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On February 9, 2010, the Commissioner entered into a Settlement Agreement with Gentry Capital Services, LLC (“Gentry Capital Services”).  The Settlement Agreement was based on an examination by the Consumer Credit Division.  As a result of such examination, the Commissioner alleged that Gentry Capital Services employed or retained, during the period of January 2008 through February 2009, two (2) individuals as originators or mortgage loan originators without registering or licensing them in violation of Sections 36a-486(b) and 36a-511(b) of the then applicable Connecticut General Statutes.  The Commissioner also alleged that during the period of February 2009 through June 2009, Gentry Capital Services received a “co-broker fee” from another mortgage broker for two (2) loans in violation of 24 CFR 3500.14(b), which is a regulation applicable to the conduct of the business of Gentry Capital Services.  Gentry Capital Services agreed to voluntarily make a contribution to the State Regulatory Registry, LLC, a wholly-owned subsidiary of the Conference of State Bank Supervisors (“CSBS”), in the amount of $1,000 to support the Nationwide Mortgage Licensing System and Registry, jointly developed by CSBS and the American Association of Residential Mortgage Regulators, and to pay $6,000 as a civil penalty.  A copy of the Settlement Agreement can be obtained from the Department’s website.

On February 9, 2010, the Commissioner entered into a Settlement Agreement with Chrysalis Funding of Connecticut, LLC (“Chrysalis Funding”).  The Settlement Agreement was based on an investigation by the Consumer Credit Division.  During the course of such investigation, Chrysalis Funding self-reported that during 2009 it had employed or retained one individual as a mortgage loan originator without licensing such individual in violation of Sections 36a-486(b) of the Connecticut General Statutes, as amended by Public Acts 09-208 and 09-209.  As part of the Settlement Agreement, Chrysalis Funding paid a civil penalty in the amount of $1,000.  A copy of the Settlement Agreement can be obtained from the Department’s website.