DOB: National Lending Corporation d/b/a NLC of Connecticut, Settlement Agreement

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IN THE MATTER OF:

NATIONAL LENDING CORPORATION
d/b/a NLC OF CONNECTICUT

    ("NLC")

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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 NLC 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 Lender Licenses, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (collectively “Notice”) against NLC, which Notice is incorporated by reference herein;
 
WHEREAS, the Notice alleged that NLC, 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 licenses granted to NLC to act as a mortgage lender in Connecticut from 861 Washington Boulevard, Stamford, Connecticut and 155 Main Street, Suites 301, 302 & 305, Danbury, Connecticut;
 
WHEREAS, on December 22, 2008, NLC received the Notice, and no request for a hearing was received by the Commissioner;
 
WHEREAS, on January 7, 2009, NLC specifically assured the Commissioner that NLC has not done any business in Connecticut since May 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, NLC 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, NLC, 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 NLC based upon the allegations contained in the Notice.
 
NOW THEREFORE, the Commissioner and NLC enter into this Settlement Agreement as follows:

1. Prior to the date this Settlement Agreement is executed by the Commissioner, National Lending Corporation d/b/a NLC of Connecticut, Inc. will surrender its mortgage lender licenses Nos. 17870, 17871, 17479 and 17482 and , and cease making mortgage loans in Connecticut from 861 Washington Boulevard, Stamford, Connecticut and 155 Main Street, Suites 301, 302 & 305, Danbury, Connecticut;
2. Nothing in this Settlement Agreement shall adversely affect the ability of National Lending Corporation d/b/a NLC of Connecticut, Inc. 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 National Lending Corporation d/b/a NLC of Connecticut, Inc. to enforce this Settlement Agreement if the Commissioner determines that National Lending Corporation d/b/a NLC of Connecticut, Inc. is not fully complying with any term or condition stated herein or if any representation made by National Lending Corporation d/b/a NLC of Connecticut, Inc. 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 March 2009.               ________/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner



I, Hao Nguyen, state on behalf of National Lending Corporation d/b/a NLC of Connecticut, Inc. 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 National Lending Corporation d/b/a NLC of Connecticut, Inc.; and that National Lending Corporation d/b/a NLC of Connecticut, Inc. agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.                                            

                                            By:  ________/s/_________
                                                   Name:  Hao Nguyen
                                                   Title:  President
                                                   National Lending Corporation d/b/a
                                                   NLC of Connecticut, Inc.


State of:  Texas

County of:  Harris


On this the 23rd day of February 2009, before me, Isabel Garcia, the undersigned officer, personally appeared Hao Nguyen, who acknowledged himself/herself to be the President of National Lending Corporation d/b/a NLC of Connecticut, Inc., a corporation, and that he/she, as such Title, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself/herself as President.

In witness whereof I hereunto set my hand.


                                         ________/s/_________
                                         Notary Public
                                         Date Commission Expires:  Nov. 2, 2010


Administrative Orders and Settlements