DOB: Lawrence S. Dressler d/b/a DRE Mortgage, Settlement Agreement

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

IN THE MATTER OF:

LAWRENCE S. DRESSLER
d/b/a DRE MORTGAGE

    ("Dressler")

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

*
*
*
*
*
*
*
*
*
*

SETTLEMENT AGREEMENT        

WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part I of Chapter 668, Sections 36a-485 et seq., 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 examination pursuant to Section 36a-17 of the Connecticut General Statutes into the activities of Dressler 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, Dressler is a sole proprietor who is currently licensed as a mortgage broker under Part I of Chapter 668, Sections 36a-485 et seq. of the Connecticut General Statutes;
 
WHEREAS, as a result of such examination, the Commissioner alleges that Dressler employed or retained, during the period of August 2005 through December 2006, one (1) individual as a loan originator without registering such individual, in violation of Sections 36a-486(b) of the Connecticut General Statutes;
 
WHEREAS, the Commissioner believes that such allegation would support initiation of enforcement proceedings against Dressler, including proceedings to revoke and/or refuse to renew Dressler’s license pursuant to Section 36a-494(a) of the 2008 Supplement to the Connecticut General Statutes, as amended by Public Acts 07-91, 07-156, and 08-176, and Section 36a-51 of the 2008 Supplement to the General Statutes, issue a cease and desist order against Dressler pursuant to Section 36a-494(b) of the 2008 Supplement to the General Statutes, as amended by Public Acts 07-91, 07-156, and 08-176, and Section 36a-52(a) of the 2008 Supplement to the General Statutes, and impose a civil penalty of up to one hundred thousand dollars ($100,000) per violation on Dressler pursuant to Section 36a-494(b) of the 2008 Supplement to the General Statutes, as amended, and Section 36a-50(a) of the Connecticut General Statutes;
 
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, both the Commissioner and Dressler acknowledge the possible consequences of formal administrative proceedings;
 
WHEREAS, Dressler agrees to voluntarily enter into this Settlement Agreement without admitting or denying any allegations set forth herein, and solely for the purposes of obviating the need for formal administrative proceedings concerning the allegations described above;
 
WHEREAS, the State of Connecticut is a participant in the Nationwide Mortgage Licensing System and Registry (“NMLS&R”), jointly developed by the Conference of State Bank Supervisors (“CSBS”) and the American Association of Residential Mortgage Regulators to establish a unified and modern system of mortgage licensing and registration, and is committed to the success of NMLS&R;
 
WHEREAS, on January 21, 2008, an application was filed with the Commissioner via the NMLS&R, pursuant to Section 36a-486(b) of the 2008 Supplement of the General Statutes, as amended by Public Acts 07-156 and 08-176, seeking to obtain a mortgage loan originator license for the individual alleged to be an unregistered loan originator in violation of Sections 36a-486(b) of the Connecticut General Statutes during the period of August 2005 through December 2006, which proposed loan originator was sponsored by Dressler;
 
WHEREAS, Dressler herein represents to the Commissioner that it has reviewed and updated its internal policies, procedures and controls for assessing whether an individual engaged in mortgage-related activity with Dressler requires licensure from the Commissioner under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes, including but not limited to, licensure as originators under Section 36a-486(b) of the 2008 Supplement of the General Statutes, as amended;
 
WHEREAS, in connection with this settlement, Dressler was provided the option to pay a civil penalty in the amount of One Thousand Dollars ($1,000) in settlement of the allegation contained herein;
 
WHEREAS, in connection with this settlement, Dressler was provided an alternative option to make a voluntary contribution in the amount of One Thousand Dollars ($1,000) to the State Regulatory Registry LLC (“SRR”), a wholly-owned subsidiary of the CSBS, to support the NMLS&R;
 
WHEREAS, Dressler elected to make a voluntary contribution to SRR in lieu of a civil penalty;
 
AND WHEREAS, Dressler Mortgage, through his execution of this Settlement Agreement, voluntarily agrees to waive any rights to a hearing upon the allegations contained in this Settlement Agreement, and waives the right to seek judicial review or otherwise challenge or contest the validity of this Settlement Agreement;
 
NOW THEREFORE, the Commissioner and Dressler enter into this Settlement Agreement as follows:

1. No later than the date this Settlement Agreement is executed by Dressler, Dressler shall make a voluntary contribution by cashier’s check, certified check or money order in the amount of One Thousand Dollars ($1,000) to SRR to support NMLS&R;
2. Upon entry of this Settlement Agreement, this matter will be resolved and the Commissioner will not take any future enforcement action against Dressler based upon the allegations contained herein; provided that entry of this Settlement Agreement is without prejudice to the right of the Commissioner to take enforcement action against Dressler based on the allegations contained herein if any representations made by Dressler in this Settlement Agreement are subsequently discovered to be untrue or if Dressler is not fully complying with any term or condition stated herein;
3. Nothing in the entry of this Settlement Agreement shall adversely affect the ability of Dressler to apply for or obtain licenses or renewal licenses under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes, and to apply for or obtain licensure of its originators from the Commissioner;
4. 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 Dressler to enforce this Settlement Agreement if the Commissioner determines that Dressler is not fully complying with any term or condition stated herein.  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 6th day of March 2009.               ________/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner



I, Lawrence S. Dressler, state on behalf of Lawrence S. Dressler d/b/a DRE Mortgage, 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 Lawrence S. Dressler d/b/a DRE Mortgage; that Lawrence S. Dressler d/b/a DRE Mortgage agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein; and that Lawrence S. Dressler d/b/a DRE Mortgage voluntarily agrees to enter into this Settlement Agreement, expressly waiving any right to a hearing on the matters described herein.                                          

                                            By:  ________/s/_________
                                                   Name:  Lawrence S. Dressler
                                                   Title:  Owner
                                                   Lawrence S. Dressler d/b/a DRE Mortgage


State of:  Connecticut

County of:  New Haven


On this the 2nd day of March, 2009, before me, Roger Frechette Jr., the undersigned officer, personally appeared Lawrence S. Dressler who acknowledged himself to be the Owner of Lawrence S. Dressler d/b/a DRE Mortgage, a sole proprietorship, and that he, as such Owner, 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 Owner.

In witness whereof I hereunto set my hand.


                                         ________/s/_________
                                         Notary Public
                                         Date Commission Expires:  11/30/2013


Administrative Orders and Settlements