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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 38 and 39;

AND IN THE MATTER OF Chad E. Martin (“Martin”).

ORDER TO IMPOSE AN ADMINISTRATIVE PENALTY

On February 21, 2019, and by delegated authority from the Superintendent of Financial Services (the “Superintendent”), the Executive Director, Licensing and Market Conduct Division, of the Financial Services Commission of Ontario issued a Notice of Proposal to impose an administrative penalty in the amount of $10,000 on Martin for dealing in mortgages for remuneration without a mortgage broker’s or agent’s licence and without being exempted from the requirement to have such a licence contrary to section 2(3) of the Act.

The Notice of Proposal was delivered to Martin by service to his address of record. Section 38(5) of the Act provides that any person on whom a Notice of Proposal is served has fifteen (15) days after the Notice of Proposal is given to request a hearing by the Financial Services Tribunal (the “Tribunal”).

On June 8, 2019, the Financial Services Regulatory Authority of Ontario assumed the regulatory duties of the Financial Services Commission of Ontario, and the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”) assumed the regulatory duties of the Superintendent, under the Act.

On July 10, 2019, the Registrar of the Tribunal confirmed that Martin did not request a hearing by the Tribunal in accordance with section 38(5) of the Act. Therefore, pursuant to section 39(7) of the Act, the Director, Litigation and Enforcement, by delegated authority from the Chief Executive Officer makes the following order.

ORDER

An administrative penalty in the amount of $10,000 is hereby imposed on Chad E. Martin, for the reasons set out in the Notice of Proposal.

TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Martin with information as to where and how to pay the administrative penalty. Martin must pay the administrative penalty no later than thirty (30) days after the date of the invoice.

If Martin fails to pay the administrative penalty in accordance with the terms of this Order, the Chief Executive Officer 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, September 16, 2020.

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

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