DOB: Advisors Mortgage Group, LLC d/b/a AMG Mortgage, Settlement Agreement

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IN THE MATTER OF:

ADVISORS MORTGAGE
GROUP, LLC d/b/a AMG MORTGAGE

    ("Advisors Mortgage Group")

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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-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, conducted an investigation pursuant to Section 36a-17 of the Connecticut General Statutes into the activities of Advisors Mortgage Group 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 22, 2009, the Commissioner, acting pursuant to Section 36a-492 of the Connecticut General Statutes, as amended by Public Acts 09-208 and 09-209, Section 36a-52(b) of the Connecticut General Statutes, Sections 36a-494(a)(1) and 36a-494(a)(1)(C) of the Connecticut General Statutes, as amended by Public Act 09-209, subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes, Section 36a-494(b) of the Connecticut General Statutes, as amended by Public Act 09-209, and Section 36a-52(a) of the Connecticut General Statutes, issued a Notice of Automatic Suspension, Temporary Order to Cease and Desist, 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 Advisors Mortgage Group, which Notice is incorporated by reference herein;
 
WHEREAS, the Notice alleged that Advisors Mortgage Group, in violation of Section 36a-492 of the Connecticut General Statutes, as amended, failed to maintain a surety bond that runs concurrently with the period of the license granted to Advisors Mortgage Group to engage in the business of a mortgage lender in Connecticut from 115 Middle Street, Bridgeport, Connecticut.  Such failure to maintain a surety bond constitutes sufficient grounds for the Commissioner to revoke Advisors Mortgage Group’s license to engage in the business of a mortgage lender in Connecticut from 115 Middle Street, Bridgeport, Connecticut pursuant to Sections 36a-494(a)(1) and 36a-494(a)(1)(C) of the Connecticut General Statutes, as amended, and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes, and forms a basis to issue an order to cease and desist against Advisors Mortgage Group pursuant to Section 36a-494(b) of the Connecticut General Statutes, as amended, and Section 36a-52(a) of the Connecticut General Statutes;
 
WHEREAS, on December 29, 2009, Advisors Mortgage Group received the Notice, and no request for a hearing was received by the Commissioner;
 
WHEREAS, on January 1, 2010, Advisors Mortgage Group’s license was marked “Terminated – Failed to Renew” on the Nationwide Mortgage Licensing System (“NMLS”);
 
WHEREAS, by e-mail dated January 5, 2010, Advisors Mortgage Group specifically assured the Commissioner that Advisors Mortgage Group has not done any business in Connecticut since April 2009;
 
WHEREAS, by e-mail dated January 5, 2010, Advisors Mortgage Group represents that it previously attempted to surrender its license through NMLS in August 2009, but failed to complete the process correctly;
 
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, Advisors Mortgage Group agrees to voluntarily enter into this Settlement Agreement without admitting or denying any allegations contained in the Notice and set forth herein, and solely for the purpose of obviating the need for formal administrative proceedings concerning the allegation described above;
 
WHEREAS, Advisors Mortgage Group, through its execution of this Settlement Agreement, voluntarily agrees to waive any rights to a hearing upon the allegations contained in the Notice and this Settlement Agreement, 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 Advisors Mortgage Group based upon the allegations contained in the Notice.
 
NOW THEREFORE, the Commissioner and Advisors Mortgage Group enter into this Settlement Agreement as follows:

1. Prior to the date this Settlement Agreement is executed by the Commissioner, Advisors Mortgage Group will cease engaging in the business of a mortgage lender in Connecticut from 115 Middle Street, Bridgeport, Connecticut;
2. Upon entry of this Settlement Agreement, this matter will be resolved and the Commissioner will not take any future enforcement action against Advisors Mortgage Group 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 Advisors Mortgage Group based on the allegations contained herein if any representations made by Advisors Mortgage Group in this Settlement Agreement are subsequently discovered to be untrue or if Advisors Mortgage Group 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 Advisors Mortgage Group to apply for or obtain a license or renewal license under Part I of Chapter 668, Sections 36a-485, et seq. of the Connecticut General Statutes in the future; and
4. Notwithstanding paragraph 2 herein, execution of this Settlement Agreement is without prejudice to the right of the Commissioner to take enforcement action against Advisors Mortgage Group to enforce this Settlement Agreement if the Commissioner determines that Advisors Mortgage Group 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 16th day of March 2010.              ________/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner



I, Steven Meyer, state on behalf of Advisors Mortgage Group, LLC d/b/a AMG 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 Advisors Mortgage Group, LLC d/b/a AMG Mortgage; and that Advisors Mortgage Group, LLC d/b/a AMG Mortgage agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.

                                             By:  ________/s/_________
                                                   Name:  Steven Meyer
                                                   Title:  President
                                                   Advisors Mortgage Group, LLC
                                                   d/b/a AMG Mortgage

State of:  New Jersey

County of:  Monmouth


On this the 12th day of March 2010, before me, Annmarie Webber, the undersigned officer, personally appeared Steven Meyer, who acknowledged himself to be the President of Advisors Mortgage Group, LLC d/b/a AMG Mortgage, a limited liability company, and that he 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 as President.

In witness whereof I hereunto set my hand.

                                                   ________/s/_________
                                                   Notary Public
                                                   Date Commission Expires:  1/11/2015


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