DOB: QuoteMatch, LLC, Order Revoking and Refusing to Renew Mortgage Broker License and Order to Cease and Desist

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IN THE MATTER OF:

QUOTEMATCH, LLC

    ("Respondent")

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ORDER REVOKING AND
REFUSING TO RENEW
MORTGAGE BROKER LICENSE

AND

NOTICE OF RIGHT TO HEARING

I. PRELIMINARY STATEMENT

WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part I of Chapter 668, Sections 36a-485 to 36a-534c, inclusive, of the Connecticut General Statutes, “Mortgage Lenders, Correspondent Lenders, Brokers and Loan Originators”;
 
WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking (“Department”), conducted an investigation of the activities of Respondent, pursuant to the authority granted by Section 36a-17 of the Connecticut General Statutes, to determine if Respondent had violated, was violating or was about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;
 
WHEREAS, on April 17, 2009, the Commissioner, acting pursuant to Sections 36a-52(b), 4-182(c), 36a-494(a)(1), 36a-494(a)(1)(C), 36a-51, 36a-494(b) and 36a-52(a) of the Connecticut General Statutes, issued a Temporary Order to Cease and Desist, Order of Summary Suspension, Notice of Intent to Revoke and Refuse to Renew Mortgage Broker License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (collectively “Notice”) against Respondent, which Notice is incorporated herein by reference;
 
WHEREAS, on April 17, 2009, the Notice was sent by registered mail, return receipt requested, to Respondent (Registered Mail No. RB028036141US);
 
WHEREAS, the Notice provided Respondent with the opportunity for a hearing and stated that if a hearing was not requested within 14 days of its receipt, the Commissioner would issue an order revoking and refusing to renew Respondent’s license to act as a mortgage broker in Connecticut from 9950 Summers Ridge Road, Suite 160, San Diego, California, and issue an order that Respondent cease and desist from violating Section 36a-492(a) of the Connecticut General Statutes;
 
WHEREAS, on April 27, 2009, Respondent received the Notice and no request for a hearing has been received by the Commissioner;
 
WHEREAS, the Commissioner alleged in the Notice, with respect to the activity described therein, that Respondent’s failure to maintain a surety bond is a violation of Section 36a-492(a) of the Connecticut General Statutes, which, pursuant to Sections 36a-494(a)(1), 36a-494(a)(1)(C) and 36a-51 of the Connecticut General Statutes, constitutes sufficient grounds to revoke and to refuse to renew Respondent’s license to act as a mortgage broker in Connecticut from 9950 Summers Ridge Road, Suite 160, San Diego, California, and forms a basis to issue an order to cease and desist pursuant to Sections 36a-494(b) and 36a-52(a) of the Connecticut General Statutes;
 
WHEREAS, Section 36a-51(b) of the Connecticut General Statutes provides, in pertinent part, that “[i]f the licensee does not request a hearing within the time specified in the notice . . . , the commissioner shall . . . revoke or refuse to renew the license.  No such license shall be . . . revoked except in accordance with the provisions of chapter 54”;
 
WHEREAS, Section 36a-52(a) of the Connecticut General Statutes provides, in pertinent part, that “[i]f the person does not request a hearing within the time specified in the notice . . . , the commissioner shall issue an order to cease and desist against the person.  No such order shall be issued except in accordance with the provisions of chapter 54”;
 
AND WHEREAS, Section 36a-1-31(a) of the Regulations of Connecticut State Agencies provides, in pertinent part, that “[w]hen a party fails to request a hearing within the time specified in the notice, the allegations against the party may be deemed admitted.  Without further proceedings or notice to the party, the commissioner shall issue a final decision in accordance with section 4-180 of the Connecticut General Statutes and section 36a-1-52 of the Regulations of Connecticut State Agencies”.


II.  FINDINGS OF FACT AND CONCLUSIONS OF LAW

1.
The Commissioner finds that the matters asserted, as set forth in paragraphs 1 through 7, inclusive, of Section II of the Notice shall constitute findings of fact within the meaning of Section 4-180(c) of the Connecticut General Statutes, and that the conclusions as set forth in Section III of the Notice shall constitute conclusions of law within the meaning of Section 4-180(c) of the Connecticut General Statutes and Section 36a-1-52 of the Regulations of Connecticut State Agencies.
2.
The Commissioner finds that Respondent has engaged in acts or conduct which, pursuant to Sections 36a-494(a)(1), 36a-494(a)(1)(C) and 36a-51 of the Connecticut General Statutes, constitutes sufficient grounds to revoke and to refuse to renew Respondent’s license to act as a mortgage broker in Connecticut from 9950 Summers Ridge Road, Suite 160, San Diego, California.
3.
The Commissioner finds that Respondent has engaged in acts or conduct which, pursuant to Sections 36a-494(b) and 36a-52(a) of the Connecticut General Statutes, forms the basis to issue an order to cease and desist against Respondent.
4.
The Commissioner finds that the Notice was given in compliance with Sections 36a-51, 36a-52(a), 4-177 and 4-182(c) of the Connecticut General Statutes.


III.  ORDER

Having read the record, I HEREBY ORDER, pursuant to Sections 36a-494(a)(1), 36a-494(a)(1)(C), 36a-51, 36a-494(b) and 36a-52(a) of the Connecticut General Statutes, that:

1.
The license of QuoteMatch, LLC to act as a mortgage broker in Connecticut from 9950 Summers Ridge Road, Suite 160, San Diego, California, be and is hereby REVOKED;
2.
The license of QuoteMatch, LLC to act as a mortgage broker in Connecticut from 9950 Summers Ridge Road, Suite 160, San Diego, California, NOT BE RENEWED.
3.
QuoteMatch, LLC CEASE AND DESIST from violating Section 36a-492(a) of the Connecticut General Statutes; and
4.
This Order shall become effective when mailed.



Dated at Hartford, Connecticut
this 22nd day of June 2009.                          ________/s/_________
                                                               Howard F. Pitkin
                                                               Banking Commissioner



This order was mailed by certified mail,
return receipt requested, to Respondent
on June 24, 2009.


QuoteMatch, LLC                  Certified Mail No. 7007 1490 0004 3509 6898
9950 Summers Ridge Road, Suite 160
San Diego, CA 92121


Administrative Orders and Settlements