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IN THE MATTER OF:
GO FUNDING, 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 Brokers, 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 Go Funding 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 December 11, 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 Go Funding, which Notice is incorporated by reference herein;
WHEREAS, the Notice alleged that Go Funding, 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 Go Funding to engage in the business of a mortgage broker in Connecticut from 1200 Summer Street, Suite 101B, Stamford, Connecticut;
WHEREAS, on December 17, 2008, Go Funding received the Notice, and no request for a hearing was received by the Commissioner;
WHEREAS, on December 17, 2008, Go Funding specifically assured the Commissioner that Go Funding has not done any business in Connecticut as of October 15, 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, Go Funding 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, Go Funding, 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 Go Funding based upon the allegations contained in the Notice.
NOW THEREFORE, the Commissioner and Go Funding enter into this Settlement Agreement as follows:
||Prior to the date this Settlement Agreement is executed by the Commissioner, Go Funding will surrender its mortgage broker licenses Nos. 20957 and 20958, and cease engaging in the business of a mortgage broker in Connecticut from 1200 Summer Street, Suite 101B, Stamford, Connecticut;|
||Nothing in this Settlement Agreement shall adversely affect the ability of Go Funding 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 Go Funding to enforce this Settlement Agreement if the Commissioner determines that Go Funding is not fully complying with any term or condition stated herein or if any representation made by Go Funding 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 2nd day of February 2009. ________/s/_________
Howard F. Pitkin
I, Sean O’Connor, state on behalf of Go Funding, 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 Go Funding, LLC; and that Go Funding, LLC agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.
Title: Managing Member
Prime Capital Lenders, LLC
State of: CT
County of: Fairfield
On this the 23 day of January, 2009, before me, Maureen P. Bujdud, the undersigned officer, personally appeared Sean O’Connor, who acknowledged himself to be the Managing Member of Go Funding, LLC, a limited liability company, and that he as such Managing 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 as Managing Member.
In witness whereof I hereunto set my hand.
Date Commission Expires: 8/2009
Administrative Orders and Settlements