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Tribunal upheld the Superintendent's proposal to revoke the applicant's mortgage broker registration.
The Superintendent of Financial Services issued a Notice of Proposal to revoke the mortgage broker registration of the corporate applicant.
The applicants requested a hearing before the Financial Services Tribunal.
Following the hearing, the Tribunal issued oral reasons upholding the Superintendent's proposal and directing the revocation of the registration, with written reasons to follow.
Motion to stay mortgage broker registration revocation hearing dismissed despite pending criminal stay motion.
The Superintendent of Financial Services proposed to revoke the registration of Global Mortgage Link Corp. under the Mortgage Brokers Act after its sole shareholder and director, Peter Chatt, was convicted of theft over $5000.
Chatt brought a motion in criminal court seeking a stay of those proceedings due to delay.
Pending that disposition, the applicants brought a motion before the Financial Services Tribunal to stay the revocation hearing.
The Tribunal dismissed the motion, finding that the public interest in protecting consumers from a mortgage broker convicted of a serious crime of dishonesty outweighed the negative impact on the applicant's business.
