| * * * * * * * * * * * * * * * * * * * * * * * IN THE MATTER OF: NEIGHBORHOOD ASSISTANCE | * * * * * * * * * * * * | 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, NACA is a Massachusetts 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, as the result of a December 10, 2014 investigation, the Commissioner alleges that NACA, changed the address of its branch office specified on its most recent filing with the Nationwide Mortgage Licensing System and Registry (“NMLS”) and failed to file such change with NMLS at least 30 calendar days prior to such change, and, in connection with such address change, failed to 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 branch office, in violation of Section 36a-490(b) of the Connecticut General Statutes;
WHEREAS, the Commissioner believes that such allegation would support initiation of proceedings against NACA, which proceedings would constitute a “contested case” within the meaning of Section 4-166(4) of the Connecticut General Statutes, as amended by Public Act 14-187. 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, NACA, through its execution of this Consent Order, voluntarily agrees to waive its procedural rights, including a right to notice and an opportunity for 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;
WHEREAS, NACA acknowledges that this Consent Order is a public record and is a reportable event for purposes of NMLS, as applicable;
AND WHEREAS, NACA herein represents to the Commissioner that it has reviewed and updated its internal policies, procedures and controls to ensure that NACA 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, NACA 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, NACA, 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 NACA, NACA 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 NACA 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 NACA 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 NACA and reflected herein is subsequently discovered to be untrue; |
| 3. | So long as this Consent Order is promptly disclosed by NACA and its control persons, as applicable, on NMLS, nothing in the issuance of this Consent Order shall adversely affect the ability of NACA 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, and for its mortgage loan originators to apply for or obtain licensure from the Commissioner, 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 14th day of January 2015. _______/s/_________
Howard F. Pitkin
Banking Commissioner
I, Bruce Marks, state on behalf of Neighborhood Assistance Corporation of America, 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 Neighborhood Assistance Corporation of America; that Neighborhood Assistance Corporation of America agrees freely and without threat or coercion of any kind to comply with the sanction entered and terms and conditions ordered herein; and that Neighborhood Assistance Corporation of America 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: Bruce Marks
Title: CEO
Neighborhood Assistance Corporation of America
State of: MA
County of: Suffolk
On this the 9th day of January 2015, before me, Nicholas M. Hamlet, the undersigned officer, personally appeared Bruce Mark who acknowledged himself/herself to be the CEO of Neighborhood Assistance Corporation of America, a corporation, and that he/she as such CEO, 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 CEO.
In witness whereof I hereunto set my hand.
_________/s/_________
Notary Public
Date Commission Expires: July 20, 2018