IN THE MATTER OF the Mortgage Brokerage, Lenders and Administrators Act, 2006, S.O. 2006, c. 29, as amended (the “Act”), in particular section 22 and 40;
AND IN THE MATTER OF Tri City Fund Management Ltd. (“Tri City”).
ORDER TO REVOKE LICENCE
Tri City is licensed as a mortgage administrator (licence # 12703) under the Act.
On January 13, 2021, by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (“the CEO”), a Regulatory Discipline Officer (“RDO”) sent an Order by registered mail to impose a Summary Administrative Monetary Penalty (“SAMP”) in the amount of $1,000 on Tri City for failing to submit the 2019 Annual Information Return, contrary to section 2 of Ontario Regulation 193/08.
The SAMP invoice was sent to Tri City on January 21, 2021 by regular and registered mail.
On May 26, 2021, the RDO sent a written notice by email to Tri City, stating that, in accordance with section 22(1) of the Act, Tri City’s license would be revoked for failure to pay the outstanding SAMP unless payment was received within 15 business days from May 26, 2021. The notice was also sent by registered mail to Tri City on June 3, 2021. As of July 27, 2021, the SAMP remains outstanding.
Therefore, pursuant to section 22(1) of the Act, the Head of Licensing & Risk Assessment, makes the following order:
The mortgage administrator (licence # 12703) issued to Tri City Fund Management Ltd. is hereby revoked, for the reasons set out above.
DATED at Toronto, Ontario, August 13, 2021.
Original signed by
Head, Licensing & Risk Assessment
By delegated authority from the Chief Executive Officer
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