DOB: Hartford Community Loan Fund - CO

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

IN THE MATTER OF:

HARTFORD COMMUNITY
LOAN FUND, INC.
NMLS # 68365

       ("Hartford Community Loan Fund")
   
* * * * * * * * * * * * * * * * * * * *
* * * *

*
*
*
*
*
*
*
*
*

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, Hartford Community Loan Fund is a Connecticut 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, Section 36a-490(b) of the Connecticut General Statutes requires that mortgage lender licensees file with the Nationwide Multistate Licensing System and Registry (“NMLS”) a change of address of its main office at least thirty (30) calendar days prior to such change, and provide directly to the Commissioner a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner that reflects the new address of the main office;
 
WHEREAS, Hartford Community Loan Fund failed to file with NMLS a change of address of its main office at least thirty (30) calendar days prior to such change and failed to provide a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner;
 
WHEREAS, the Commissioner believes that such allegation would support initiation of proceedings against Hartford Community Loan Fund, which proceedings would constitute a “contested case” within the meaning of Section 4-166(4) of the 2016 Supplement to the General Statutes.  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, Hartford Community Loan Fund, through its execution of this Consent Order, voluntarily agrees to waive its procedural rights, including a right to a notice and an opportunity for a hearing as it pertains to the allegation set forth herein, voluntarily agrees to consent to the entry of the sanction imposed below and voluntarily waives its right to seek judicial review or otherwise challenge or contest the validity of this Consent Order;
 
WHEREAS, Hartford Community Loan Fund acknowledges that this Consent Order is a public record and is a reportable event for purposes of NMLS, as applicable;
 
AND WHEREAS, Hartford Community Loan Fund herein represents to the Commissioner that it has reviewed and updated its internal policies, procedures and controls to ensure that Hartford Community Loan Fund will file any change it makes to its name or any address of any office specified on its most recent filing with NMLS at least thirty (30) calendar days prior to such change and, in connection with such change, Hartford Community Loan Fund will provide, directly to the Commissioner, a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner that reflects such change.


CONSENT TO ENTRY OF SANCTION

WHEREAS, Hartford Community Loan Fund, 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 Hartford Community Loan Fund, it 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 Five Hundred Dollars ($500) 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. 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 Hartford Community Loan Fund 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 Hartford Community Loan Fund 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 Hartford Community Loan Fund and reflected herein is subsequently discovered to be untrue;
3. So long as this Consent Order is promptly disclosed by Hartford Community Loan Fund and its control persons, as applicable, on NMLS, nothing in the issuance of this Consent Order shall adversely affect the ability of Hartford Community Loan Fund 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
4.
This Consent Order shall become final when issued.
 


Issued at Hartford, Connecticut
this 8th day of September 2016.          ______/s/__________
                                                     Jorge L. Perez
                                                     Banking Commissioner

 

I, Rex Fowler, state on behalf of Hartford Community Loan Fund, 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 Hartford Community Loan Fund, Inc.; that Hartford Community Loan Fund, 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 Hartford Community Loan Fund, 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:  Rex Fowler
                                                    Title:  Executive Director
                                                    Hartford Community Loan Fund, Inc.

State of:  CT

County of:  Hartford

On this the 30th day of August 2016, before me, Stephen A. Borla, the undersigned officer, personally appeared Rex Fowler who acknowledged himself/herself to be the Executive Director of Hartford Community Loan Fund, Inc., a corporation, and that he/she as such Executive Director, 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 Executive Director.

In witness whereof I hereunto set my hand.


                                                     __________/s/___________
                                                     Notary Public  
                                                     Date Commission Expires:  July 31, 2021


Administrative Orders and Settlements