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An order that is made regarding a licence holder reflects a situation at a particular point in time. The status of a licence holder can change. Readers should check the current status of a person’s or entity’s licence on the Licensing Link section of FSRA’s website. Readers may also wish to contact the person or entity directly to get additional information or clarification about the events that resulted in the order.

 

Financial Services Regulatory Authority of Ontario

IN THE MATTER OF REGARDING the Mortgage Brokerage, Lenders and Administrators Act, 2006, S.O. 2006, c. 29, as amended (the “Act”), in particular section 22 and 38;

AND IN THE MATTER OF CDN Business Investor Corp. (“CBIC”).

ORDER TO REVOKE LICENCE

CBIC is licensed as a mortgage brokerage licence (licence # 10234) under the Act.

On February 21, 2014, the Superintendent of Financial Services issued an Order to impose three administrative penalties in the total amount of $6,000 on CBIC for contravening section 45 of the Act by furnishing false or misleading information, and section 7(4) of the Act and section 42 of Ontario Regulation 188/08 by failing to maintain errors and omissions insurance.

An invoice for the administrative penalty dated March 14, 2014 was issued to CBIC. CBIC has not paid the invoice.

On November 25, 2020, and by delegated authority from the Chief Executive Officer, the Director, Litigation and Enforcement, (the “Director”) issued a written notice to CBIC advising that, in accordance with section 22(1) of the Act, CBIC’s licence would be revoked for failure to pay the outstanding administrative penalties unless payment was received by December 9, 2020. The notice was delivered to CBIC on November 27, 2020. As of March 16, 2021, the AMP invoice remains outstanding with a total balance owing of $7,295.02.

Therefore, pursuant to section 22(1) of the Act, the Director makes the following order:

ORDER

The mortgage brokerage licence (licence # 10234) issued to CDN Business Investor Corp. is hereby revoked, for the reasons set out above.

DATED at Toronto, March 22,  2021.

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

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