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IN THE MATTER OF:
DEVON KAY CAPITAL, LLC
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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 Devon 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 August 14, 2008, the Commissioner, acting pursuant to Section 4-182(c) of the Connecticut General Statutes, Section 36a-494(a)(1)(C) of the 2008 Supplement to the General Statutes, as amended by Public Acts 07-91, 07-156 and 08-176, and Sections 36a-51(a) and 36a-52(a) of the 2008 Supplement to the General Statutes, issued an Order of Summary Suspension, Notice of Intent to Revoke Mortgage Correspondent Lender and Mortgage Broker Licenses, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (collectively “Notice”) against Devon, which Notice is incorporated by reference herein;
WHEREAS, the Notice alleged that Devon, in violation of Section 36a-492(a) of the 2008 Supplement to the General Statutes, as amended by Public Acts 07-156 and 08-176, failed to maintain a surety bond that runs concurrently with the period of the license granted to Devon to engage in the business of a mortgage correspondent lender/broker in Connecticut from 5 Colby Way, Avon, Connecticut;
WHEREAS, on August 19, 2008, Devon received the Notice, and no request for a hearing was received by the Commissioner;
WHEREAS, on August 26, 2008, Devon specifically assured the Commissioner that Devon ceased operations in Connecticut as of June 30, 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, Devon 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, Devon, 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 Devon based upon the allegations contained in the Notice.
NOW THEREFORE, the Commissioner and Devon enter into this Settlement Agreement as follows:
||Prior to the date this Settlement Agreement is executed by the Commissioner, Devon will surrender its mortgage correspondent lender license No. 9729 and mortgage broker license No. 9730, and cease engaging in the business of a mortgage correspondent lender and acting as a mortgage broker in Connecticut from 5 Colby Way, Avon, Connecticut;|
||Nothing in this Settlement Agreement shall adversely affect the ability of Devon 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|
||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 Devon to enforce this Settlement Agreement if the Commissioner determines that Devon is not fully complying with any term or condition stated herein or if any representation made by Devon 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 31st day of October 2008.
Howard F. Pitkin
I, Marian Bartosiewicz, state on behalf of Devon Kay Capital, 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 Devon Kay Capital, LLC; and that Devon Kay Cpital, LLC agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.
Name: Marian Bartosiewicz
Devon Kay Capital, LLC
State of: Connecticut
County of: Hartford
On this the 30th day of October 2008, before me, Lissette Buccheri, the undersigned officer, personally appeared Marian Bartosiewicz, who acknowledged himself/herself to be the owner/member of Devon Kay Capital, LLC, a limited liability company, and that he/she, as such owner/member, 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 member/owner.
In witness whereof I hereunto set my hand.
Notary Public / Commissioner of the Superior Court
Date Commission Expires:
Administrative Orders and Settlements