| * * * * * * * * * * * * * * * * * * * * * * * IN THE MATTER OF: RENEW FINANCIAL CORP. II | * * * * * * * * * * * * * | CONSENT ORDER |
WHEREAS, Renew Financial Corp. II is a Pennsylvania corporation that was licensed as a mortgage lender under Part I of Chapter 668, Sections 36a-485 to 36a-534c, inclusive, of the Connecticut General Statutes until December 31, 2015;
WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes, “Mortgage Lenders, Correspondent Lenders, Brokers and Loan Originators”;
WHEREAS, by letter to the Department of Banking dated December 28, 2015, after being notified of a violation of Section 36a-490(b), Renew Financial Corp. II stated its intention to not renew its mortgage lender license in Connecticut for reasons unrelated to this Consent Order;
WHEREAS, Section 36a-490(b) of the Connecticut General Statutes requires that a mortgage lender licensee file with the Nationwide Mortgage Licensing System and Registry (“NMLS”) a change of its name at least 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 name;
WHEREAS, on December 7, 2015, Renew Financial Corp. II filed its name change on NMLS and indicated it was effective the same day;
WHEREAS, Renew Financial Corp. II thus failed to file with NMLS a change of its name at least 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 before its mortgage lender license expired on December 31, 2015;
WHEREAS, the Commissioner believes that such allegation would support initiation of proceedings against Renew Financial Corp. II, 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 15-61. 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, Renew Financial Corp. II, 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 and voluntarily waives its right to seek judicial review or otherwise challenge or contest the validity of this Consent Order;
WHEREAS, Renew Financial Corp. II acknowledges that this Consent Order is a public record and is a reportable event for purposes of NMLS, as applicable;
AND WHEREAS, Renew Financial Corp. II herein represents to the Commissioner that should it ever reapply for a mortgage lender license it Connecticut, it will review and update its internal policies, procedures and controls to ensure that Renew Financial Corp. II 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 30 calendar days prior to such change and, in connection with such change, Renew Financial Corp. II 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, Renew Financial Corp. II, 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 Renew Financial Corp. II, 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 is 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 Renew Financial Corp. II 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 Renew Financial Corp. II 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 Renew Financial Corp. II and reflected herein is subsequently discovered to be untrue; |
| 3. | So long as this Consent Order is promptly disclosed by Renew Financial Corp. II and its control persons, as applicable, on NMLS, nothing in the issuance of this Consent Order shall adversely affect the ability of Renew Financial Corp. II to apply for or obtain 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 February 2016. _______/s/_________
Jorge L. Perez
Banking Commissioner
I, Francisco DeVries, state on behalf of Renew Financial Corp. II f/k/a AFC First Financial 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 Renew Financial Corp. II d/b/a AFC First Financial Corporation; that Renew Financial Corp. II f/k/a AFC First Financial Corporation agrees freely and without threat or coercion of any kind to comply with the sanctions entered and terms and conditions ordered herein; and that Renew Financial Corp. II f/k/a AFC First Financial 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: Francisco DeVries
Title: President
Renew Financial Corp. II
f/k/a AFC First Financial Corporation
State of: California
County of: Alameda
On this the 3 day of February 2016, before me, Linda Elijah, the undersigned officer, personally appeared Francisco DeVries who acknowledged himself to be the President of Renew Financial Corp. II f/k/a AFC First Financial Corporation, a corporation, and that he as such ________________, 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: Jan 10, 2018