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Sherman, Clay & Co

Order
Wednesday, July 15, 2015
Docket No. 15-021-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/Sherman%20Clay.pdf

 

Docket No. 15-21-B

In The Matter Of: Sherman, Clay & Co. d/b/a AllWell

 

STIPULATION AND CONSENT AGREEMENT

Background

1. The Commissioner of the Vermont Department of Financial Regulation is charged with administering and enforcing Vermont law as it pertains to sales finance companies doing business in the State of Vermont. 8 V.S.A. Chapters 1 and 73.

2. Sherman, Clay & Co. d/b/a All Well ("Sherman Clay") is an Indiana corporation with its principal place of business in San Bruno, California.

3. In connection with Sherman Clay's application for a Vermont sales finance company license, the Department received a March 18, 2015 letter from Sherman Clay indicating that between approximately November 27, 2012 and September 15, 2014 Sherman Clay acted as a sales finance company in Vermont through its AllWell financing line.

4. Sherman Clay does not hold a sales finance company license as required by 8 V.S.A. §2201(a)(1)(4).

5. The Department has alleged that Sherman Clay violated 8 V.S.A. §2201(a)(1)(4) by engaging in sales finance company activities in Vermont without a license.

6. The Department has also alleged that this is a repeat violation by Sherman Clay. In January 2009 Sherman Clay entered into a Stipulation and Consent Order with the Department to resolve unlicensed sales finance company activity in Vermont. See DFR Docket No. 09-004-B.

7. Sherman Clay has not admitted any violation of Vermont law and has denied any intentional wrongdoing on its part.

8. The parties wish to resolve this matter without further administrative or judicial proceedings.

9. Sherman Clay and the Department expressly agree to enter into this Stipulation and Consent Agreement in full and complete resolution of the alleged violations described in paragraphs 5 and 6.

Stipulation and Agreement

Sherman Clay and the Department hereby stipulate and agree as follows:

10. Although Sherman Clay does not admit the Department's allegations; Sherman Clay does not dispute the facts establishing the Department's jurisdiction over Sherman Clay in this matter.

11. Sherman Clay shall pay an administrative penalty to the Department in the amount of$26.000.00, which payment shall be made on or before July 24, 2015.

12. Sherman Clay shall not engage in sales finance company activities in Vermont without first obtaining a Vermont sales finance company license.

13. Sherman Clay shall establish policies and procedures to ensure that it does not engage in sales finance company activities in Vermont without a license.

14. The execution of this Stipulation and Consent Agreement, in and of itself, shall not prohibit Sherman Clay from filing an application with the Department for a sales finance company license.

15. In the event Sherman Clay fails to comply with any provision or condition of this Stipulation and Consent Agreement, the Commissioner may, upon submission of a request from the Banking Division of the Department, issue an Order imposing additional administrative penalties, and ordering any other available remedy. The Department's failure to exercise this option shall not constitute a waiver of the right to exercise such option at any other time.

16. The Department shall retain continuing jurisdiction in this matter until Sherman Clay has complied with the terms and conditions of this Stipulation and Consent Agreement.

17. This Stipulation and Consent Agreement shall not prevent any person from pursuing any claim or defense such person may have against Sherman Clay.

18. Nothing contained in this Stipulation and Consent Agreement shall restrain or limit the Department in responding to and addressing any actual complaint filed with the Department involving Sherman Clay, and the Department reserves the right to pursue restitution or any other remedy in connection with any actual complaint filed with the Department.

19. Sherman Clay knowingly and voluntarily waives any right it may have to judicial review by any court of these matters by way of suit, appeal, or extraordinary relief resulting from entry of this Stipulation and Consent Agreement.

ORDER

NOW THEREFORE, IT IS HEREBY ORDERED THAT:

20. Sherman Clay shall comply with all agreements, stipulations, and undertakings as recited in this Stipulation and Consent Agreement.

21. Sherman Clay shall pay an administrative penalty to the Department as described above, which payment shall be made on or before July 24, 2015.

22. In the event Sherman Clay fails to pay the administrative penalty to the Department or otherwise fails to comply with any other term or condition of this Stipulation and Consent Agreement, the Commissioner may, upon submission of a request from the Banking Division of the Department, issue an Order imposing additional administrative penalties, and ordering any other available remedy. The Department's failure to exercise this option shall not constitute a waiver of the right to exercise such option at any other time.

23. This Order shall not prevent any person from pursuing any claim he or she may have against Sherman Clay.

24. Nothing contained in this Order shall restrain the Department from responding to and addressing any complaint involving Sherman Clay filed with the Department or shall preclude the Department from pursuing any other violation of law.

25. This Order shall not be construed as an adjudication of any violation of any Vermont law or federal law, except as specifically set forth herein.

MSA Mortgage, LLC

Order
Friday, May 15, 2015
Docket No. 15-007-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/MSA%20Mortgage.pdf

 

Docket No. 15-007- B

In The Matter Of: MSA MORTGAGE, LLC, Respondent

SETTLEMENT AGREEMENT

Background

1. The Commissioner is charged with administering and enforcing the lending laws of the State of Vermont, including 8 V.S.A. Chapters 73 and applicable Regulations which govern the conduct of licensed lenders and mortgage brokers. 8 V.S.A. §§ 11 and 12.

2. MSA Mortgage, LLC ("MSA") is a Massachusetts limited liability company.

3. MSA currently holds two Vermont lender licenses and two Vermont mortgage broker licenses for two locations.

4. On April 29, 2004, MSA was issued Lender License No. 5480 and Mortgage Broker License No. 506MB for a location at 5 Fremont Street. Winthrop, MA.

5. On July 25, 2007, MSA was issued Lender License No. 5989 and Mortgage Broker License No. 871 MB for a location at 18 Mad River Green, 2nd Floor, Waitsfield, VT.

6. The Department conducted an examination of MSA for the period January 1, 2011 through October 31, 2012.

7. The examination revealed that none of the files reviewed contained commitment letters. MSA asserts that it issued but failed to retain the commitment letters. Without a copy of the commitment letter, the Department cannot verify that MSA issued valid commitment letters. Based on this examination, the Department has alleged that MSA failed to issue valid commitment letters, in violation of 9 V.S.A. § 103 and Regulation B-98-1.

8. The Department's prior two examinations of MSA, effective January 29, 2007 and December 31, 2010, found defective loan commitment letters. The 2012 examination was the third consecutive examination in which the Department found commitment letter violations.

9. MSA has denied any intentional wrongdoing on its part.

10. The parties wish to resolve this matter without administrative or judicial proceedings.

11. MSA and the Department expressly agree to enter into this Settlement Agreement in full and complete resolution of the commitment letter violations alleged in paragraphs 6, 7, and 8.

 

Stipulation and Agreement

MSA and the Department hereby stipulate and agree as follows:

12. Although MSA neither admits nor denies the Department's allegations. MSA does not dispute that there is a factual basis for the Department's allegations in this Settlement Agreement.

13. MSA agrees to pay: (a) an administrative penalty to the Department of Financial Regulation in the amount of $70,000; and (b) a $5,000 payment to the VT DFR- Financial Services Education & Training Special Fund, which payments shall be made on or before June 5. 2015.

14. MSA shall issue commitment letters which comply with 9 V.S.A. I 03 and Regulation B-98-1. MSA shall provide a copy of its current commitment letter for the Department to review and approve. MSA shall use the Department approved form of commitment letter.

15. MSA represents that in order to ensure future compliance with regard to commitment letters, it has already instituted the following:

o MSA has amended its pre-closing, quality control process to specifically check all Vermont mortgage loan applications to determine whether the commitment letter has been sent to the borrower and whether a copy of the commitment letterappears in the Joan file.

o MSA has revised the Pre-Closing Quality Control Checklist to include the above requirement.

o In accordance with MSA's policies and procedures, an underwriter must complete the Pre-Closing Quality Control Checklist for each loan application file prior to being sent to MSA Mortgage's Closing Department.

o The underwriter must determine whether a copy of the applicant executed commitment letter appears in the loan file or expressly condition the scheduling of the loan closing on the receipt of the executed commitment letter.

o MSA has amended its post-closing quality control protocol to check to make certain that MSA Mortgage underwriters and closing personnel are fully complying with the above requirements.

16. In the event MSA fails to make the payments described in paragraph 13 on or before June 5, 2015, the Commissioner may, upon request from the Banking Division of the Department, issue an Order suspending, revoking, or terminating any or all of MSA 's licenses and imposing additional administrative penalties. The Department's failure to exercise this option shall not constitute a waiver of the right to exercise such option at any other time.

17. The Department shall retain continuing jurisdiction in this matter until MSA has complied with the terms and conditions of this Settlement Agreement.

18. The Department may conduct an examination at any time to monitor MSA 's compliance with the terms and conditions of this Settlement Agreement or for any other reason.

19. This Settlement Agreement shall not prevent any person from pursuing any claim he or she may have against MSA, nor shall it be understood as determining whether any such claim may or may not exist in law or equity.

20. Nothing contained in this Settlement Agreement shall restrain or limit the Department in responding to and addressing any actual complaint filed with the Department involving MSA and the Department reserves the right to pursue restitution in connection with any complaint filed with the Department.

21. MSA knowingly and voluntarily waives any right it may have to judicial review by any court of these matters by way of suit, appeal, or extraordinary relief resulting from entry or enforcement of this Settlement Agreement.

ORDER

NOW THEREFORE, IT IS HEREBY ORDERED THAT:

22. MSA shall comply with all agreements, stipulations, and undertakings as recited above.

23. MSA shall make the payments described in paragraph 13, which payments shall be made on or before June 5, 2015.

24. In the event MSA fails to make the payments described above on or before June 5, 2015, the Commissioner may, upon request from the Banking Division of the Department, issue an Order suspending, revoking, or terminating any or all of MSA's licenses and may impose additional administrative penalties. The Department's failure to exercise this option shall not constitute a waiver of the right to exercise such option at any other time.

25. This Order shall not prevent any person from pursuing any claim he or she may have against MSA.

26. Nothing contained in this Order shall restrain the Department from responding to and addressing any complaint involving MSA filed with the Department or shall preclude the Department from pursuing any other violation of law.

27. This Order shall not be construed as an adjudication of any violation of any Vermont law or federal law, except as specifically set forth herein.

6:10 Services d/b/a Debt Free America

Order
Thursday, July 15, 2010
Docket No. 10-041-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/10-041-B_20150312085401.pdf

Docket No. 10-041-B

In Re: 6:10 Services d/b/a Debt Free America, Respondent

 

ORDER REFUSING RENEWAL OF DEBT ADJUSTER LICENSE

NOW COMES the Commissioner of the Vermont Department of Banking, Insurance, Securities, and Health Care Administration (the "Department") and pursuant to 8 V.S.A. §2210 issues this Determination and Order Refusing Renewal of 6:10 Services d/b/a Debt Free America's (the "Respondent") debt adjuster license.

Findings Of Fact

1. Respondent currently holds debt adjuster license no. 15 for a location at 8575 Gibbs Drive, Suite 190, San Diego, California 92123.

2. 8 V.S.A. §§ 4867 and 4868 provide in relevant part that a license shall remain in full force and effect until surrendered by the licensee, or until the Commissioner revokes, suspends, or refuses to renew the license.

3. Respondent failed to pay its annual license renewal fee for its debt adjuster license, which fee was due on or before December 1, 2009 for calendar year 2010, as required by 8 V .S.A. § 4867. Failure to pay the license renewal fee constitutes grounds for the Commissioner to refuse to renew Respondent's license under 8 V.S.A. §§ 4867 and 4868.

4. On May 20, 2010 the Department sent Administrative Charges and Notice of Hearing Rights (the "Administrative Charges") by regular mail and by certified mail, return receipt requested, to Respondent's current address as stated on its license, as required by 8 V.S.A.

§ 4868(b) and Regulation B-82-1. The Administrative Charges constitute notice to Respondent of its right to have a hearing and defend against the charges.

5. Respondent has failed to request a hearing or otherwise defend against the charges within the time permitted by law.

Conclusions Of Law

6. Respondent failed to renew its license for 2010 by failing to pay its license renewal fee on or before December 1, 2009 as required by 8 V.S.A. § 4867. Failure to renew its license and pay the license renewal fee constitutes grounds under 8 V.S.A. §§ 4867 and 4868 for the Commissioner to issue an order refusing to renew the license issued to Respondent.

7. The Department provided Respondent with adequate written notice and an opportunity for a hearing as required by 8 V.S.A. § 4868(b) and Regulation B-82-1. Respondent failed to request a hearing or otherwise defend against the charges.

ORDER

Pursuant to the authority contained in 8 V.S.A. Chapter 1, 3, and 133, the Vermont Administrative Procedures Act (3 V.S.A. §§ 809 et seq.), and Department Regulation B-82-1:

A. Respondent's debt adjuster license is hereby not renewed for calendar year 2010.

1st Citizen Mortgage, LLC. d/b/a Champlain Valley Mortgage

Order
Thursday, July 15, 2010
Docket No. 10-042-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/10-042-B_20150312085523.pdf

Docket No. 10-042-B

In Re: 1st Citizen Mortgage, LLC d/b/a Champlain Valley Mortgage, Respondent

 

ORDER REFUSING RENEWAL OF MORTGAGE BROKER LICENSE

NOW COMES the Commissioner of the Vermont Department of Banking, Insurance , Securities, and Health Care Administration (the "Department") and pursuant to 8 V.S.A. §2210 issues this Determination and Order Refusing Renewal of 1st Citizen Mortgage, LLC d/b/a Champlain Valley Mortgage's (the "Respondent") mortgage broker license.

Findings Of Fact

1. Respondent currently holds mortgage broker license no. 0681MB for a location at 119 Littleton Road , Suite 104, Parsippany, New Jersey 07054.

2. 8 V.S.A. § 2204(c) provides in relevant part that a license shall remain in full force and effect until surrendered by the licensee, or until the Commissioner revokes, suspends, or refuses to renew the license.

3. Respondent failed to pay its annual license renewal fee for its mortgage broker license, which fee was due on or before December 1, 2009 for calendar year 2010, as required by 8 V.S.A. § 2209. Failure to pay the license renewal fee constitutes grounds for the Commissioner to refuse to renew Respondent's license under 8 V .S.A. §2210.

4. On May 20, 2010 the Department sent Administrative Charges and Notice of Hearing Rights (the "Administrative Charges") by regular mail and by certified mail, return receipt requested, to Respondent's current address as stated on its license, as required by 8 V.S.A. § 2210 and Regulation B-82-1. The Administrative Charges constitute notice to Respondent of its right to have a hearing and defend against the charges.

5. Respondent has failed to request a hearing or otherwise defend against the charges within the time permitted by law.

Conclusions Of Law

6. Respondent failed to renew its license for 2010 by failing to pay its license renewal fee on or before December 1, 2009 as required by 8 V.S.A. § 2209. Failure to renew its license and pay the license renewal fee constitutes grounds under 8 V.S.A. § 2210 for the Commissioner to issue an order refusing to renew the license issued to Respondent.

7. The Department provided Respondent with adequate written notice and an opportunity for a hearing as required by 8 V .S.A. § 2210 and Regulation B-82-1. Respondent failed to request a hearing or otherwise defend against the charges.

ORDER

Pursuant to the authority contained in 8 V.S.A. Chapter 1, 3, and 73, the Vermont Administrative Procedures Act (3 V .S.A. §§ 809 et seq.), and Department Regulation B-82-1:

A. Respondent's mortgage broker license is hereby not renewed for calendar year 2010.

QuoteMatch, LLC.

Order
Thursday, July 15, 2010
Docket No. 10-043-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/10-043-B_20150312085613.pdf
Docket No. 10-043-B

ln Re: QuoteMatch, LLC, Respondent

 

ORDER REFUSING RENEWAL OF MORTGAGE BROKER LICENSE

NOW COMES the Commissioner of the Vermont Department of Banking, Insurance, Securities, and Health Care Administration (the "Department") and pursuant to 8 V.S.A. §2210 issues this Determination and Order Refusing Renewal of QuoteMatch, LLC's (the "Respondent") mortgage broker license.

Findings Of Fact

1. Respondent currently holds mortgage broker license no. 0677MB for a location at 9950 Summers Ridge Road, Suite 160, San Diego, California 92121

2. 8 V.S.A. § 2204(c) provides in relevant part that a license shall remain in full force and effect until surrendered by the licensee, or until the Commissioner revokes, suspends, or refuses to renew the license.

3. Respondent failed to pay its annual license renewal fee for its mortgage broker license, which fee was due on or before December 1, 2009 for calendar year 2010, as required by 8 V.S.A. § 2209. Failure to pay the license renewal fee constitutes grounds for the Commissioner to refuse to renew Respondent's license under 8 V.S.A. §2210.

4. On May 20, 2010 the Department sent Administrative Charges and Notice of Hearing Rights (the "Administrative Charges") by regular mail and by certified mail, return receipt requested, to Respondent's current address as stated on its license, as required by 8 V.S.A. § 2210 and Regulation B-82-1. The Administrative Charges constitute notice to Respondent of its right to have a hearing and defend against the charges.

5. Respondent has failed to request a hearing or otherwise defend against the charges within the time permitted by law.

Conclusions Of Law

6. Respondent failed to renew its license for 2010 by failing to pay its license renewal fee on or before December 1, 2009 as required by 8 V.S.A. § 2209. Failure to renew its license and pay the license renewal fee constitutes grounds under 8 V.S.A. § 2210 for the Commissioner to issue an order refusing to renew the license issued to Respondent.

7. The Department provided Respondent with adequate written notice and an opportunity for a hearing as required by 8 V .S.A. § 2210 and Regulation B-82-1. Respondent failed to request a hearing or otherwise defend against the charges.

ORDER

Pursuant to the authority contained in 8 V.S.A. Chapter 1, 3, and 73, the Vermont Administrative Procedures Act (3 V.S.A. §§ 809 et seq.), and Department Regulation B-82-1:

A. Respondent's mortgage broker license is hereby not renewed for calendar year 2010.


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