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IN THE MATTER OF:
Beth A. Bradbury
d/b/a All Credit Mortgage
("All Credit Mortgage")
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WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part I of Chapter 668 et seq., 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 examination pursuant to Section 36a-17 of the Connecticut General Statutes into the activities of All Credit Mortgage 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, All Credit Mortgage is a sole proprietorship that is currently licensed as a mortgage broker Part I of Chapter 668 of the Connecticut General Statutes;
WHEREAS, as a result of the examination, the Commissioner alleges that during July 2007, All Credit Mortgage employed or retained an originator without first registering him, in violation of Sections 36a-486(b) and 36a-511(b) of the 2008 Supplement to the General Statutes;
WHEREAS, the Commissioner believes that the Commissioner’s allegations support the initiation of enforcement proceedings against All Credit Mortgage, including proceedings to revoke All Credit Mortgage’s licenses pursuant to Sections 36a-494(a) of the 2008 Supplement to the General Statute as amended by public act 07-91, 07-156 and 08-176, issue a cease and desist order against All Credit Mortgage pursuant to Section 36a-52(a) of the 2008 Supplement to the General Statutes and Sections 36a-494(b) of the 2008 Supplement to the General Statutes as amended by Public Act 07-91, 07-156 and 08-176 and impose a civil penalty of up to $100,000 per violation on All Credit Mortgage pursuant to Section 36a-50(a) of the Connecticut General Statutes and Sections 36a-494(b) of the 2008 Supplement to the General Statutes, as amended by Public Act 07-91, 07-156 and 08-176;
WHEREAS, Section 4-177(c) of the Connecticut General Statutes states, in pertinent part, that “[u]nless precluded by law, a contested case may be resolved by . . . agreed settlement”;
WHEREAS, Section 36a-1-55(a) of the Regulations of Connecticut State Agencies states, in pertinent part, that “[p]ursuant to subsection (c) of section 4-177 of the Connecticut General Statutes, unless precluded by law, any contested case may be resolved by . . . agreed settlement”;
WHEREAS, All Credit Mortgage agrees to voluntarily enter into this Settlement Agreement without admitting or denying any allegations set forth herein, and solely for the purposes of obviating the need for formal administrative proceedings concerning the allegations described above;
WHEREAS, on September 3, 2008 All Credit Mortgage made a contribution to the State Regulatory Registry LLC, a wholly owned subsidiary of the Conference of State Bank Supervisors (“CSBS”), in the amount of seven hundred and fifty dollars to support the Nationwide Mortgage Licensing System, jointly sponsored by CSBS and the American Association of Residential Mortgage Regulators;
WHEREAS, All Credit Mortgage, through its execution of this Settlement Agreement, voluntarily agrees to waive any rights to a hearing upon the allegations contained in this Settlement Agreement, 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 All Credit Mortgage based upon the allegations contained herein.
NOW THEREFORE, the Commissioner and All Credit Mortgage enter into this Settlement Agreement as follows:
||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 All Credit Mortgage to enforce this Settlement Agreement, if the Commissioner determines that All Credit Mortgage is not fully complying with any term or condition stated herein or if any representations made by All Credit Mortgage and reflected herein are 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 27th day of October 2008. ________/s/_________
HOWARD F. PITKIN
I, Beth A. Bradbury, state that I have read the foregoing Settlement Agreement; that I know and fully understand its contents; that I agree freely and without threat or coercion of any kind to comply with the terms and conditions stated herein; and that I voluntarily agree to enter into this Settlement Agreement, expressly waiving any right to a hearing on the matters described herein.
Beth A. Bradbury
State of: Connecticut
County of: Middlesex
On this the 17th day of October, 2008, before me, Joann E. Cummings, the undersigned officer, personally appeared Beth A. Bradbury known to me (or satisfactorily proven) to be the person whose name Beth A. Bradbury 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.
Date Commission Expires: July 31, 2012
Administrative Orders and Settlements