DOB: Farkhanda Tarar Shah, Settlement Agreement

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IN THE MATTER OF:

FARKHANDA TARAR SHAH

    ("Shah")

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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 Shah to determine if she had violated, was violating or was about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;
 
WHEREAS, on May 27, 2008, the Commissioner, acting pursuant to Sections 36a-492(b), 36a-494(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 Mortgage Broker License and Notice of Right to Hearing (collectively “Notice”) against Shah, which Notice is incorporated herein by reference;
 
WHEREAS, the Notice alleged that Shah, 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 Shah to act as a first mortgage broker in Connecticut from 367 Broadway, Somerville, Massachusetts;
 
WHEREAS, on June 4, 2008, Shah received the Notice, and no request for a hearing was received by the Commissioner;
 
WHEREAS, on July 17, 2008, Shah specifically assured the Commissioner that she has not conducted any business in Connecticut in the past year or at any time since she has been in the mortgage business;
 
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, Shah 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, Shah, through her 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 Shah based upon the allegations contained in the Notice.
 
NOW THEREFORE, the Commissioner and Shah enter into this Settlement Agreement as follows:

1. Prior to the date this Settlement Agreement is executed by the Commissioner, Shah will surrender her first mortgage broker license No. 19752 and cease acting as a first mortgage broker in Connecticut from 367 Broadway, Somerville, Massachusetts;
2. Nothing in this Settlement Agreement shall adversely affect the ability of Shah 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 Shah to enforce this Settlement Agreement if the Commissioner determines that Shah is not fully complying with any term or condition stated herein or if any representation made by Shah 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 13th day of August 2008.             ________/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner



I, Farkhanda Tarar Shah, state that I have read the foregoing Settlement Agreement; that I know and fully understand its contents; and that I agree freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.


                                             By:  ________/s/_________
                                                   Farkhanda Tarar Shah

 

State of:  Massachusetts

County of:  Middlesex

On this 6th day of August 2008, before me, Yessenia Lopez, the undersigned officer, personally appeared Farkhanda Tarar Shah, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument and acknowledged that she executed the same for the purposes therein contained.

In witness whereof I hereunto set my hand.

                                                   ________/s/_________
                                                   Notary Public
                                                   Date Commission Expires:  June 11, 2010


Administrative Orders and Settlements