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IN THE MATTER OF:
NMLS # 6086
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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 (“Division”), conducted an investigation pursuant to Section 36a-17 of the Connecticut General Statutes into the activities of Settlers Mortgage 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 13, 2011, the Commissioner, acting pursuant to Sections 36a-494(a)(1)(C) and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes, issued a Notice of Intent to Suspend Mortgage Broker License and Notice of Right to Hearing (collectively “Notice”) against Settlers Mortgage, which Notice is incorporated herein by reference;
WHEREAS, the Notice alleged that Settlers Mortgage failed to pay the cost of an examination conducted by the Division in violation of Section 36a-65(c)(6) of the Connecticut General Statutes, as amended by Public Act 11-216. Such violation constitutes sufficient grounds for the Commissioner to suspend Settlers Mortgage’s mortgage broker license in Connecticut pursuant to Section 36a-494(a)(1)(C) and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes;
WHEREAS, on December 13, 2011, the Notice was sent to Settlers Mortgage by registered mail, return receipt requested (Registered Mail No. RA878574750US);
WHEREAS, on December 14, 2011, Settlers Mortgage received the Notice and requested a hearing on December 20, 2011, which hearing is currently scheduled for January 10, 2012;
WHEREAS, on December 15, 2011, Settlers Mortgage made a partial payment of the cost of the examination conducted by the Division;
WHEREAS, on January 6, 2012, Settlers Mortgage paid the balance of the cost of the examination conducted by the Division;
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 consent order, unless precluded by law;
WHEREAS, the Commissioner and Settlers Mortgage now desire to resolve the matter alleged in the Notice and set forth herein;
WHEREAS, Settlers Mortgage voluntarily agrees to consent to the entry of the sanction described below without admitting or denying any allegation contained in the Notice and set forth herein and solely for the purpose of obviating the need for further formal administrative proceedings concerning the allegation contained in the Notice and set forth herein;
WHEREAS, Settlers Mortgage agrees that the Notice may be used in construing the terms of this Consent Order and agrees to the language of this Consent Order;
WHEREAS, Settlers Mortgage, through its execution of this Consent Order, voluntarily agrees to waive its procedural rights, including a right to a hearing as it pertains to the allegation contained in the Notice and set forth herein, and voluntarily waives the right to seek judicial review or otherwise challenge or contest the validity of this Consent Order;
AND WHEREAS, Settlers Mortgage specifically assures the Commissioner that the violation alleged in the Notice and set forth herein shall not occur in the future.
CONSENT TO ENTRY OF SANCTION
WHEREAS, Settlers Mortgage, through its execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanction:
Settlers Mortgage shall make immediate payment of the cost of the examination conducted by the Commissioner on August 17, 2011.
NOW THEREFORE, the Commissioner enters the following:
||The Sanction set forth above be and is hereby entered;|
||Upon issuance of this Consent Order, this matter will be resolved and the Commissioner will not take any future enforcement action against Settlers Mortgage based upon the allegation contained herein; provided that issuance of this Consent Order is without prejudice to the right of the Commissioner to take enforcement action against Settlers Mortgage based upon a violation of this Consent Order or the matters underlying its entry, if the Commissioner determines that compliance with the terms herein is not being observed or if any representation made by Settlers Mortgage and reflected herein is subsequently discovered to be untrue;|
||So long as this Consent Order is promptly disclosed by Settlers Mortgage on NMLS, nothing in the issuance of this Consent Order shall adversely affect the ability of Settlers Mortgage 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, provided all applicable legal requirements for such license are satisfied; and|
This Consent Order shall become final when issued.
Dated at Hartford, Connecticut
this 27th day of January 2012. ________/s/_________
Howard F. Pitkin
I, ___________________________, state on behalf of Settlers Mortgage Company, LLC, that I have read the foregoing Consent Order; that I know and fully understand its contents; that I am authorized to execute this consent to entry of order on behalf of Settlers Mortgage Company, LLC; that Settlers Mortgage Company, LLC agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein; and that Settlers Mortgage Company, LLC consents to the issuance of this Consent Order, expressly waiving any right to a hearing on the matters described herein.
Name: Michael L. Stephan
Settlers Mortgage Company, LLC
State of: Connecticut
County of: Fairfield
On this the 20 day of January 2012, before me, Ruth M. Cavayero, the undersigned officer, personally appeared Michael L. Stephan, who acknowledged himself/herself to be the President of Settlers Mortgage Company, LLC, a member-managed/manager-managed limited liability company, and that he/she, as such Michael L. Stephan, being authorized to do so, 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.
Date Commission Expires: June 30, 2012
Administrative Orders and Settlements