DOB: Turnkey Financial Services LLC - CO

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IN THE MATTER OF:

TURNKEY FINANCIAL
SERVICES LLC     
NMLS # 87487

     ("Turnkey Financial Services")

   
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CONSENT ORDER        


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, Turnkey Financial Services is a Connecticut limited liability company that is presently licensed to act as a mortgage broker under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes;
 
WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking conducted an investigation pursuant to the authority granted by Sections 36a-17(a) and 36a-498f of the Connecticut General Statutes into the activities of Turnkey Financial Services 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 March 22, 2013, as a result of the investigation, the Commissioner, acting pursuant to Sections 36a-494(b), 36a-52(a) and 36a-50(a) of the Connecticut General Statutes, issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) against Turnkey Financial Services, which Notice is incorporated herein by reference;
 
WHEREAS, the Commissioner alleged in the Notice that Turnkey Financial Services failed to timely file its Mortgage Call Report (“MCR”) – Standard – Financial Condition report for 2011 that was due on March 30, 2012 in violation of Section 36a 534b(c)(3) of the 2102 Supplement to the General Statutes in effect prior to October 1, 2012, and Section 36a-534b(c)(3) of the Connecticut General Statutes, which such violation forms the basis to issue an order to cease and desist pursuant to Sections 36a-494(b) and 36a-52(a) of the Connecticut General Statutes, and to impose a civil penalty pursuant to Sections 36a-494(b) and 36a-50(a) of the Connecticut General Statutes;

WHEREAS, on March 22, 2013, the Notice was sent by certified mail, return receipt requested, to Turnkey Financial Services (Certified Mail No. 70112000000247319537);
 
WHEREAS, on March 25, 2013, Turnkey Financial Services received the Notice;
 
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 Turnkey Financial Services now desire to resolve the matters alleged in the Notice;
 
WHEREAS, Turnkey Financial Services admits that it did not file the report described in the Notice by its due date and acknowledges that this Consent Order is a public record and is a reportable event for purposes of the regulatory disclosure questions on the Nationwide Mortgage Licensing System and Registry (“NMLS”), as applicable;
 
WHEREAS, Turnkey Financial Services voluntarily agrees to consent to the entry of the sanction described below, 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, Turnkey Financial Services agrees that the Notice may be used in construing the terms of this Consent Order and agrees to the language of this Consent Order;
 
AND WHEREAS, Turnkey Financial Services, through its execution of this Consent Order, voluntarily agrees to waive any applicable procedural rights, including Turnkey Financial Service’s right to a hearing as it pertains to the allegation contained in the Notice and set forth herein, and voluntarily waives any right to seek judicial review or otherwise challenge or contest the validity of this Consent Order.

CONSENT TO ENTRY OF SANCTION

WHEREAS, Turnkey Financial Services, through its execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanction:

No later than the date this Consent Order is executed by Turnkey Financial Services, Turnkey Financial Services shall request surrender of its mortgage broker license and Turnkey Financial Services or any other company with Paul Richter as a control person shall not be eligible to apply for licensure as a mortgage lender, mortgage correspondent lender or mortgage broker before November 1, 2013.


CONSENT ORDER

NOW THEREFORE, the Commissioner enters the following:

1. The Sanction set forth above be and is hereby entered;
2. Upon issuance of this Consent Order by the Commissioner, this matter will be resolved and the Commissioner will not take any future enforcement action against Turnkey Financial Services 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 Turnkey Financial Services 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 Turnkey Financial Services and reflected herein is subsequently discovered to be untrue;
3. So long as this Consent Order is promptly disclosed by Turnkey Financial Services and its control persons on NMLS, as applicable, nothing in the issuance of this Consent Order shall adversely affect the ability of Turnkey Financial Services or any other company with Paul Richter as a control person 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 after November 1, 2013, provided all applicable legal requirements for such license are satisfied; and
4. This Consent Order shall become final when issued.


Issued at Hartford, Connecticut
this 31st day of May 2013.                ________/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner



I, Paul Richter, state on behalf of Turnkey Financial Services 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 Order on behalf of Turnkey Financial Services LLC; that Turnkey Financial Services LLC agrees freely and without threat or coercion of any kind to comply with the sanction entered and terms and conditions ordered herein; and that Turnkey Financial Services LLC voluntarily agrees to enter into this Consent Order, expressly waiving the procedural rights set forth herein as to the matters described herein.

                                                 By:  ________/s/________
                                                 Name:  Paul Richter
                                                 Title:  Owner
                                                 Turnkey Financial Services LLC

State of:  Connecticut

County of:  Fairfield


On this the 29th day of May 2013, before me, Katalin Borko, the undersigned officer, personally appeared Paul Richter, who acknowledged himself to be the owner of Turnkey Financial Services LLC, a limited liability company, 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 limited liability company by himself as owner.

In witness whereof I hereunto set my hand.


                                                       _________/s/_________
                                                       Notary Public  
                                                       Date Commission Expires:  Jun 30, 2017 



Administrative Orders and Settlements