| * * * * * * * * * * * * * * * * * * * * * * * * IN THE MATTER OF: SILVER FIN CAPITAL GROUP LLC | * * * * * * * * * | 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, Silver Fin Capital Group is a New York limited liability company that is currently licensed 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 Silver Fin 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 June 24, 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 Silver Fin Capital Group, which Notice is incorporated herein by reference;
WHEREAS, the Commissioner alleged in the Notice that Silver Fin Capital Group failed to 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, 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 June 25, 2013, the Notice was sent by certified mail, return receipt requested, to Silver Fin Capital Group (Certified Mail No. 70123050000216929911);
WHEREAS, on June 27, 2013, Silver Fin Capital Group received the Notice and on July 9, 2013, 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 Silver Fin Capital Group now desire to resolve the matters alleged in the Notice and set forth herein;
WHEREAS, Silver Fin Capital Group admits that the MCR – Standard – Financial Condition (2012) described in the Notice and set forth 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, Silver Fin Capital Group 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, Silver Fin 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, Silver Fin 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, Silver Fin 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 allegation 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, Silver Fin 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 Silver Fin Capital Group, Silver Fin 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 Two Thousand Five Hundred Dollars ($2,500) 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. | No later than the date this Consent Order is executed by Silver Fin Capital Group, Silver Fin Capital Group shall have satisfactorily filed all MCRs required to date. In the future, Silver Fin 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 Silver Fin 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 Silver Fin Capital Group based upon the allegation set forth in the Notice and contained herein; provided that issuance of this Consent Order is without prejudice to the right of the Commissioner to take enforcement action against Silver Fin 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 Silver Fin Capital Group and reflected herein is subsequently discovered to be untrue; |
| 4. | So long as this Consent Order is promptly disclosed by Silver Fin Capital Group and its control persons on NMLS, as applicable, nothing in the issuance of this Consent Order shall adversely affect the ability of Silver Fin 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 6th day of August 2013.
________/s/_________
Howard F. Pitkin
Banking Commissioner
I, Andrew S. Weinberg, state on behalf of Silver Fin Capital Group 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 Silver Fin Capital Group, LLC; that Silver Fin Capital Group 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 Silver Fin Capital Group 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: Andrew S. Weinberg
Title: Principal
Silver Fin Capital Group LLC
State of: NY
County of: Queens
On this the 2nd day of August 2013, before me, Athena Bubell, the undersigned officer, personally appeared Andrew S. Weinberg who acknowledged himself/herself to be the Principal of Silver Fin Capital Group LLC, a member managed/manager managed limited liability company, and that he/she as such Principal, 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/herself as Principal.
In witness whereof I hereunto set my hand.
_________/s/_________
Notary Public
Date Commission Expires: 4/12/15