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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 the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29 (the “Act”), in particular sections 38 and 39;

AND IN THE MATTER OF 1813404 Ontario Corp. o/a CSI Mortgages (“CSI Mortgages”).


ORDER IMPOSING ADMINISTRATIVE PENALTIES

CSI Mortgages is licensed as a mortgage brokerage (licence # 12052) under the Act.

On June 20, 2023, 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 revoke the mortgage brokerage licence issued to CSI Mortgages and impose administrative penalties on CSI Mortgages for the following contraventions:

  1. failing to maintain Errors and Omissions (“E&O”) insurance coverage, contrary to section 42 of Ontario Regulation 188/08;
  2. failing to immediately notify the Chief Executive Officer of its E&O insurance cancellation, contrary to section 13 of Ontario Regulation 193/08; and
  3. for providing false statements to the Chief Executive Officer on two separate occasions, contrary to section 45 of the Act.

A Request for Hearing (Form 1) dated July 19, 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 February 1, 2024, CSI Mortgages withdrew the Request for Hearing and the Tribunal closed its file in respect of this matter. This order is made pursuant to a settlement entered into by CSI Mortgages and the Director.

ORDER

Four administrative penalties, in the total amount of $9,000, are hereby imposed on 1813404 Ontario Corp. o/a CSI Mortgages for the reasons set out in the Minutes of Settlement.

TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to 1813404 Ontario Corp. o/a CSI Mortgages with information as to where and how to pay the administrative penalties.  1813404 Ontario Corp. o/a CSI Mortgages must pay the administrative penalties no later than thirty (30) days after the date of this Order.

If 1813404 Ontario Corp. o/a CSI 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, February 1, 2024

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

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