DOB: Marc Hussey, Denial of Originator Registration

November 6, 2007
 
FIRST CLASS AND REGISTERED MAIL
 

Mr. Marc Hussey
187 McKinley Place
Ridgewood, NJ 07450
 
Re: Denial of Originator Registration
 
Dear Mr. Hussey:
 
On October 4, 2007, Concord Mortgage Corp. (“Concord”) filed a New Application for Registration of Loan Originators (“Application”) with the Consumer Credit Division of this department seeking to register you as a loan originator.  Concord is currently a licensee under Section 36a-489 of Part I(A) of Chapter 668 of the Connecticut General Statutes, “Nondepository First Mortgage Lenders, Brokers and Originators”.
 
Section 36a-489(b) of the Connecticut General Statutes requires me to find that the financial responsibility, character, reputation, integrity and general fitness of the originator named in the application are such as to warrant belief that granting such registration would be in the public interest and consistent with the purposes of Sections 36a-485 to 36a-498a, inclusive, of the Connecticut General Statutes.  If I cannot make such findings, I am prohibited from issuing such registration and must notify the originator and the applicant of the denial and the reasons for such denial.  Any such denial shall, when applicable, be subject to the provisions of Section 46a-80 of the Connecticut General Statutes.
 
Please be advised that, pursuant to Section 36a-489(b) of the Connecticut General Statutes, I hereby deny the Application for the reasons set forth below.
 
Section 46a-80 of the Connecticut General Statutes provides, in pertinent part, that:
(a)  Except as provided in subsection (b) of this section and subsection (b) of section 46a-81, and notwithstanding any other provisions of law to the contrary, a person shall not . . . be disqualified to practice, pursue or engage in any occupation, trade, vocation, profession or business for which a . . . registration is required to be issued by the state of Connecticut or any of its agencies solely because of a prior conviction of a crime.
 
(b)  A person may be denied . . . a . . . registration to pursue, practice or engage in an occupation, trade, vocation, profession or business by reason of the prior conviction of a crime if after considering (1) the nature of the crime and its relationship to the job for which the person has applied; (2) information pertaining to the degree of rehabilitation of the convicted person; and (3) the time elapsed since the conviction or release, the state, or any of its agencies determines that the applicant is not suitable for . . . the specific occupation, trade, vocation, profession or business for which the . . . registration is sought.
(c)  If a conviction of a crime is used as a basis for rejection of an applicant, such rejection shall be in writing and specifically state the evidence presented and reasons for rejection.  A copy of such rejection shall be sent by registered mail to the applicant.
As part of the Application, you submitted a Loan Originator Addendum Form accompanied by a copy of your Conditions of Probation and Supervised Release from the United States District Court, District of New Jersey for the Southern District of New York (“Conditions”).  The Conditions state that you were sentenced on June 22, 2000, for conspiracy to commit securities fraud, wire fraud and commercial bribery and securities fraud and sentenced to imprisonment for a total of thirty-six (36) months, with supervised release for three (3) years commencing January 20, 2005, and terminating January 2008.  I have considered the criteria contained in Section 46a-80(b) of the Connecticut General Statutes that must be considered prior to rejecting a registration based solely upon convictions.
 
Based on the nature of the crimes mentioned above and their relationship to the registration being sought, the time elapsed since the conviction and the fact that you are still on supervised release, I am unable to find that your financial responsibility, character, reputation, integrity and general fitness are such as to warrant belief that granting you registration as an originator will be in the public interest and consistent with the purposes of Sections 36a-485 to 36a-498a, inclusive, of the Connecticut General Statutes.
 
Very truly yours,
 
Howard F. Pitkin
Banking Commissioner
 
HFP/DK/ag
 
Registered Mail No. RB028034300US
 
cc:  Concord Mortgage Corp.