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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 35 and 39;

AND IN THE MATTER OF Streamline Mortgages Ltd. (the “Streamline Mortgages”).


ORDER IMPOSING ADMINISTRATIVE PENALTIES

Streamline Mortgages is licensed as a Mortgage Brokerage (licence # 12750) under the Act.

n March 9, 2023, by delegated authority from the Chief Executive Officer of the Financial Services Regulatory Authority of Ontario (the “Chief Executive Officer”), Director, Litigation and Enforcement (the “Director”) issued a Notice of Proposal to:

  1. Impose an administrative penalty on Streamline Mortgages for failing to verify the identity of a borrower contrary to subsection 11(2) of Ontario Regulation 188/08 and for failing to disclose material risks of a mortgage to a lender contrary to subsection 25(1) of Ontario Regulation 188/08.

A Request for Hearing (Form 1) dated March 23, 2023, was delivered to the Financial Services Tribunal (the “Tribunal”) in accordance with section 39(5) of the Act respecting the Notice of Proposal.

On November 10, 2023, Iskin and Streamline Mortgages withdrew the Request for Hearing, and, on November 23, 2023, the Tribunal closed its file in respect of this matter. Therefore, pursuant to section 39(7) of the Act, the Director makes the following order.

ORDER

An administrative penalty in the amount of $7,500 is hereby imposed on Streamline Mortgages Ltd., for the reasons set out in the Notice of Proposal.

TAKE NOTICE THAT if Streamline Mortgages 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 at Toronto, Ontario November 24, 2023

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

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