DOB: 4UDirect, Inc. d/b/a Nations Home Lending Center, Settlement Agreement

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IN THE MATTER OF:

4UDIRECT, INC. d/b/a NATIONS
HOME LENDING CENTER

  ("Nations Home Lending Center")

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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 Nations Home Lending Center 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 10, 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 License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (collectively “Notice”) against Nations Home Lending Center, which Notice is incorporated by reference herein;
 
WHEREAS, the Notice alleged that Nations Home Lending Center, 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 Nations Home Lending Center to act as a mortgage lender in Connecticut from 401 Fairway Drive, Suite 200, Deerfield Beach, Florida;
 
WHEREAS, on December 20, 2008, Nations Home Lending Center received the Notice, and no request for a hearing was received by the Commissioner;
 
WHEREAS, on January 13, 2009, Nations Home Lending Center specifically assured the Commissioner that it conducted no mortgage business on or after November 14, 2008;
 
WHEREAS, on January 13, 2009, Nations Home Lending Center further specifically assured the Commissioner that it was willing to surrender its mortgage lender license, but was unable to locate it after a diligent search, and that it has no intentions of renewing its mortgage lender license or doing any business in the state of Connecticut;
 
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, Nations Home Lending Center 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, Nations Home Lending Center, 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 Nations Home Lending Center based upon the allegations contained in the Notice.
 
NOW THEREFORE, the Commissioner and Nations Home Lending Center enter into this Settlement Agreement as follows:

1. Prior to the date this Settlement Agreement is executed by the Commissioner, Nations Home Lending Center will surrender its mortgage lender license no. 11815, and Nations Home Lending Center shall cease engaging in the business of a mortgage lender in Connecticut from 401 Fairway Drive, Suite 200, Deerfield Beach, Florida;
2. Nothing in this Settlement Agreement shall adversely affect the ability of Nations Home Lending Center 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 Nations Home Lending Center to enforce this Settlement Agreement if the Commissioner determines that Nations Home Lending Center is not fully complying with any term or condition stated herein or if any representation made by Nations Home Lending Center 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 4th day of March 2009.               ________/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner



I, Patrick Shanahan, state on behalf of 4UDirect, Inc. d/b/a Nations Home Lending Center 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 4UDirect, Inc. d/b/a Nations Home Lending Center; and that 4UDirect, Inc. d/b/a Nations Home Lending Center agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.                                            

                                            By:  ________/s/_________
                                                   Name:  Patrick Shanahan
                                                   Title:  Pres.
                                                   4UDirect, Inc. d/b/a
                                                   Nations Home Lending Center


State of:  Florida

County of:  Broward


On this the 25th day of Feb 2009, before me, Patrick Shanahan, the undersigned officer, personally appeared Patrick Shanahan, who acknowledged himself/herself to be the President of 4UDirect, Inc. d/b/a Nations Home Lending Center., a corporation, and that he/she, as such President, 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:  8/23/09


Administrative Orders and Settlements