REGARDING the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29 (the “Act”), in particular sections 7, 19 and 21
AND REGARDING Superchoice Mortgages and Loans Ltd.
On March 10, 2014, the Superintendent of Financial Services (“Superintendent”) issued a Notice of Proposal to revoke the mortgage brokerage licence of Superchoice Mortgages and Loans Ltd. (“Superchoice”).
Superchoice filed a Request for Hearing on April 4, 2014. A pre-hearing was scheduled for June 10, 2014; that pre-hearing was then adjourned to June 27, 2014.
On June 27, 2014, Superchoice withdrew its request for hearing, and noted that further correspondence would be sent to counsel for the Superintendent regarding the Notice of Proposal.
On July 4, 2014, counsel for the Superintendent received a letter from counsel for Superchoice. The letter stated that although Superchoice and its former principal broker Charn Ghuman do not admit or accept the allegations contained in the Notice of Proposal and Reasons for Proposal to Revoke Licence, they wished to withdraw the hearing request and had accepted that Superchoice’s licence would be revoked.
Section 21(7) of the Act provides that the Superintendent may carry out the proposal to revoke a licence when a licensee does not request a hearing.
The mortgage brokerage licence of Superchoice Mortgages and Loans Ltd. is revoked.
DATED at Toronto, Ontario, July 29, 2014.
Original Signed By
Executive Director, Licensing and Market Conduct Division
By Delegated Authority from:
The Superintendent of Financial Services
© Queen's Printer for Ontario, 2014