Why does FSCO impose administrative monetary penalties?
An administrative monetary penalty may be imposed under section 39 of the Mortgage Brokerages, Lenders and Administrators Act, 2006 (MBLAA), and in accordance with Ontario Regulation 192/08, in order to: • promote compliance with the requirements under the MBLAA; and • prevent a person or entity from deriving – either directly or indirectly – any economic benefit as a result of contravening or failing to comply with a requirement established under the MBLAA.
