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 IN THE MATTER OF Money Gate Corporation.
ORDER TO REVOKE LICENCE
Money Gate Corporation (“Money Gate”) is a licensed mortgage brokerage under the Act (licence number 12451) and a licensed mortgage administrator under the Act (licence number 12290). Money Gate’s licences are currently suspended under sections 18(3) and 18(6) of the Act.
Money Gate has not paid annual regulatory fees with respect to the mortgage brokerage licence and the mortgage administrator licence for two consecutive years, 2020 and 2021. The annual regulatory fees were due by March 31, 2020 and March 31, 2021.
On August 20, 2021, by delegated authority from the Chief Executive Officer, the Director, Litigation and Enforcement, (the “Director”) issued and served a written notice to Money Gate advising that, in accordance with section 22(1) of the Act, Money Gate’s mortgage brokerage and mortgage administrator licences would be revoked for failure to pay the outstanding annual regulatory fees unless the payment was received by August 31, 2021.
As of September 2, 2021, the annual regulatory fees required to be paid under the Act remain outstanding.
Therefore, pursuant to section 22(1) of the Act, the Director makes the following Order:
The mortgage brokerage licence (licence number 12451) and mortgage administrator licence (licence number 12290) issued to Money Gate Corporation, is hereby revoked, for failure to pay a fee in accordance with section 22(1) of the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29, as amended
DATED at Toronto, Ontario, September 2, 2021.
Original signed by
Director, Litigation and Enforcement
By delegated authority from the Chief Executive Officer
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