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IN THE MATTER OF:
MOST CREDIT, INC.
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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 Most Credit 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 November 4, 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 Most Credit, which Notice is incorporated by reference herein;
WHEREAS, the Notice alleged that Most Credit, 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 Most Credit to act as a mortgage broker in Connecticut from 163 Delaware Avenue, Delmar, New York;
WHEREAS, on November 17, 2008, Most Credit, Inc. received the Notice, and no request for a hearing was received by the Commissioner;
WHEREAS, on December 30, 2009, Most Credit specifically assured the Commissioner that Most Credit has not done any business in Connecticut since July 17, 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, Most Credit 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, Most Credit, 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 Most Credit based upon the allegations contained in the Notice.
NOW THEREFORE, the Commissioner and Most Credit enter into this Settlement Agreement as follows:
||Prior to the date this Settlement Agreement is executed by the Commissioner, Most Credit will surrender its mortgage broker license No. 8530, and cease acting as a mortgage broker in Connecticut from 163 Delaware Avenue, Delmar, New York;|
||Nothing in this Settlement Agreement shall adversely affect the ability of Most Credit 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 Most Credit to enforce this Settlement Agreement if the Commissioner determines that Most Credit is not fully complying with any term or condition stated herein or if any representation made by Most Credit 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
I, Karen Hewitt, state on behalf of Most Credit, 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 Most Credit, Inc.; and that Most Credit, Inc. agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.
Name: Karen Hewitt
Most Credit, Inc.
State of: New York
County of: Albany
On this the 23rd day of January 20098, before me, James L. Hewitt, the undersigned officer, personally appeared Karen Hewitt, who acknowledged himself/herself to be the President of Most Credit, Inc., a corporation, and that he/she, as such Karen Hewitt, 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.
Notary Public / Commissioner of the Superior Court
Date Commission Expires: November 13, 2009
Administrative Orders and Settlements