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IN THE MATTER OF:
S.L. BROOKE & COMPANY INC.
NMLS # 192652
("S.L. Brooke & Company")
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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, S.L. Brooke & Company is a New York corporation that was licensed in Connecticut as a mortgage broker under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes for the period of January 1, 2013 until July 9, 2013;
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 S.L. Brooke & Company 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, as a result of the investigation, the Commissioner alleges that S.L. Brooke & Company failed to timely file its MCR – Standard – Financial Condition report for 2012 that was due on March 31, 2013, in violation of Section 36a-534b(c)(3) of Connecticut General Statutes;
WHEREAS, the Commissioner believes that such allegation would support initiation of enforcement proceedings against S.L. Brooke & Company, including proceedings to issue a cease and desist order pursuant to Sections 36a-494(b) and 36a-52(a) of the Connecticut General Statutes, and to impose a civil penalty of up to one hundred thousand dollars ($100,000) per violation pursuant to Sections 36a-494(b) and 36a-50(a) of the Connecticut General Statutes;
WHEREAS, initiation of such enforcement proceedings would constitute a “contested case” within the meaning of Section 4-166(2) of the Connecticut General Statutes;
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 S.L. Brooke & Company now desire to resolve the matters set forth herein;
WHEREAS, S.L. Brooke & Company admits that the MCR – Standard – Financial Condition (2012) described herein was not filed on 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, S.L. Brooke & Company 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 set forth herein;
WHEREAS, S.L. Brooke & Company agrees to the language of this Consent Order;
AND WHEREAS, S.L. Brooke & Company, through its execution of this Consent Order, voluntarily agrees to waive any applicable procedural rights, including a right to notice and a hearing as it pertains to the allegation set forth herein, and voluntarily waives its right to seek judicial review or otherwise challenge or contest the validity of this Consent Order.
CONSENT TO ENTRY OF SANCTION
WHEREAS, S.L. Brooke & Company, through its execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanction:
S.L. Brook & Company shall not be eligible to apply for licensure as a mortgage lender, mortgage correspondent lender or mortgage broker before January 15, 2014.
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 S.L. Brooke & Company 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 S.L. Brooke & Company 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 S.L. Brooke & Company and reflected herein is subsequently discovered to be untrue;|
|3.||So long as this Consent Order is promptly disclosed by S.L. Brooke & Company and its control persons on NMLS, as applicable, nothing in the issuance of this Consent Order shall adversely affect the ability of S.L. Brooke & Company 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 January 15, 2014, 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 15th day of August 2013.
Howard F. Pitkin
I, Jeffrey Mogull, state on behalf of S.L. Brooke & Company Inc., 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 S.L. Brooke & Company Inc.; that S.L. Brooke & Company Inc., agrees freely and without threat or coercion of any kind to comply with the sanction entered and terms and conditions ordered herein; and that S.L. Brooke & Company Inc., voluntarily agrees to enter into this Consent Order, expressly waiving the procedural rights set forth herein as to the matters described herein.
Name: Jeffrey Mogull
S.L. Brooke & Company Inc.
State of: New York
County of: Westchester
On this the 13 day of Aug 2013, before me, Jeff Mogull, the undersigned officer, personally appeared ________________________________ who acknowledged himself to be the President of S.L. Brooke & Company Inc., a corporation, and that he as such _________________, 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.
Date Commission Expires: 12-10-2013
Administrative Orders and Settlements