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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, Shamrock Financial is a Rhode Island 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, Section 36a-490(b) of the Connecticut General Statutes requires that mortgage correspondent lender licensees file with the Nationwide Multistate Licensing System and Registry (“NMLS”) a change of the address of its main or branch office at least thirty (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 address of the main or branch office;
WHEREAS, Shamrock Financial failed to file with NMLS a change of address of its branch office at least thirty (30) calendar days prior to such change;
WHEREAS, the Commissioner believes that such allegation would support initiation of proceedings against Shamrock Financial, which proceedings would constitute a “contested case” within the meaning of Section 4-166(4) of the 2016 Supplement to the 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, Shamrock Financial, through its execution of this Consent Order, voluntarily agrees to waive its procedural rights, including a right to a notice and an opportunity for a 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, Shamrock Financial acknowledges that this Consent Order is a public record and is a reportable event for purposes of NMLS, as applicable;
AND WHEREAS, Shamrock Financial herein represents to the Commissioner that it has reviewed and updated its internal policies, procedures and controls to ensure that Shamrock Financial 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, Shamrock Financial 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, Shamrock Financial, 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 Shamrock Financial, 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.
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 Shamrock Financial 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 Shamrock Financial 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 Shamrock Financial and reflected herein is subsequently discovered to be untrue;|
|3.||So long as this Consent Order is promptly disclosed by Shamrock Financial and its control persons, as applicable, on NMLS, nothing in the issuance of this Consent Order shall adversely affect the ability of Shamrock Financial 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|
This Consent Order shall become final when issued.
Issued at Hartford, Connecticut
this 8th day of December 2016. _______/s/_________
Jorge L. Perez
I, Rod Correia, state on behalf of Shamrock 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 Shamrock Financial Corporation; that Shamrock Financial 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 Shamrock Financial Corporation voluntarily agrees to enter into this Consent Order, expressly waiving the procedural rights set forth herein as to the matters described herein.
Name: Rod Correia
Shamrock Financial Corporation
State of: Rhode Island
County of: Providence
On this the 5th day of December 2016, before me, Robert A. Solitro, the undersigned officer, personally appeared Rod Correia who acknowledged himself/herself to be the President of Shamrock Financial Corporation, a corporation, and that he/she 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/herself as President.
In witness whereof I hereunto set my hand.
Date Commission Expires: 6/13/2020