IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006,
S.O. 2006, c.29, as amended (the “Act”), in particular sections 2 and 35;
AND IN THE MATTER OF Noah’s Ark Community Centre (“NACC”).
NACC is unincorporated and unregistered. NACC is not and never has been licensed under the Act.
On July 8, 2021, 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 make a permanent compliance order for NACC to cease dealing in mortgages without being licensed under the Act, contrary to subsection 2(3) of the Act.
A Request for Hearing (Form 1) dated July 21, 2021, was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with section 39(5) of the Act respecting the Notice of Proposal.
On February 23, 2023, NACC withdrew the Request for Hearing, and on February 28, 2023, the Tribunal closed its file in respect of this matter. This order is made pursuant to a settlement entered into by NACC and the Director.
It is hereby ordered that Noah’s Ark Community Centre permanently cease dealing in mortgages without being licensed under the Act, for the reasons set out in the Minutes of Settlement.
DATED at Toronto, Ontario, March 7, 2023
Original signed by
Director, Litigation and Enforcement
By delegated authority from the Chief Executive Officer
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