DOB: Intercontinental Capital Group, Inc. - CO

* * * * * * * * * * * * * * * * * * * * * * *

IN THE MATTER OF:

INTERCONTINENTAL
CAPITAL GROUP, INC.
NMLS # 60134

       ("Intercontinental Capital Group")

   
* * * * * * * * * * * * * * * * * * * *
* * *

*
*
*
*
*
*
*
*
*
*
*
*

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, Intercontinental Capital Group is a New York corporation that is currently licensed as a mortgage lender 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 Intercontinental Capital 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 April 22, 2014, 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 Intercontinental Capital Group, which Notice is incorporated herein by reference;
 
WHEREAS, the Commissioner alleged in the Notice that Intercontinental Capital Group failed to timely file its mortgage call report that was due on March 31, 2014 (“2013 Financial Condition”), which conduct constituted:  (1) a violation of Section 36a-534b(c)(3) of Connecticut General Statutes; (2) a violation of an order of the Commissioner contained in a Consent Order dated August 23, 2012 (“Consent Order”); and (3) a basis to revive allegations previously made by the Commissioner in the Consent Order  relating to the failure to timely file a prior MCR.  Such violations form the basis to issue an order to cease and desist pursuant to Sections 36a-494(b) and/or 36a-52(a) of the Connecticut General Statutes, and to impose a civil penalty pursuant to Sections 36a-494(b) and/or 36a-50(a) of the Connecticut General Statutes;
 
WHEREAS, on April 23, 2014, the Notice was sent by certified mail, return receipt requested, to Intercontinental Capital Group (Certified Mail No. 70121010000172646622);
 
WHEREAS, on April 25, 2014, Intercontinental Capital Group received the Notice and on May 9, 2014, requested a hearing;
 
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 Intercontinental Capital Group now desire to resolve the matters alleged in the Notice and set forth herein;
 
WHEREAS, Intercontinental Capital Group represents to the Commissioner that it in good faith believed it had filed all required financial information, but admits that the 2013 Financial Condition MCR described in the Notice and set forth herein was not filed on its due date;
 
WHEREAS, Intercontinental Capital Group 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, Intercontinental Capital Group voluntarily agrees to consent to the entry of the sanction imposed below, solely for the purpose of obviating the need for further formal administrative proceedings concerning the allegations contained in the Notice and set forth herein;
 
WHEREAS, Intercontinental Capital Group herein represents to the Commissioner that it has reviewed and updated its internal policies, procedures and controls for timely and accurately filing required reports with the Commissioner through NMLS as required, or as otherwise permitted under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes;
 
WHEREAS, Intercontinental Capital Group 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, Intercontinental Capital Group, through its execution of this Consent Order, voluntarily agrees to waive any applicable procedural rights, including a right to a hearing as it pertains to the allegations contained in the Notice and 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, Intercontinental Capital Group, 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 Intercontinental Capital Group, Intercontinental Capital Group shall remit to the Department of Banking by cashier’s check, certified check or money order made payable to “Treasurer, State of Connecticut”, the sum of Three Thousand Dollars ($3,000) as a civil penalty.

CONSENT ORDER

NOW THEREFORE, the Commissioner enters the following:

1.The Sanction set forth above be and is hereby entered;
2.No later than the date this Consent Order is executed by Intercontinental Capital Group, Intercontinental Capital Group shall have satisfactorily filed on NMLS all MCRs required to date.  In the future, Intercontinental Capital Group shall timely and accurately file all required reports on NMLS or as otherwise permitted under Part I of Chapter 668 of the Connecticut General Statutes, in connection with its current and any future license issued to Intercontinental Capital Group;
3.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 Intercontinental Capital Group based upon the allegations set forth in the Notice or contained herein; provided that issuance of this Consent Order is without prejudice to the right of the Commissioner to take enforcement action against Intercontinental Capital Group 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 Intercontinental Capital Group and reflected herein is subsequently discovered to be untrue.  It is expressly understood and agreed that the subsequent failure by Intercontinental Capital Group to timely file any required MCR within the balance of the 2014 licensing period, or any required MCR in any of the next three (3) licensing periods during which time Intercontinental Capital Group is licensed, shall, in addition to any other remedy available to the Commissioner, form a basis for the Commissioner to fail to find that Intercontinental Capital Group, demonstrates the requisite financial responsibility, character and general fitness set forth in Section 36a-489(a) of the Connecticut General Statutes for such licensure which constitutes grounds for the Commissioner to revoke or refuse to renew the license of Intercontinental Capital Group in Connecticut;
4.Subject to the foregoing, and so long as this Consent Order is promptly disclosed by Intercontinental Capital Group and its control persons on NMLS, as applicable, nothing in the issuance of this Consent Order shall adversely affect the ability of Intercontinental Capital Group 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
5.This Consent Order shall become final when issued.


Issued at Hartford, Connecticut
this 1st day of August 2014.           _______/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner


I, ____________________________, state on behalf of Intercontinental Capital Group, 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 Intercontinental Capital Group, Inc.; that Intercontinental Capital Group, 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 Intercontinental Capital Group, Inc., 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:  Dustin DiMisa
                                                  Title:  
                                                  Intercontinental Capital Group, Inc.

State of:  New York

County of:  New York


On this the 29 day of July 2014 before me, Mary Stone, the undersigned officer, personally appeared Dustin DiMisa who acknowledged himself/herself to be the President of Intercontinental Capital Group, Inc., a corporation, and that he/she 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/herself as President.

In witness whereof I hereunto set my hand.


                                                       _________/s/_________
                                                       Notary Public  
                                                       Date Commission Expires:  Feb. 10, 2018



Administrative Orders and Settlements