IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29 (the “Act”), in particular sections 38 and 39;
AND IN THE MATTER OF Stone Ridge Lending Inc. (the “Licensee”).
ORDER TO IMPOSE AN ADMINISTRATIVE PENALTY
On April 13, 2022, by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”), the Head, Licensing and Risk Assessment (the “Head”) issued a Notice of Proposal to impose an administrative penalty in the amount of $3,000 on the Licensee for failure to comply with the Act.
The Notice of Proposal was delivered to the Licensee on April 14, 2022. Section 39 of the Act provides that any person on whom a Notice of Proposal is delivered has fifteen (15) days after the Notice of Proposal is received to request a hearing by the Financial Services Tribunal (the “Tribunal”).
The Head and the Licensee have resolved the matter without a hearing and on consent.
An administrative penalty in the amount of $3,000 is hereby imposed on Stone Ridge Lending Inc.
TAKE NOTICE THAT Stone Ridge Lending Inc. will be receiving an invoice from the Financial Services Regulatory Authority of Ontario with information as to where and how to make the payment. Stone Ridge Lending Inc. must pay the Administrative Penalty no later than 30 days after the date of the invoice.
If Stone Ridge Lending 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 an order imposing the penalty is a debt due to the Crown and is enforceable as such.
DATED at Toronto, Ontario, May 18, 2022
Original signed by
Head, Licensing and Risk Assessment
By delegated authority from the Chief Executive Officer
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