DOB: Karen Lisa Cabral a/k/a Karen Cabral-Allen, Order Refusing to Renew Mortgage Loan Originator License

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IN THE MATTER OF:

KAREN LISA CABRAL
a/k/a KAREN CABRAL-ALLEN

    ("Respondent")

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ORDER REFUSING TO RENEW
MORTGAGE LOAN ORIGINATOR
LICENSE


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”, and Sections 9 and 19 to 21, inclusive, of Public Act 09-209;
 
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 December 21, 2009, the Commissioner, acting pursuant to Section 36a-494(a)(2) of the Connecticut General Statutes, as amended by Public Act 09-209, and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes, issued a Notice of Intent to Refuse to Renew Mortgage Loan Originator License and Notice of Right to Hearing (collectively “Notice”) against Respondent, which Notice is incorporated herein by reference;
 
WHEREAS, on December 21, 2009, the Notice was sent by registered mail, return receipt requested, to Respondent (Registered Mail No. RB028036813US);
 
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 refusing to renew Respondent’s license to act as a mortgage loan originator in Connecticut and Respondent’s mortgage loan originator license in Connecticut shall be deemed expired;
 
WHEREAS, on December 24, 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 plea of nolo contendere to a felony which has not been pardoned prevents the Commissioner from renewing Respondent’s license to act as a mortgage loan originator pursuant to Sections 36a-489(b)(2) and 36a-489(b)(1)(B) of the Connecticut General Statutes, as amended by Public Acts 09-208 and 09-209, which, pursuant to Sections 36a-494(a)(2) of the Connecticut General Statutes, as amended, and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes, constitutes sufficient grounds to refuse to renew Respondent’s license to act as a mortgage loan originator in Connecticut;
 
WHEREAS, the Commissioner alleged in the Notice, with respect to the activity described therein, that Respondent made a statement in a document filed with the Commissioner which was, at the time and in the light of the circumstances under which it was made, false or misleading in a material respect in violation of Section 36a-53a of the Connecticut General Statutes, which violation constitutes sufficient grounds to refuse to renew Respondent’s mortgage originator license under Section 36a-494(a)(2) of the Connecticut General Statutes, as amended, and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes;
 
WHEREAS, the Commissioner alleged in the Notice, with respect to the activity described therein, that Respondent fails to demonstrate that Respondent has the character and general fitness so as to command the confidence of the community and to warrant a determination that Respondent will operate honestly, fairly and efficiently within the purpose of Sections 36a-485 to 36a-498c, inclusive, as amended, Sections 36a-534a and 36a-534b, as amended, and sections 9 and 19 to 21, inclusive, of Public Act 09-209, which failure prevents the Commissioner from renewing Respondent’s mortgage loan originator license pursuant to Sections 36a-489(b)(2) and 36a-489(b)(1)(C) of the Connecticut General Statutes, as amended, and constitutes sufficient grounds to refuse to renew Respondent’s mortgage loan originator license pursuant to Section 36a-494(a)(2) of the Connecticut General Statutes, as amended, and subsections (a) and (b) of Section 36a-51 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 . . . refuse to renew the license”;
 
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 11, 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)(2) of the Connecticut General Statutes, as amended, and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes, constitutes sufficient grounds to refuse to renew Respondent’s license to act as a mortgage loan originator in Connecticut.
3.
The Commissioner finds that the Notice was given in compliance with subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes, and Sections 4-177 and 4-182(c) of the Connecticut General Statutes.
 

III.  ORDER

Having read the record, I HEREBY ORDER, pursuant to Section 36a-494(a)(2) of the Connecticut General Statutes, as amended, and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes that:

1.
The license of Karen Lisa Cabral a/k/a Karen Cabral-Allen to act as a mortgage loan originator in Connecticut NOT BE RENEWED and is deemed EXPIRED; and
2.
This Order shall become effective when mailed.
 

Dated at Hartford, Connecticut
this 22nd day of January 2010.                   ________/s/_________
                                                            Howard F. Pitkin
                                                            Banking Commissioner


This order was mailed by certified mail,
return receipt requested, to Respondent
on January 25, 2010.


Karen Lisa Cabral           Certified Mail No. 7007 1490 0004 3509 7208
a/k/a Karen Cabral-Allen
67 Elmore Street
Warwick, Rhode Island 02886


Administrative Orders and Settlements