DOB: Vincent H. Shaheen, Settlement Agreement

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IN THE MATTER OF:

VINCENT H. SHAHEEN

    ("Shaheen")

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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 Shaheen to determine if he had violated, was violating or was about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;
 
WHEREAS, on October 22, 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 Broker License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (collectively “Notice”) against Shaheen, which Notice is incorporated by reference herein;
 
WHEREAS, the Notice alleged that Shaheen, 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 Shaheen to act as a mortgage broker in Connecticut from 60 Hillside Avenue, Vernon, Connecticut;
 
WHEREAS, on October 25, 2008, Shaheen received the Notice, and no request for a hearing was received by the Commissioner;
 
WHEREAS, on October 28, 2008, Shaheen specifically assured the Commissioner that Shaheen has not done any business in Connecticut;
 
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, Shaheen 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, Shaheen, through his 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 Shaheen based upon the allegations contained in the Notice.
 
NOW THEREFORE, the Commissioner and Shaheen enter into this Settlement Agreement as follows:

1. Prior to the date this Settlement Agreement is executed by the Commissioner, Shaheen will surrender his mortgage broker license No. 20320, and cease acting as a mortgage broker in Connecticut from 60 Hillside Avenue, Vernon, Connecticut;
2. Nothing in this Settlement Agreement shall adversely affect the ability of Shaheen 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 Shaheen to enforce this Settlement Agreement if the Commissioner determines that Shaheen is not fully complying with any term or condition stated herein or if any representation made by Shaheen 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 November 2008.        

________/s/_________
Howard F. Pitkin
Banking Commissioner


I, Vincent H. Shaheen, 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/_________
                                                 Name:  Vincent H. Shaheen
                                                 


State of:  Connecticut

County of:  Tolland ss. Vernon


On this 10th day of November, before me, Laura T. Bretas, the undersigned officer, personally appeared Vincent H. Shaheen, 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:  6/30/2012


Administrative Orders and Settlements