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 Fiducia Mortgages Inc.
ORDER IMPOSING SUMMARY ADMINISTRATIVE PENALTY
Fiducia Mortgages Inc. is licensed as a mortgage brokerage (licence # 12672) under the Act.
The Regulatory Discipline Officer (the “RDO”) is satisfied that the mortgage brokerage failed to give an annual information return for the year 2020 to the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”) by March 31, 2021, 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 Failure to Submit Annual Information Return for the year 2020 notice dated February 18, 2022, Fiducia Mortgages 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 Fiducia Mortgages Inc. for contravening section 2 of Ontario Regulation 193/08 and section 29 of the Act (the “Notice”). The Notice provided that Fiducia Mortgages Inc. had an opportunity to make written submissions with respect to the imposition of the administrative penalty by March 7, 2022. The Notice was received by Fiducia Mortgages Inc. on February 18, 2022.
Fiducia Mortgages Inc. did not make written submissions and the RDO remains satisfied that Fiducia Mortgages 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 Fiducia Mortgages Inc.
TAKE NOTICE THAT an invoice is enclosed with this Order and must be paid within thirty (30) days after receiving this Order.
If Fiducia Mortgages 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, May 5, 2022
Original signed by
Regulatory Discipline Officer
By delegated authority from the Chief Executive Officer
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