IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29, as amended (the “Act”), in particular sections 38 and 40;
AND IN THE MATTER OF Harbour Funding Inc.
ORDER IMPOSING SUMMARY ADMINISTRATIVE PENALTY
Harbour Funding Inc. is licensed as a mortgage administrator (licence # 13039) under the Act.
The Regulatory Discipline Officer (the “RDO”) is satisfied that the mortgage administrator failed to give an annual information return for the year 2019 to the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”) by August 31, 2020, in a form approved by the Chief Executive Officer, contrary to section 2 of Ontario Regulation 193/08 and section 29 of the Act.
In a Notice Fax dated November 13, 2020, Harbour Funding Inc. was notified that pursuant to section 40(2) of the Act, and by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”), the RDO intends to impose an administrative penalty in the amount of $1,000 on Harbour Funding Inc. for contravening section 2 of Ontario Regulation 193/08 and section 29 of the Act (the “Notice Fax”). The Notice Fax provided that Harbour Funding Inc. had an opportunity to make written submissions with respect to the imposition of the administrative penalty. The Notice Fax was received by Harbour Funding Inc. on November 13, 2020.
Harbour Funding Inc. did not make written submissions and the RDO remains satisfied that Harbour Funding Inc. engaged in the contravention described above and that the administrative penalty should be imposed.
Pursuant to section 40(1) of the Act, paragraph 1 of section 15(1) of Ontario Regulation 193/08, and by delegated authority from the Chief Executive Officer, the RDO makes the following order:
A summary administrative penalty in the amount of $1,000 is hereby imposed on Harbour Funding Inc.
TAKE NOTICE THAT an invoice is enclosed with this Order and must be paid within thirty (30) days after receiving this Order.
If Harbour Funding Inc. 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 the order imposing the penalty is a debt due to the Crown and is enforceable as such.
DATED at Toronto, Ontario, January 13, 2021.
Original signed by
Regulatory Discipline Officer
By delegated authority from the Chief Executive Officer
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