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Financial Services Regulatory Authority of Ontario

IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c. 29, as amended (the “Act”), in particular sections 19 and 21;

AND IN THE MATTER OF Hi-Rise Capital Ltd. (“Hi-Rise”).


ORDER REVOKING LICENCES

Hi-Rise is licensed as a mortgage brokerage (licence # 10897) and as a mortgage administrator (licence # 11893) under the Act.

On April 1, 2019, the Superintendent of Financial Services issued a Notice of Proposal in respect of Hi-Rise (the “Notice of Proposal”) proposing to revoke the mortgage brokerage licence and the mortgage administrator licence issued to Hi-Rise.

A Request for Hearing (Form 1) dated June 7, 2019 was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with section 21(3) of the Act respecting the Notice of Proposal.

Effective June 8, 2019, pursuant to the Financial Services Regulatory Authority of Ontario Act, 2016, S.O. 2016, c. 37, Sched. 8, the Financial Services Regulatory Authority of Ontario became the regulator under the Act and the powers and duties previously vested in the Superintendent of Financial Services under the Act were vested in the Chief Executive Officer of Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”).

On April 17, 2023, Hi-Rise withdrew its Request for Hearing, and, on May 2, 2023, the Tribunal closed its file in respect of this matter.

This order is made pursuant to a settlement entered into by Hi-Rise and the Director, Litigation and Enforcement, by delegated authority from the Chief Executive Officer.

ORDER

The mortgage brokerage licence (licence # 10897) and mortgage administrator licence (licence # 11893) issued to Hi-Rise Capital Ltd. are hereby revoked, for the reasons set out in the Minutes of Settlement and Undertaking dated May 16, 2023.

DATED at Toronto, Ontario, May 18, 2023

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

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