| * * * * * * * * * * * * * * * * * * * * * * * IN THE MATTER OF: VISION QUEST LENDING | * * * * * * * * * * * * * | 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, Vision Quest is a California corporation that is currently licensed as a mortgage correspondent lender under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes;
WHEREAS, as the result of an April 21, 2015 investigation, the Commissioner alleges that Vision Quest, changed the address of its main 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 address of the main 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 Vision Quest, which proceedings would constitute a “contested case” within the meaning of Section 4-166(4) of the Connecticut 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, Vision Quest, 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, voluntarily agrees to consent to the entry of the sanction imposed below without admitting or denying any allegation contained herein and voluntarily waives its right to seek judicial review or otherwise challenge or contest the validity of this Consent Order
WHEREAS, Vision Quest acknowledges that this Consent Order is a public record and is a reportable event for purposes of NMLS, as applicable;
AND WHEREAS, Vision Quest herein represents to the Commissioner that it has reviewed and updated its internal policies, procedures and controls to ensure that Vision Quest will file any change it makes to 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, Vision Quest 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, Vision Quest, 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 Vision Quest, Vision Quest 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 Vision Quest 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 Vision Quest 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 Vision Quest and reflected herein is subsequently discovered to be untrue; |
| 3. | So long as this Consent Order is promptly disclosed by Vision Quest and its control persons, as applicable, on NMLS, nothing in the issuance of this Consent Order shall adversely affect the ability of Vision Quest 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 10th day of June 2015. _______/s/_________
Jorge L. Perez
Banking Commissioner
I, Michelle Nguyen, state on behalf of Vision Quest Lending d/b/a Vision Quest Lending Corporation, 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 Vision Quest Lending d/b/a Vision Quest Lending Corporation; that Vision Quest Lending d/b/a Vision Quest Lending Corporation agrees freely and without threat or coercion of any kind to comply with the sanction entered and terms and conditions ordered herein; and that Vision Quest Lending d/b/a Vision Quest Lending Corporation 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: Michelle Nguyen
Title: President
Vision Quest Lending
d/b/a Vision Quest Lending Corporation
State of: California
County of: Orange
On this the 4th day of June 2015, before me, Joe Bao Tang, the undersigned officer, personally appeared Michelle Nguyen who acknowledged himself to be the President of Vision Quest Lending d/b/a Vision Quest Lending Corporation, a corporation, and that he 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 as President.
In witness whereof I hereunto set my hand.
_________/s/_________
Notary Public
Date Commission Expires: 4/17/18