DOB: Fusion Home Loans, LLC, Settlement Agreement

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IN THE MATTER OF:

FUSION HOME LOANS, LLC

    ("Fusion")

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SETTLEMENT AGREEMENT        

WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part I of Chapter 668, Sections 36a-485 to 36a-534a, inclusive, of the Connecticut General Statutes, “Mortgage Lenders, Brokers and Originators”;
 
WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking, conducted an investigation pursuant to Section 36a-17 of the Connecticut General Statutes into the activities of Fusion to determine if it had violated, was violating or was about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;
 
WHEREAS, on April 2, 2008, the Commissioner, acting pursuant to Sections 36a-492(b), 36a-494(a)(1)(C), 36a-517(a)(1)(C) and 36a-51(a) of the 2008 Supplement to the General Statutes, issued a Notice of Automatic Suspension, Notice of Intent to Revoke First and Secondary Mortgage Broker Licenses and Notice of Right to Hearing (collectively “Notice”) against Fusion, which Notice is incorporated herein by reference;
 
WHEREAS, the Notice alleged that Fusion, in violation of Section 36a-492(a) of the 2008 Supplement to the General Statutes, failed to maintain a surety bond that runs concurrently with the period of the license granted to Fusion to act as a first mortgage broker in Connecticut from 980 American Pacific, Suite 110, Henderson, Nevada;
 
WHEREAS, on April 14, 2008, Fusion received the Notice, and no request for a hearing was received by the Commissioner;
 
WHEREAS, on May 27, 2008, Fusion specifically assured the Commissioner that it has not done any business in Connecticut, since March 2008;
 
WHEREAS, Section 4-177(c) of the Connecticut General Statutes and Section 36a-1-55(a) of the Regulations of Connecticut State Agencies provide that a contested case may be resolved by agreed settlement, unless precluded by law;
 
WHEREAS, Fusion agrees to voluntarily enter into this Settlement Agreement without admitting or denying any allegations contained in the Notice set forth herein, and solely for the purpose of obviating the need for formal administrative proceedings concerning the allegation described above;
 
WHEREAS, Fusion, through its execution of this Settlement Agreement, voluntarily agrees to waive any rights to a hearing upon the allegations contained in the Notice, and waives the right to seek judicial review or otherwise challenge or contest the validity of this Settlement Agreement;
 
AND WHEREAS, upon the entry of this Settlement Agreement, this matter will be resolved and the Commissioner will not take any future enforcement action against Fusion based upon the allegations contained in the Notice.
 
NOW THEREFORE, the Commissioner and Fusion enter into this Settlement Agreement as follows:

1. Prior to the date this Settlement Agreement is executed by the Commissioner, Fusion will surrender its first mortgage broker license No. 19684 and secondary mortgage broker license No. 19685 and cease acting as a first and secondary mortgage broker in Connecticut from 980 American Pacific, Suite 110, Henderson, Nevada;
2. Nothing in this Settlement Agreement shall adversely affect the ability of Fusion to apply for or obtain a license or renewal license under Part I of Chapter 668 of the Connecticut General Statutes in the future; and
3. Notwithstanding anything to the contrary in this Settlement Agreement, execution of this Settlement Agreement is without prejudice to the right of the Commissioner to take enforcement action against Fusion to enforce this Settlement Agreement if the Commissioner determines that Fusion is not fully complying with any term or condition stated herein or if any representation made by Fusion and reflected herein is subsequently discovered to be untrue.  For purposes of this paragraph, a violation of this Settlement Agreement shall be deemed to be a violation of an order of the Commissioner.

IN WITNESS WHEREOF, the parties hereto have caused this Settlement Agreement to be executed by each of them or their duly authorized representatives on the dates hereinafter subscribed.


Dated at Hartford, Connecticut
this 17th day of June 2008.                ________/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner



I, Alexis Amberg, state on behalf of Fusion Home Loans, LLC, that I have read the foregoing Settlement Agreement; that I know and fully understand its contents; that I am authorized to execute this Settlement Agreement on behalf of Fusion Home Loans, LLC; and that Fusion Home Loans, LLC agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.


                                             By:  ________/s/_________
                                                   Name:  Alexis Amberg
                                                   Title:  Branch Manager/Director
                                                   Fusion Home Loans, LLC

State of:  Nevada

County of:  Clark


On this the 12th day of June 2008, before me, Michelle Santomauro, the undersigned officer, personally appeared Alexis Amberg, who acknowledged himself/herself to be the Branch Manager/Director of Fusion Home Loans, LLC, a limited liability company, and that he/she, as such Branch Manager/Director, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the limited liability company by himself/herself as Branch Manager/Director.

In witness whereof I hereunto set my hand.

                                        ________/s/_________
                                        Notary Public / Commissioner of the Superior Court
                                        Date Commission Expires:  2/19/2011


Administrative Orders and Settlements