IN THE MATTER OF the Mortgage Brokerages, Lenders and Administrators Act, 2006, S.O. 2006, c.29 (the “Act”), in particular sections 35, 38 and 39;

AND IN THE MATTER OF Millicent Prince (“Prince”).

COMPLIANCE ORDER AND
ORDER IMPOSING ADMINISTRATIVE PENALTIES

Prince was previously licensed as a mortgage agent (licence #M14001880) under the Act.

On August 10, 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 issue a compliance order and impose administrative penalties on Prince for the following contraventions:

1. Dealing in mortgages without a mortgage broker or mortgage agent licence, contrary to section 2(3) of the Act; and
2. Using the title of “mortgage agent” while not licensed as a mortgage agent, contrary to section 11(5) of the Act.

A Request for Hearing (Form 1) dated August 27, 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 July 11, 2024, Prince 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 Prince and the Director.

ORDER

Two administrative penalties in the total amount of $5,000 are hereby imposed on Millicent Prince for the reasons set out in the Minutes of Settlement and Undertaking.

TAKE NOTICE THAT the Financial Services Regulatory Authority of Ontario will deliver an invoice to Prince with information as to where and how to pay the administrative penalties. Prince must pay the administrative penalties no later than thirty (30) days after the Order is issued unless otherwise agreed with the Financial Services Regulatory Authority of Ontario.

If Prince 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, July 15, 2024.

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

By delegated authority from the Chief Executive Officer

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ORDER

It is hereby ordered that Prince will:

1. Cease and desist from dealing in mortgages in Ontario, as defined in section 2(1) of the Act, or holding herself out as licensed to do so;
2. Cease and desist from trading in mortgages in Ontario, as defined in section 3(1) of the Act, or holding herself out as licensed to do so; and
3. Cease and desist from using the title of “mortgage agent”, as prohibited by section 11(5) of the Act,

for the reasons set out in the Minutes or Settlement and Undertaking.

DATED at Toronto, Ontario, July 15, 2024.

Original signed by

Elissa Sinha
Director, Litigation and Enforcement

Si vous desirez recevoir cet avis en français, veuillez nous envoyer votre demande par courriel immediatement a : contactcentre@fsrao.ca.