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IN THE MATTER OF:
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, Polk is an individual not currently licensed as a mortgage loan originator in Connecticut;
WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking, investigated the activities of Polk, among others, pursuant to Section 36a-17 of the 2012 Supplement to the General Statutes and Section 36a-498f of the Connecticut General Statutes, to determine if he 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 such investigation, on June 5, 2012, the Commissioner, acting pursuant to Sections 36a-494(b) and 36a-494(a)(1)(C) of the 2012 Supplement to the General Statutes, subsections (a) and (b) of Section 36a-51 of the 2012 Supplement to the General Statutes and Sections 36a-52(a) and 36a-50(a) of the Connecticut General Statutes, issued a Notice of Intent to Revoke Mortgage Correspondent Lender License, 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 Polk, among others, which Notice is incorporated herein by reference;
WHEREAS, the Notice alleges that Polk engaged in the business of a mortgage loan originator in Connecticut without being duly licensed as such, in violation of Section 36a-486(b)(1) of the Connecticut General Statutes, in effect prior to October 1, 2011, and Section 36a-486(b)(1) of the 2012 Supplement to the General Statutes;
WHEREAS, on June 6, 2012, the Notice was sent by certified mail, return receipt requested, to Polk (Certified Mail Nos. 70112000000247358277 and 70110470000225730041);
WHEREAS, on June 7, 2012, Polk received the Notice sent by Certified Mail No. 70112000000247358277;
WHEREAS, on June 11, 2012, the Notice sent by Certified Mail No. 70110470000225730041 to Polk was received by the Department marked “Return to Sender, Not Deliverable as Addressed, Unable to Forward”;
WHEREAS, on June 18, 2012, Polk requested a hearing, which hearing is currently scheduled for January 15, 2013;
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, both the Commissioner and Polk now desire to resolve the matters alleged in the Notice and set forth herein with regard to Polk;
WHEREAS, Polk voluntarily agrees to consent to the entry of the sanctions 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, Polk acknowledges that this Consent Order is a public record and is a reportable event for purposes of regulatory disclosure questions on the Nationwide Mortgage Licensing System and Registry (“NMLS”);
WHEREAS, Polk represents that he is experiencing financial hardship and has submitted evidence to the Commissioner indicating such hardship;
WHEREAS, based on such evidence, the Commissioner believes Polk is financially incapable of paying the full civil penalty that otherwise would have been assessed against Polk;
WHEREAS, Polk 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, Polk, by his execution of this Consent Order, voluntarily agrees to waive his procedural rights, including a right to hearing as it pertains to the allegation set forth in the Notice, and voluntarily waives his right to seek judicial review or otherwise challenge or contest the validity of this Consent Order.
CONSENT TO ENTRY OF SANCTION
WHEREAS, Polk, through his execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanctions:
|1.||No later than the date this Consent Order is executed by Polk, Polk 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; and|
|2.||Polk shall immediately cease and desist from engaging in the business of a mortgage loan originator while not being duly licensed as such, in violation of Section 36a-486(b)(1) of the Connecticut General Statutes, in effect prior to October 1, 2011, and Section 36a-486(b)(1) of the 2012 Supplement to the General Statutes.|
NOW THEREFORE, the Commissioner enters the following:
|1.||The Sanctions set forth above be and are 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 Polk based upon the allegation contained in the Notice and set forth herein; provided that issuance of this Consent Order is without prejudice to the right of the Commissioner to take enforcement action against Polk 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 Polk and reflected herein is subsequently discovered to be untrue;|
|3.||So long as this Consent Order is complied with and promptly disclosed by Polk on NMLS, nothing in the issuance of this Consent Order shall adversely affect the ability of Polk 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 legal requirements for such licensure or renewal licensure are satisfied; and|
This Consent Order shall become final when issued.
Issued at Hartford, Connecticut
this 2nd day of January 2013. ________/s/_________
Howard F. Pitkin
I, Greg Polk, state that I have read the foregoing Consent Order; that I know and fully understand its contents; that I agree freely and without threat or coercion of any kind to comply with the sanctions entered and terms and conditions ordered herein; and that I voluntarily agree to enter into this Consent Order, expressly waiving the procedural rights set forth herein as to the matters described herein.
State of: Connecticut
County of: Hartford
On this the 28th day of December 2012, before me, Greg Polk, the undersigned officer, personally appeared Greg Polk, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument and acknowledged that he executed the same for the purposes therein contained.
In witness whereof I hereunto set my hand.
Aaron Jainchill, Esq.
Commissioner Superior Court