DOB: International Finance Partners LLC d/b/a Global Finance Partners LLC, Order Revoking Mortgage Correspondent Lender License and Cease and Desist

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IN THE MATTER OF:

INTERNATIONAL FINANCE
PARTNERS LLC d/b/a GLOBAL
FINANCE PARTNERS LLC

    ("Respondent")

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ORDER REVOKING MORTGAGE
CORRESPONDENT LENDER LICENSE

AND

ORDER TO CEASE AND DESIST


I.  PRELIMINARY STATEMENT

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 (“Department”), conducted an investigation of the activities of Respondent, pursuant to the authority granted by Section 36a-17 of the Connecticut General Statutes, to determine if Respondent had violated, was violating or was about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;
 
WHEREAS, on December 18, 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 License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (collectively “Notice”) against Respondent, which Notice is incorporated herein by reference;
 
WHEREAS, on December 22, 2008, the Notice was sent by registered mail, return receipt requested, to Respondent (Registered Mail No. RB028036036US);
 
WHEREAS, the Notice provided Respondent with the opportunity for a hearing and stated that the Commissioner would issue an order revoking Respondent’s license to engage in the business of a mortgage correspondent lender in Connecticut from 2550 NW 72 Avenue, Suite 309, Miami, Florida, and issue an order that Respondent cease and desist from violating 36a-492(a) of the 2008 Supplement to the General Statutes, as amended by Public Acts 07-156 and 08-176, if a hearing was not requested within 14 days of its receipt;
 
WHEREAS, on January 12, 2008, the Notice was returned to the Department marked “Returned To Sender – Moved, Left No Address”;
 
WHEREAS, Section 36a-51(a) of the 2008 Supplement to the General Statutes provides, in pertinent part, that “[t]he notice shall be deemed received by the licensee on the earlier of the date of actual receipt or seven days after mailing or sending”;
 
WHEREAS, Section 36a-52(a) of the 2008 Supplement to the General Statutes provides, in pertinent part, that “[t]he notice shall be deemed received by the person on the earlier of the date of actual receipt or seven days after mailing or sending”;
 
WHEREAS, Respondent failed to request a hearing within the prescribed time period;
 
WHEREAS, the Commissioner alleged in the Notice, with respect to the activity described therein, that Respondent’s failure to maintain a surety bond is a violation of Section 36a-492(a) of the 2008 Supplement to the General Statutes, as amended, which, pursuant to Section 36a-494(a)(1)(C) of the 2008 Supplement to the General Statutes, as amended, and Section 36a-51 of the 2008 Supplement to the General Statutes, constitutes grounds to revoke Respondent’s license to engage in the business of a mortgage correspondent lender in Connecticut from 2550 NW 72 Avenue, Suite 309, Miami, Florida, and forms a basis to issue an order to cease and desist pursuant to Section 36a-52(a) of the 2008 Supplement to the General Statutes;
 
WHEREAS, Section 36a-51(b) of the 2008 Supplement to the General Statutes provides, in pertinent part, that “[i]f the licensee does not request a hearing within the time specified in the notice . . . , the commissioner shall . . . revoke . . . the license.  No such license shall be . . . revoked except in accordance with the provisions of chapter 54”;
 
WHEREAS, Section 36a-52(a) of the 2008 Supplement to the General Statutes provides, in pertinent part, that “[i]f the person does not request a hearing within the time specified in the notice . . . , the commissioner shall issue an order to cease and desist against the person.  No such order shall be issued except in accordance with the provisions of chapter 54”;
 
WHEREAS, Section 36a-1-31(a) of the Regulations of Connecticut State Agencies provides, in pertinent part, that “[w]hen a party fails to request a hearing within the time specified in the notice, the allegations against the party may be deemed admitted.  Without further proceedings or notice to the party, the commissioner shall issue a final decision in accordance with section 4-180 of the Connecticut General Statutes and section 36a-1-52 of the Regulations of Connecticut State Agencies”;
 
WHEREAS, Section 36a-494(a)(1) of the 2008 Supplement to the General Statutes, as amended, by Public Acts 07-91, 07-156 and 08-176, provides, in pertinent part, that “[t]he commissioner may . . . revoke . . . any . . . mortgage correspondent lender . . . license or take any other action, in accordance with the provisions of section 36a-51 . . . if the commissioner finds that the licensee or any proprietor, director, officer, member, partner, shareholder, trustee, employee or agent of such licensee has . . . (C) violated any of the provisions of this title . . .”;
 
AND WHEREAS, Section 36a-492(a) of the 2008 Supplement to the General Statutes, as amended, provides, in pertinent part, that “[n]o . . . mortgage correspondent lender . . . license, and no renewal thereof, shall be granted unless the applicant has filed a bond with the commissioner written by a surety authorized to write such bonds in this state, in the sum of forty thousand dollars . . . .  Any borrower or prospective borrower who may be damaged by failure to perform any written agreements or commitments, or by the wrongful conversion of funds paid by a borrower or prospective borrower to a licensee, may proceed on such bond against the principal or surety thereon, or both, to recover damages. . . .  The bond shall run concurrently with the period of the license granted to the applicant, and the aggregate liability under the bond shall not exceed the penal sum of the bond.”
 
 
II.  FINDINGS OF FACT AND CONCLUSIONS OF LAW

1.
The Commissioner finds that the matters asserted, as set forth in paragraphs 1 through 6, inclusive, of Section II of the Notice shall constitute findings of fact within the meaning of Section 4-180(c) of the Connecticut General Statutes, and that the conclusions set forth in Section III of the Notice shall constitute conclusions of law within the meaning of Section 4-180(c) of the Connecticut General Statutes and Section 36a-1-52 of the Regulations of Connecticut State Agencies.
2.
The Commissioner finds that Respondent has engaged in acts or conduct which, pursuant to Section 36a-494(a)(1)(C) of the 2008 Supplement to the General Statutes, as amended, and Section 36a-51 of the 2008 Supplement to the General Statutes, constitutes sufficient grounds to revoke Respondent’s license to engage in the business of a mortgage correspondent lender in Connecticut from 2550 NW 72 Avenue, Suite 309, Miami, Florida; and forms the basis to issue an order to cease and desist against Respondent pursuant to Section 36a-52(a) of the 2008 Supplement to the General Statutes.
3.
The Commissioner finds that the Notice was given in compliance with Sections 36a-51(a) and 36a-52(a) of the 2008 Supplement to the General Statutes and Sections 4-177 and 4-182(c) of the Connecticut General Statutes.
 

III.  ORDER

Having read the record, I HEREBY ORDER, pursuant to Section 36a-494(a)(1)(C) of the 2008 Supplement to the General Statutes, as amended, and Sections 36a-51 and 36a-52(a) of the 2008 Supplement to the General Statutes, that:

1.
The license of International Finance Partners LLC d/b/a Global Finance Partners LLC to engage in the business of a mortgage correspondent lender in Connecticut from 2550 NW 72 Avenue, Suite 309, Miami, Florida, be and is hereby REVOKED;
2.
International Finance Partners LLC d/b/a Global Finance Partners LLC CEASE AND DESIST from violating Section 36a-492(a) of the 2008 Supplement to the General Statutes, as amended; and
3. This Order shall become effective when mailed.


Dated at Hartford, Connecticut
this 20th day of January 2009.                   ________/s/_________
                                                            Howard F. Pitkin
                                                            Banking Commissioner

This order was mailed by certified mail,
return receipt requested, to Respondent
on January 21, 2009.


International Finance Partners LLC 
d/b/a Global Finance Partners LLC
2550 NW 72 Avenue, Suite 309
Miami, Florida 33122                       Certified Mail No. 70031680000085237240



Administrative Orders and Settlements