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 Elvira Montoya (“Montoya”).
ORDER TO IMPOSE AN ADMINISTRATIVE PENALTY
Montoya has never been licensed as a mortgage agent, broker, or other licencee pursuant to the Act.
Secured Funds Inc. (“Secured Funds”) is a corporation that is solely owned and directed by Montoya. Secured Funds has never been licensed as a mortgage brokerage, administrator, or other licencee pursuant to the Act.
On April 13, 2022, and by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (“the Chief Executive Officer”), the Director, Litigation and Enforcement (the “Director”), issued a Notice of Proposal to impose an administrative penalty on Montoya for furnishing documents with false licensing numbers and describing her corporation’s services as that of a mortgage brokerage without being licensed under the Act, contrary to section 11 of the Act.
A Request for Hearing (Form 1) dated April 29, 2022, was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with section 39(5) of the Act respecting the Notice of Proposal.
On September 6, 2022, Montoya withdrew the Request for Hearing, and on September 7, 2022, the Tribunal closed its file in respect of this matter. This Order is made pursuant to a settlement entered into by Montoya and the Director.
An administrative penalty in the amount of $10,000 is hereby imposed on Montoya, for the reasons set out in the Notice of Proposal.
TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Elvira Montoya with information as to where and how to pay the administrative penalty. Elvira Montoya must pay the administrative penalty no later than thirty (30) days after the date of the invoice.
If Elvira Montoya 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 Toronto, Ontario, September 7, 2022
Original signed by
Director, Litigation & Enforcement
By delegated authority from the Chief Executive Officer
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