DOB: Aaron Ward Elliott d/b/a Challenge Mortgage, Settlement Agreement

* * * * * * * * * * * * * * * * * * * *

IN THE MATTER OF:

AARON WARD ELLIOTT d/b/a
CHALLENGE MORTGAGE

    ("Aaron Ward Elliott")

* * * * * * * * * * * * * * * * * * * *

*
*
*
*
*
*
*
*
*
*

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 Aaron Ward Elliott 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 December 5, 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 Aaron Ward Elliott, which Notice is incorporated by reference herein;
 
WHEREAS, the Notice alleged that Aaron Ward Elliott, 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 Aaron Ward Elliott to act as a mortgage broker in Connecticut from 96 Grove Street, Shelton, Connecticut;
 
WHEREAS, on December 12, 2008, Aaron Ward Elliott received the Notice, and no request for a hearing was received by the Commissioner;
 
WHEREAS, on December 23, 2008, Aaron Ward Elliott specifically assured the Commissioner that he has not done any business in Connecticut since October 31, 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, Aaron Ward Elliott 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, Aaron Ward Elliott, 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 Aaron Ward Elliott based upon the allegations contained in the Notice.
 
NOW THEREFORE, the Commissioner and Aaron Ward Elliott enter into this Settlement Agreement as follows:

1. Prior to the date this Settlement Agreement is executed by the Commissioner, Aaron Ward Elliott will surrender his mortgage broker licenses Nos. 18733 and 18736, and cease engaging in the business of a mortgage broker in Connecticut from 96 Grove Street, Shelton, Connecticut;
2. Nothing in this Settlement Agreement shall adversely affect the ability of Aaron Ward Elliott 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 Aaron Ward Elliott to enforce this Settlement Agreement if the Commissioner determines that Aaron Ward Elliott is not fully complying with any term or condition stated herein or if any representation made by Aaron Ward Elliott 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, Aaron Ward Elliott d/b/a Challenge Mortgage, state that I have read the foregoing Settlement Agreement; that I know and fully understand its contents; that I agree freely and without threat or coercion of any kind to comply with the terms and conditions stated herein; and that I voluntarily agree to enter into this Settlement Agreement.                             

                                            
                                             By:  ________/s/_________
                                                    Aaron Ward Elliott
                                                    d/b/a Challenge Mortgage


State of:  Connecticut

County of:  New Haven


On this the 19th day of February 2009, before me, Jim Balazsi, the undersigned officer, personally appeared Aaron Ward Elliott, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument and acknowledged that he executed the same for the purposes therein contained.

In witness whereof I hereunto set my hand.


                                         ________/s/_________
                                         Notary Public:                                       
                                         Date Commission Expires:  August 31, 2012


Administrative Orders and Settlements