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Mortgage Access Corp. d/b/a Weichert Financial Services

Order
Friday, May 27, 2011
Docket No. 11-025-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/11-025-B_20150312091155.pdf

Note: Please see printer-firendly version for appendix.

 

CONSENT AGREEMENT AND ORDER MORTGAGE ACCESS CORP D/B/A WEICHERT FINANCIAL SERVICES

 

WHEREAS, MORTGAGE ACCESS CORP. D/B/A WEICHERT FINANCIAL SERVICES. ("MAC" or the "Corporation"), a .corporation organized under the laws of, and headquartered in, Morris Plains, New Jersey with full knowledge of its rights to notice and hearing pursuant to the laws of the States of Connecticut, Louisiana, New Jersey, New York, North Carolina and Vermont and the Commonwealths of Kentucky, Massachusetts, Pennsylvania and Virginia (collectively, the "States") and having waived those rights, enters into this Consent Agreement and Order ("Order"), dated May 27, 2011, with representatives of the Connecticut Department of Banking; the Kentucky Department of Financial Institutions; the Louisiana Office of Financial Institutions; the Massachusetts Division of Banks; the New Jersey Department of Banking and Insurance; the State of New York Banking Department; the North Carolina Office of the Commissioner of Banks; the Pennsylvania Department of Banking; the Vermont Department of Banking, Insurance, Securities and Health Care Administration; and the Virginia Bureau of Financial Institutions (hereafter the "State Mortgage Regulators") solely for the purpose of resolving- this matter in its entirety and without admitting any allegations or implications of fact or any violation of laws, regulations and rules governing the conduct and operation of MAC's mortgage business in each. MAC and the States are collective y referred to as the "Parties."

WHEREAS, on September 13, 2010, the State Mortgage Regulators commenced a limited scope multi-state examination (the "Multi-State Examination") of MAC in order to determine whether MAC was engaged in the practice of soliciting and originating residential mortgage loans utilizing individuals unlicensed in particular states from the period July 1, 2008 to September 9, 2010.

WHEREAS, each State Mortgage Regulator conducted the Multi-State Examination pursuant to its statutory authority as well as protocols established by the CSB /AARMR Nationwide Cooperative Protocol for Mortgage Supervision as well as the Nationwide Cooperative Agreement for Mortgage Supervision.

WHEREAS, MAC is licensed under the laws of the States and has its corporate headquarters located at 225 Littleton Road, Morris Plains, New Jersey and maintains various licensed branch offices in the States. ·

WHEREAS, MAC cooperated with the State Mortgage Regulators during the co1,1rse of the Multi-State Examination by: voluntarily providing documentation, including evidence of its efforts to comply with applicable laws, rules and regulations, access to its employees, systems and facilities and responding to inquiries, both verbally and in writing.

WHEREAS, the confidential findings of the Multi-Sate Examination and related State Specific Reports of Examination (collectively referred to as the "Examination"), which were prepared by the State Mortgage Regulators and issued to MAC on November 29, 2010, identified compliance violations in the States with applicable laws, regulations, and rules governing MAC 's mortgage business.

WHEREAS, on December 30, 2010, MAC provided a response to the findings and violations contained in the Multi-State Report of Examination to the State Mortgage Regulators whereby MAC contested the findings and compliance violations contained therein .

WHEREAS, after negotiation and solely for the purpose of resolving all compliance violations found by the State Mortgage Regulators, and without MAC admitting wrongdoing, the Parties seek to r solve by mutual agreement and without protracted administrative proceedings and judicial review all compliance violations identified below pursuant to each State Mortgage Regulator's statutory authority. MAC hereby waives its right to the hearing processes relative to such proceedings in each individual State and affirms that MAC d sires to employ corrective procedures and is willing to take remedial action as set forth in this Order.

MULTI-STATE EXAMINATION FINDINGS

WHEREAS, the Multi-State Examination revealed that MAC implemented and maintained a formal, written policy that permitted individuals unlicensed in particular states to originate a loan within that state and submit the information to a centralized lending area referred to as the "Interstate Lending Desk" ("ILD") which was staffed by mortgage loan originators ("MLOs") who were licensed in multiple states.

WHEREAS, the Multi-State Examination revealed that MAC, through its written policy, permitted individuals to: negotiate loan rates and terms with the applicant, complete a Uniform Residential Loan Application ("1003 Form"); obtain a credit bureau report on the applicant; submit the l003 Form to the Decision Underwriter system to determine the applicant's eligibility; and lock the loan rate for applicants, in particular states in which the individuals did not hold a license.

WHEREAS, the Multi-State Examination revealed that at times during the examination period, MAC's written policy permitted individuals unlicensed in particular states, to complete a worksheet developed by MAC which, when completed by the unlicensed individual, was transferred to the ILD and forwarded to a licensed MLO for signature on the 1003, in violation of the States' mortgage originator licensing requirements.

WHEREAS, the Multi-State Examination revealed that MAC tracked the identity of the individual unlicensed in particular states for compensation purposes, and further, that MAC compensated the unlicensed individuals for the loan origination.

WHEREAS, the Multi-State Examination revealed that MAC violated certain State reporting requirements.

WHEREAS, the Multi-State Examination revealed that MAC failed to adequately supervise mortgage loan ·solicitation and origination activities.

WHEREAS, the Multi-State Examination revealed that MAC lacked the proper internal controls necessary to oversee its mortgage origination operations.

WHEREAS, the Multi-State Examination revealed that MAC failed to maintain supervision and control over mortgage originators and failed to keep adequate records of the unlicensed individual's original documents, files and records.

WHEREAS, the Multi-State Examination revealed that MAC engaged in prohibited business practices by originating loans through the unlicensed individuals.

WHEREAS, the Multi-State Examination alleged that MAC displayed negligence and incompetence in the mortgage business by originating loans through individuals who did not hold a license.

WHEREAS, the Multi-State Examination revealed that MAC violated the statutory sections of the State Mortgage Regulators summarized in Appendix A.

WHEREAS, the Parties now seek to resolve by mutual agreement all issues raised during the Multi-State Examination.

AGREEMENT

1. Compliance. Upon the Effective Date of this Order, MAC shall:

a. Ensure that: (i) all mortgage loans are originated by MLOs who are properly licensed in the state in which the MLO conducts busi11ess; and (ii) all mortgage applications are taken and signed by the licensed MLO conducting the application interview;

b. Ensure that all policies, procedures and controls permit only licensed individuals to engage in mortgage origination activities. MAC assures the State Mortgage Regulators that this is the case and that its ILD no longer exists;

c. Ensure that its record-keeping complies with the laws in the State Mortgage Regulators' jurisdictions;

d. Ensure that all mortgage applications are taken and signed by.a licensed MLO conducting the application interview; and

e. Ensure that all records originated by MAC in the course of business are preserved and retained in a manner as prescribed by applicable State and Federal laws.

2. Internal Control Plan. Within ninety (90) days of the Effective Date of this Order, MAC shall submit an acceptable internal control plan (the "Plan") to the State Mortgage Regulators which sets forth at a minimum policies and procedures to:

a. Ensure that MAC's compliance department is managed by qualified managers who shall have responsibility for all consumer compliance and related matters, including, but not limited to, monitoring the Corporation's compliance and ensuring that corrective action is taken to address all compliance violations relating to and/or set forth in the Report;

b. Provide for adequate training to applicable staff persons conducted by qualified and trained personnel, which includes, but is not limited to, proper instruction, adequate supervision and ongoing training to ensure proper implementation and execution of the revised policies and procedures implemented pursuant to this Order;

c. Identify the type and number of senior management and officer personnel necessary to manage adequately and supervise properly the Corporation's mortgage business activity and the compliance department; ensure that each individual identified possesses the ability, experience, and other qualifications necessary to competently perform present and anticipated duties, to follow and enforce MAC's revised policies and procedures and Plan adopted pursuant to this Order; and confirm .the level of staffing needed to conduct competently the Corporation's operations affecting the States' consumers;

d. Develop, implement and maintain technology to prevent unlicensed individuals from submitting any consumer information including but not limited to: 1003 Forms; obtaining a credit bureau report on applicants; submitting the 1003 Form to the Decision Underwriter system to determine the applicants' eligibility; and locking the loan rate for applicants;

e. Ensure an effective system of preventing unlicensed individuals from soliciting, originating and receiving compensation for unlicensed activity;

f. Investigate complaints and other reports from employees, consumers, State or Federal agencies or other individuals alleging that MAC has employees acting in the capacity of an unlicensed mortgage loan originator; and

g. Develop and implement additional internal controls over its mortgage loan origination activities, including revising its policies and procedures to comply with applicable state and federal laws, regulations, and regulatory bulletins.

The State Mortgage Regulators shall make a good faith effort to review the Plan and approve or refuse to approve the Plan within thirty (30) days of the submission of the Plan. If the State Mortgage Regulators do not approve the ·Plan, the State Mortgage Regulators shall provide comments in a coordinated response on why the Plan is unacceptable and give MAC the opportunity to resubmit the Plan with the appropriate changes. The submission process shall continue unless and until such time as the State Mortgage Regulators approve a Plan. Once approved, MAC shall swiftly implement and comport with the approved Plan, provided that nothing in this Order shall prohibit MAC from adopting such additional procedures and safeguards above and beyond those required by the approved Plan, nor shall subsequent compliance with the approved Plan relieve MAC or its owners, officers, and/or directors from their lawful obligations under state or Federal law or to Shield them from liability for subsequent violations of law which may be perpetrated by themselves, their agents, or employees.

3. Fine/Civil Money Penalties. MAC shall pay a civil money penalty in the amount of three million dollars ($3,000,000) which shall be apportioned among the State Mortgage Regulators in equal shares. Payment shall be made as follows:

a. The civil money penalty shall be due in equal monthly installments on or before the last day of each month for a period of twelve (12) months until the civil money penalty is satisfied in full. The first payment shall be due upon execution of this Order, and the second payment shall be due on or before June 30, 2011.

b. The payments submitted pursuant to Paragraph 3(a) of this Order must be submitted in accordance with the payment instructions provided by each of the States.

c. In the event that MAC fails to submit any payment(s) set forth in this Order, in the amounts specified herein and in accordance with the applicable deadlines, MAC agrees that the Corporation will not object to the State(s) submitting a claim(s), nor attempt to defend or defeat such authorized claim(s), for any unpaid amount(s) against any surety bond(s) that MAC may maintain in such State(s) as a condition of maintaining the Corporation's mortgage license(s).

4. External Audit. Within thirty (30) days of the Effective Date of this ·Order MAC shall identify an independent auditing firm ("Auditing Firm") to, at MAC's expense, conduct a review of all mortgage loan applications taken from September 1, 2010 through March 31, 2011. MAC shall obtain the prior written approval from the State Mortgage Regulators of the Auditing Firm proposed by MAC (the "Approval Date") before such engagement and review is initiated. Within thirty (30) days of the Approval Date, MAC shall engage the Auditing Firm and the Auditing Firm's engagement and review shall commence.

a. The scope of the Auditing Finn's review shall address and include, but shall not be limited to, the following: assess compliance with state mortgage licensing laws and rules, including application completion procedures; verification and due diligence procedures; internal policies and quality control procedures; books and records retention, and document destruction procedures, all relative to unlicensed loan activity.

b. The Auditing Firm shall prepare and submit to the State Mortgage Regulators and MAC a written report detailing the auditor's findings (the "Audit Report") within ninety (90) days of the Approval Date.

c. The Auditing Finn shall continue to review loan transactions for a period of time of eighteen (18) months from the date that the Auditing Firm, begins its review. The Auditing Firm's engagement letter shall set forth a reasonable and acceptable sampling procedure which will be applied to complete the review for the referenced review period. It being understood that the Auditing Firm shall agree to prepare and submit a monthly report to the State Mortgage Regulators and MAC· describing any violations of law observed during the preceding month so that the States may respond to any such conditions in a timely manner.

d. All reports prepared by the Auditing Firm pursuant the provisions of this Paragraph shall be delivered to each State Mortgage Regulator's designee as identified in a cover letter issued to MAC and shall be considered part of the Examination-related material and considered confidential.

e. MAC may submit a written request to the State Mortgage Regulators to amend the provisions of paragraph 4(c) of this Order based on the findings of the Audit Report completed pursuant to the provisions of paragraph 4(b) or on the findings of any report provided pursuant to paragraph 4(c). The State Mortgage Regulators shall have sole discretion, based on their review of such request, to determine whether to modify the review provided for in paragraph 4(c) in whole or in part.

5. Refunds to Borrowers. Within ninety (90) days of the Effective Date of this Order, to the extent not already completed to the satisfaction of the New York Banking Department, MAC shall refund the following fees collected on transactions originated by unlicensed individuals: application fees, commitment fees, processing fees, underwriting fees, bona fide origination and discount points, and yield spread premiums to borrowers residing in New York. Further, MAC shall provide evidence of refunds made to New York borrowers that is satisfactory to the New York State Banking Department. MAC shall refund all fees charged on transactions originated by unlicensed individuals and identified in the Audit Report within ninety (90) days after issuance of the Audit Report.

6. General Compliance: Upon the Effective Date of this Order, MAC shall establish, implement and maintain procedures to ensure that the Corporation has complied with all regulatory requirements imposed by each individual State Mortgage Regulator pursuant to the provisions of the Multi-State Examination.

GENERAL PROVISIONS

7. Effectiveness. This Order shall become effective immediately upon the date of its execution by the State Mortgage Regulators ("Effective Date").

8. Consent. MAC hereby knowingly, willingly, voluntarily and irrevocably consents to the execution of this Order (without any admission of liability) pursuant t? the authority of the State Mortgage Regulators in each State and agrees that it understands all of the terms and conditions contained herein. MAC by voluntarily entering into this Order waives any right to a he1lli.ng or appeal concerning the terms, conditions and/or penalties set forth in this Order.

9. Public Record. The provisions of this Order shall become public upon the Effective Date of this Order.

10. Entire Agreement. This Order contains the whole agreement between the Parties. There are no other terms, obligations, covenants, representations, statements, conditions or otherwise, of any kind whatsoever concerning this Order.

11. Binding Nature. The terms of this Order shall be legally binding upon MAC's officers, owners, directors, employees, heirs, successors and assigns. The provisions of this Order shall remain effective and enforceable except to the extent that, and until such time as, any provisions of this Order shall have been modified, terminated, suspended, or set aside, in writing by mutual agreement of the State Mortgage Regulators collectively and MAC.

12. Counsel. This Order is entered into by the parties upon full opportunity for legal advice from legal counsel.

13. Privilege. None of the Parties hereto waives or intends to waive any applicable attorney-client, work product privilege, confidentiality, or any other protection applicable to any negotiations, statements, production of records, information or proceedings relative to this Order. This provision shall survive terminating of this Order.

14. Limited Release. This' Order is the complete document representing the resolution of only the matters and violations noted in the Multi-State Examination and the Multi­ State Report of Examination. It is the express purpose and intention of the parties that MAC will not be subject to any related examination or enforcement, claims or actions by the State Mortgage Regulators arising out of any mortgage loan activities that fall within the scope and time period covered by the Multi-State Examination excepting only the matter of any potential refunds that may be sought by the State Mortgage Regulators on behalf of consumers or as a result of the audit process described above in Paragraph 4 of this Order. It being understood that the State Mortgage Regulators reserve all of their rights, duties, and authority to enforce all statutes, rules and regulations under their jurisdictions, against MAC regarding any mortgage loan activities falling beyond either the subject matter scope of the Multi-State Examination or outside the time period covered by the Multi-State Examination.

15. Other Enforcement Action.

a. Notwithstanding any other relief to the contrary, if MAC fails to comply with the terms and conditions of this Order the State Mortgage Regulators may pursue any action allowed by law concerning the conduct and violations stated in this Order, including, but not limited to, revocation of any license of MAC, imposition of any fine against MAC, or any other remedy allowed by law.

b. MAC acknowledges and agrees that this Order is only binding on the State Mortgage Regulators and not any other local, state or federal agency, department or office regarding matters within this Order.

16. Authorization. The Parties below are authorized to execute this Order and legally bind their respective parties.

17. Counterparts. This Order may be executed in separate counterparts, by facsimile or by PDF.  A copy of the signed Order will be given the same effect as an originally signed Order.

18. Titles. The titles used to identify the paragraphs of this Order are for the convenience of reference only and do not control the interpretation of this Order.

WHEREFORE, in consideration of the foregoing, including the recital paragraphs, the State Mortgage Regulators and MAC intending to be legally bound do hereby execute this Consent Agreement and Order.

SunTrust Mortgage, Inc.

Order
Monday, November 21, 2011
Docket No. 11-102-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/11-102-B_20150312091515.pdf
Docket No. 11-102-B

In Re: SunTrust Mortgage, Inc. Respondent


STIPULATION AND CONSENT ORDER

Background

1. Pursuant to 8 V.S.A. Chapters 1 and 73, the Commissioner of the Vermont Department of Banking, Insurance, Securities, and Health Care Administration (the "Department") is charged with administering and enforcing Vermont law as it pertains to licensed lenders in the State of Vermont.

2. SunTrust Mortgage, Inc. ("SunTrust") is a Virginia corporation with a principle place of business at 901 Semmes Avenue, Richmond, VA 23224

3. At all relevant times SunTrust held a license to act as a licensed lender in the State of Vermont.

4. The Department conducted an examination of SunTrust covering the period from July 1, 2009 through December 31, 2010 (the "Examination").

5. The Department has alleged that, between July 1, 2009 and December 31, 2010, on one or more occasions SunTrust did not issue a commitment letter in the form and content or within the time frame required by 9 V.S.A. §103 and Department Regulation B-98-1.

6. SunTrust has denied any intentional wrongdoing on its part.

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

8. SunTrust and the Department expressly agree to enter into this Stipulation and Consent Order in full and complete resolution of the alleged violations described in paragraph 5 and any other violations alleged in the Examination.

Stipulation and Agreement

SunTrust and the Department hereby stipulate and agree as follows:

9. SunTrust does not dispute that there is a factual basis for the allegations alleged in paragraph 5.

10. SunTrust shall pay an administrative penalty to the Department in the amount of $12,000.00, which payment shall be made on or before December 9, 2011.

11. Going forward, SunTrust shall issue commitment letters in the form and at the time required by 9 V.S.A. §103 and Department Regulation B-98-1.

12. SunTrust shall adopt policies and procedures to insure that SunTrust complies with the commitment letter requirements of9 V.S.A. §103 and Department Regulation B-98-1, and shall provide the Department with a copy of such policies and procedures by December 9, 2011.

13. In the event SunTrust fails to pay the administrative penalty or fails to provide the Department with a copy of its policies and procedures, both on or before December 9, 2011, the Commissioner may, upon request from the Banking Division of the Department, issue an Order suspending, revoking, or terminating any or all of SunTrust'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.

14. The Department shall retain continuing jurisdiction in this matter until SunTrust has complied with the terms and conditions of this Stipulation and Order.

15. This Stipulation and Order shall not prevent any person from pursuing any claim he or she may have against SunTrust, nor shall it be understood as determining whether any such claim may or may not exist in law or equity.

16. Nothing contained in this Stipulation and Order shall restrain or limit the Department in responding to and addressing any actual complaint filed with the Department involving SunTrust and the Department reserves the right to pursue restitution in connection with any complaint filed with the Department.

17. SunTrust 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 Stipulation and Order.

ORDER

NOW THEREFORE, IT IS HEREBY ORDERED THAT:

18. SunTrust shall comply with all agreements, stipulations, and undertakings as recited above.

19. SunTrust shall pay an administrative penalty to the Department in the amount of $12,000.00, which payment shall be made on or before December 9, 2011.

20. On or before December 9, 2011 SunTrust shall provide the Department with a copy of its policies and procedures as required by paragraph 12.

21. In the event SunTrust fails to pay the administrative penalty or fails to provide the Department with a copy of its policies and procedures, both on or before December 9, 2011, the Commissioner may, upon request from the Banking Division of the Department, issue an Order suspending, revoking, or terminating any or all of SunTrust'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.

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

23. Nothing contained in this Order shall restrain the Department from responding to and addressing any complaint involving SunTrust 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.

Vermont State Employees Credit Union—Settlement Agreement

Order
Friday, October 5, 2012
Docket No. 12-021-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/12-021-B_20150312091733.pdf

Docket Nos. 12-020-B, 12-021-B

In The Matter Of: Vermont State Employees Credit Union, Respondent

 

SETTLEMENT AGREEMENT

This Settlement Agreement (Agreement) is made by and between Vermont State Employees Credit Union (VSECU), a Vermont state-chartered credit union, and the Vermont Department of Financial Regulation (Department) (collectively the "Parties").

The Parties agree as follows:

1. VSECU filed a Petition for Declaratory Relief with the Department on June 18, 2012 (Department Docket No. 12-021-B) seeking that the Commissioner make certain declarations with respect to the application of 8 V.S.A. § 14103 to Vermont state chartered credit union advertising and marketing.

2. The Department served a Notice of Intent to Issue a Cease and Desist on VSECU on June 18, 2012 (Department Docket No. 12-020-B) with respect to the application of 8 V.S.A. § 14103 to VSECU's advertising and marketing.

3. The Parties agree they will both benefit from a mutual resolution of the above- referenced dockets.

4. Upon execution of this Settlement Agreement by both Parties and in consideration of the mutual promises in this Agreement it is further agreed:

a. VSECU will not describe itself as a "banking cooperative," banking co-op," "bank," "banking association," "trust company," or other similar sounding word or name in its advertising and marketing.

b. VSECU will discontinue use of the phrases referred to in 4.a above in its marketing and advertising material starting November 15, 2012. Further, VSECU agrees that it will stop efforts to associate VSECU with the phrases "banking cooperative" and "banking co-op."

c. The Department will not take regulatory action against VSECU under 8 V.S.A. § 14103 as long as VSECU refrains from referring to itself as a "banking cooperative," banking co-op, "bank," "banking association", "cooperative bank," "trust company," or other similar sounding word or name in any future advertisements or marketing materials. As more fully set forth below, VSECU is not prohibited from using the word "bank" or any derivative of the word "bank" to describe its services or to differentiate itself from a bank, e.g., by describing itself as a "banking alternative" or as an entity that is "redefining banking."

d. (i) For purposes of this subparagraph (d), the term "services" means soliciting, receiving or accepting money or its equivalent on deposit, extending loans and financing of any kind, escrow services, investment services, and money transfers of all kinds, including without limitation bill-paying and debit card services, Automated Clearing House transfers, and wire transfers.

(ii) For purposes of this subparagraph (d), the term "advertisements" is limited to advertisements ordinarily accessible by or directed to non-members and purchased and placed by or on behalf of VSECU in print, radio, internet/electronic and television media, hyperlink or search engine designated landing pages supporting electronic media, promotional material in any media, and pages on a website maintained by or on behalf of VSECU. The term "advertisements" as used in this subparagraph (d) does not include items used solely to promote the VSECU brand without reference to services as defined in this subparagraph (d). Such excluded items may include, by way of example only, gifts, premiums, and the display of VSECU's logo and slogans.

(iii) When VSECU uses the terms "bank" or "banking" or derivative terms or phrases in advertisements (as limited in this subparagraph (d)) in which VSECU refers to its services (as defined in this subparagraph (d)) it will disclose that it is a credit union. The disclosure that VSECU is a credit union will be clear and conspicuous so that reasonable consumers can read, see or hear and understand the information.

(iv) Notwithstanding any other provision of this subparagraph (d), when VSECU uses the terms "bank" or "banking" or derivative terms or phrases in the text of hyperlinks or search engine designated links, it need not include the term "credit union" in the text of the link but VSECU will disclose on the landing page of those links that it is a credit union. The disclosure that VSECU is a credit union will be clear .and conspicuous so that reasonable consumers can read, see or hear and understand the information.

e. The credit union is not barred from using its registered tradename, "VSECU."

f. The Parties will, simultaneously with the execution of this agreement, execute a Stipulation and Consent Order in the form of Attachment A to this Agreement, closing dockets 12-020-B and 12-021-B.

g. The Department will, on execution of this Agreement, publish a bulletin in the form of Attachment B to this Agreement.

h. The Parties will, on execution of this Agreement, issue a joint press release in the form of Attachment C to this Agreement.

i. This Settlement Agreement and the attached exhibits represent the complete agreement between the Parties as to the subject matter of the above-referenced dockets and supersede all prior negotiations, agreements and understanding with respect to that subject matter. This agreement may only be amended by a written document duly executed by all Parties.

j. VSECU waives its statutory right to notice and a hearing before the Commissioner of the Department, or his designated appointee and all rights of appeal in any forum.

k. The failure by one party to require performance of any provision shall not affect that party's right to require performance at any time thereafter, nor shall a waiver of any breach or default of this Settlement Agreement constitute a waiver of any subsequent breach or default or a waiver of the provision itself. If any provision of this Settlement Agreement is held unenforceable, then such provision will be modified to reflect the parties' intention. All remaining provisions of this Contract shall remain in full force and effect. VSECU acknowledges and agrees that this Settlement Agreement is entered into freely and voluntarily and that except as set forth herein, no promise was made to induce the VSECU to enter into it. VSECU acknowledges that it has consulted with its attorney in this matter and that it has reviewed this Settlement Agreement and it understands all terms and obligations contained herein. The Parties further acknowledge and agree that this Settlement Agreement constitutes a valid Order of the Commissioner and the Parties agree to be fully bound by it.

l. The undersigned representative of VSECU affirms that he has taken all necessary steps to obtain the authority to bind VSECU to the obligations stated herein and has the authority to bind VSECU to the obligations stated herein.

5. This Settlement Agreement may be signed in counterparts.

Vermont State Employees Credit Union

Order
Friday, October 5, 2012
Docket No. 12-020-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/12-020-B_20150312091627.pdf
Docket Nos. 12-020-B, 12-021-B

In The Matter Of: Vermont State Employees Credit Union, Respondent


STIPULATION AND CONSENT ORDER

Through their undersigned counsel, the Vermont State Employees Credit Union (VSECU), a Vermont state-chartered credit union, and the Vermont Department of Financial Regulation (Department) stipulate and agree as follows:

1. The Petition for Declaratory Relief filed with the Department on June 18, 2012 (Department Docket No. 12-021-B) is withdrawn and Docket 12-021-B is closed.

2. The Notice of Intent to Issue a Cease and Desist Order served on VSECU on June 18, 2012 (Department Docket No. 12-020-B) is withdrawn, together with all pending motions

and subpoenas filed or served by either party, the contested case in Docket 12-020-B is dismissed with prejudice and Docket 12-020-B is closed.

3. The Parties waive all rights to appeal the closing of the above dockets.

4. Each party is to bear its own costs.

IH Financial Licenses, Inc. and ITC Financial Licenses, Inc.

Order
Monday, July 9, 2012
Docket No. 12-027-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/12-027-B_20150312091827.pdf
Docket No. 12-027-B

In Re: IH Financial Licenses, Inc. and ITC Financial Licenses, Inc., Respondents


STIPULATION AND CONSENT ORDER

Allegations

1. Pursuant to 8 V.S.A. Chapters 1 and 79, the Commissioner of the Vermont Department of Financial Regulation is charged with administering and enforcing Vermont law as it pertains to money transmitters in the State of Vermont.

2. IH Financial Licenses, Inc. ("IHFL") is a South Dakota corporation with a principal place of business at 250 Williams Street, Atlanta, GA.

3. ITC Financial Licenses, Inc. ("ITC") is a South Dakota corporation with a principal place of business at 5617 Princeton Avenue, Columbus, GA.

4. IHFL and ITC are affiliated corporations and both are indirect wholly owned subsidiaries of InComm Holdings, Inc. ("InComm").

5. IHFL and ITC have represented that collectively they are licensed as money transmitters in 45 states and that they offer open loop prepaid cards in those states where they are licensed or are otherwise authorized to offer open loop prepaid cards.

6. At all relevant times neither IHFL nor ITC was licensed as a money transmitter in Vermont.

7. Open loop cards were sold or offered for sale in Vermont under one or more programs managed by IHFL or ITC.

8. On February 22, 2011, the Department had a telephone conversation with representatives of IHFL, ITC, and InComm regarding the sale of prepaid open loop cards in Vermont without a license. IHFL and ITC represented that the open loop cards were inadvertently distributed in Vermont by retailers that serve as authorized agents for IHFL and ITC in multiple jurisdictions. IHFL and ITC represented to the Department that all open loop prepaid cards would be removed from Vermont locations, that policies and procedures would be put in place to prevent the sale of open loop cards in Vermont, and that the companies would not sell open loop prepaid cards in Vermont until they were in compliance with Vermont law.

9. The policies and procedures that IHLF and ITC put in place were not completely effective to prevent the sale of open loop prepaid cards in Vermont.

10. During a series of on-site visits to Vermont retail stores in October 2011, the Department found several locations where IHFL or ITC open loop prepaid cards were offered for sale.

11. IHFL and ITC have since discovered and reported to the Department that despite their policies and procedures, certain authorized agents that operate their own distribution centers continued to distribute IHFL and ITC open loop cards in Vermont.

12. IHFL and ITC have represented to the Department that they have reviewed and revised their policies and procedures to prevent their prepaid open loop cards from being sold in Vermont.

13. At all times IHFL and ITC have cooperated with the Department.

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

15. IHFL, ITC, and the Department expressly agree to enter into this Stipulation and Consent Order in full and complete resolution of the alleged violations described herein.

Stipulation and Agreement

IHFL, ITC, and the Department hereby stipulate and agree as follows:

16. IHFL and ITC do not dispute that there is a factual basis for the Department's allegations in this Stipulation and Consent Order.

17. IHFL and ITC shall pay an administrative penalty to the Department in the total amount of $25,000.00, which payment shall be made on or before July 23, 2012. IHFL and ITC shall be jointly and severally liable for payment of the $25,000.00 administrative penalty.

18. Going forward, neither IHFL nor ITC shall sell open loop prepaid cards in Vermont without a Vermont money transmitter license.

19. IHFL and ITC shall adopt policies and procedures to insure that open loop prepaid cards are either not sold in Vermont or are sold in Vermont in full compliance with 8 V.S.A. Chapter 79.

20. The Department shall retain continuing jurisdiction in this matter until IHFL and ITC have complied with the terms and conditions of this Stipulation and Order.

21. This Stipulation and Order shall not prevent any person from pursuing any claim he or she may have against IHFL or ITC, nor shall it be understood as determining whether any such claim may or may not exist in law or equity.

22. Nothing contained in this Stipulation and Order shall restrain or limit the Department in responding to and addressing any actual complaint filed with the Department involving IHFL or ITC and the Department reserves the right to pursue restitution in connection with any complaint filed with the Department.

23. IHFL and ITC knowingly and voluntarily waive any right they 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 Stipulation and Order.

ORDER

NOW THEREFORE, IT IS HEREBY ORDERED THAT:

24. IHFL and ITC shall comply with all agreements, stipulations, and undertakings as recited above.

25. IHFL and ITC, jointly and severally, shall pay an administrative penalty to the Department in the total amount of $25,000.00, which payment shall be made on or before July 23, 2012. IHFL and ITC shall be jointly and severally liable for payment of the $25,000.00 administrative penalty.

26. This Order shall not prevent any person from pursuing any claim he or she may have against IHFL or ITC.

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

28. 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.

Amended Order Removing The Directors, Officers and Committee Members of Border Lodge Credit Union

Order
Friday, December 21, 2012
Docket No. 12-050-B (Amended)
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/12-050-B-Amended_20150312092047.pdf
 

DOCKET NO. 12-050-B

IN RE: BORDER LODGE CREDIT UNION

AMENDED ORDER REMOVING THE DIRECTORS, OFFICERS AND COMMITTEE MEMBERS OF BORDER LODGE CREDIT UNION

Pursuant to 8 V.S.A. § 3070l(a)(5). this order removes all directors, officers, and committee members of Border Lodge Credit Union ("Border Lodge"). This Order is amended to correct the service list, and specifically the service address of Mr. Laurie McMullen.

Background

On November 30, 2012, the Commissioner seized Border Lodge with an Ex Parte Order for Conservatorship and Order for Related Matters, ("Conservatorship Order''), pursuant to 8 V.S.A. § 36103(a)(l) and (5). The Commissioner found that there was an immediate threat to the assets and depositors of Border Lodge, and took possession and control of the business and all assets of Border Lodge. Pursuant to 8 V.S.A. § 36103(f), the Commissioner, as conservator. assumed all the powers of the members, directors, officers, and committees of Border Lodge. In addition, the National Credit Union Administration Board, ("NCUA'') was appointed liquidating agent of Border Lodge.

Pursuant to 8 V.S.A. § 30701(a)(5), the Commissioner may remove any person who knowingly: violates this title or a lawful regulation or order issued under it; engaged in or participated in any materially unsafe or unsound practice in connection with a credit union; or engaged in any act, omission, or practice which is a breach of fiduciary duty to the credit union.

The Commissioner's Letter and Notice of Proposed Order dated September 25, 2012 ("Commissioner's Letter") received by Ms. Debra Kinney and the directors of Border Lodge stated that there were concerns about unsafe or unsound practices in connection with Border Lodge. The Commissioner's Letter also notified Ms. Kinney and the directors of Border Lodge that the credit union had failed to provide monthly account reconciliation reports as required under Vermont law. Despite these warnings, no corrective action was taken on behalf of Border Lodge.

Notice of Hearing Rights

Pursuant to 8 V.S.A. § 3070l(c) and (d), any party served in this matter has 30 days to request that the Commissioner hold a hearing. A sen·ice list is attached to this order. If no hearing is requested, this order becomes final at the end of the 30 day period. The hearing on this order shall be private unless the Commissioner determines that a public hearing is necessary to protect the public interest.

ORDER

It is therefore ORDERED that:

1. The following persons are removed as directors and/or officers of Border Lodge: Terrence Decker, Elizabeth Graves, Debra Kinney, James Kinney, Kenneth LaPlume, Laurie McMullen and Linda Montague.

2. All committee members and committees of Border Lodge are removed and terminated.

3. If no hearing is requested, this removal order shall become final and effective within 30 days of service of this order.

4. All other terms and conditions of the Conservatorship Order remain unchanged and in full force and effect, including the authority of the NCUA as liquidating agent.

Border Lodge Credit Union

Order
Thursday, November 29, 2012
Docket No. 12-050-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/12-050-B_20150312091924.pdf
DOCKET NO. 12-050-B

IN RE: BORDER LODGE CREDIT UNION

 

EX PARTE ORDER FOR CONSERVATORSHIP AND ORDER FOR RELATED MATTERS

The Commissioner of the Department of Financial Regulation (the "Commissioner") pursuant to 8 V.S.A. § 36103(a), issues this ex parte order to appoint himself conservator of Border Lodge Credit Union located at 138 Beauchesne Street, Derby Line, Vermont 05830 ("Border Lodge") and to take possession and control of the business and assets of Border Lodge.

Pursuant to 8 V.S.A. § 36103(a)(l) and (5), the Commissioner has determined that such action is necessary to conserve the assets and protect the interests of the members of Border Lodge and that there is concealment of the books, papers, records, or assets of Border Lodge.1 The Commissioner further finds that there is an immediate threat to the assets of Border Lodge.

ORDER

It is therefore ORDERED that:

1. This order is effective as of 12:01 a.m., November 30, 2012.

2. The Commissioner is conservator of Border Lodge, and immediately takes possession and control of the business and all assets of Border Lodge, pursuant to 8 V.S.A. § 36103(a).

3. All directors, officers and committees of Border Lodge are relieved of all duties and authority in regards to Border Lodge. Pursuant to 8 V.S.A. § 36103(f), the Commissioner, as conservator, has all the powers of the members, the directors, the officers, and the committees of Border Lodge and may conserve the assets in the manner and to the extent he authorizes.

4. In accordance with 8 V .S.A. § 36103(f), Ms. Debra Kinney is relieved of all her duties and authority in regards to Border Lodge. Ms. Kinney no longer has any authority, including signature authority, over any accounts, papers or other documents which may be executed on behalf of Border Lodge.

5. Border Lodge is closed pursuant to 8 V .S.A. §§ 30303 and 36103(f)-(g).

6. The Commissioner as conservator, as provided for in 8 V.S.A. § 36103(c) , shall maintain possession and control of the business and assets of Border Lodge until such time as Border Lodge is liquidated in accordance with 8 V.S.A. § 36101.

7. The Commissioner, as conservator, and having all the powers of the members, the directors, the officers, and the committees of Border Lodge, and in accordance with the liquidation provisions of8 V.S.A. § 3610l(b), waives any and all notice and meeting requirements and approves and directs the dissolution and liquidation of Border Lodge. Border Lodge shall immediately cease to do business except for the purposes of liquidation.

8. Pursuant to 8 V .S.A. § 36103(d), the Commissioner may, at his discretion, appoint such agents as he considers necessary to assist in carrying out his duties as conservator.

9. Pursuant to 8 V.S.A. §§ 36103(c)(2) and 36103(d), the Commissioner appoints the National Credit Union Administration Board ("NCUA") as liquidating agent of Border Lodge .

10. All expenses incurred by the Commissioner in exercising his authority as conservator with respect to Border Lodge shall be paid out of the assets of Border Lodge.

1 Not later than ten days after the date on which the Commissioner takes possession and control of Border Lodge's business and assets, it may apply to the Superior Court, Washington County, for an order requiring the Commissioner to show cause why the Commissioner should not be enjoined from continuing such possession and control. 8 V.S.A. § 36103(b).

Shelter Mortgage Company, LLC.

Order
Monday, May 13, 2013
Docket No. 13-010-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/13-010-B_20150312092257.pdf

Docket No. 13 -010-B

In The Matter Of: SHELTER MORTGAGE COMPANY, LLC, Respondent


STIPULATION AND CONSENT AGREEMENT

Background

1. Pursuant to 8 V.S.A. Chapters 1 and 73, the Commissioner of the Department of Financial Regulation is charged with administering and enforcing Vermont law as it pertains to licensed lenders in the State of Vermont.

2. Shelter Mortgage Company, LLC is an Illinois limited liability company. Shelter Mortgage also uses the trade name SugarTree Mortgage.

3. At all relevant times, January 1, 2011 through April30, 2012, Shelter Mortgage held lender licenses for locations at 4000 West Brown Deer Road, Brown Deer, Wisconsin and 550 Hinesburg Road, Suite #103, South Burlington, Vermont.

4. At all relevant times, January 1, 2011 through April30, 2012, Shelter Mortgage had an office at 19 Roosevelt Highway, Suite #110, Colchester, Vermont. The Colchester office was not a licensed location.1

5. The Department has reason to believe that:

a. Shelter Mortgage engaged in licensed lender business from its unlicensed Colchester location, in violation of8 V.S.A. §§2201 (a), 2206 (a), 2208 (a), and 2228; and/or

b. Shelter Mortgage failed to keep and use accurate business records and failed to submit accurate records to the Department that would enable the Commissioner to determine whether Shelter Mortgage was complying with the provisions of 8 V.S.A. Chapter 73 and other relevant laws and regulations, in violation of 8 V.S.A. §2223.

6. Shelter Mortgage has denied any intentional wrongdoing on its part.

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

8. Shelter Mortgage and the Department expressly agree to enter into this Stipulation and Consent Agreement in full and complete resolution of the alleged violations described in paragraph 5.

Stipulation and Agreement

Shelter Mortgage and the Department hereby stipulate and agree as follows:

9. Although Shelter Mortgage neither admits nor denies the Department's allegations, Shelter Mortgage does not dispute that there is a factual basis for the Department's allegations in this Stipulation and Consent Agreement.

10. Shelter Mortgage agrees to pay: (a) an administrative penalty to the "Department of Financial Regulation" in the amount of$25,000.00; and (b) a $5,000.00 payment to the "VT DFR- Financial Services Education & Training Special Fund", which payments shall be made on or before May 15, 2013.

11. Shelter Mortgage: (a) shall not engage in licensed lender business from an unlicensed location; and (b) shall maintain and submit to the Department accurate business records that will enable the Commissioner to determine whether Shelter Mortgage is complying with the provisions of 8 V.S.A. Chapter 73 and other relevant laws and regulations.

12. In the event Shelter Mortgage fails to make the payments described in paragraph 10 on or before May 15, 2013, the Commissioner may, upon request from the Banking Division of the Department, issue an Order suspending, revoking, or terminating any or all of Shelter Mortgage's licenses arid 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.

13. The Department shall retain continuing jurisdiction in this matter until Shelter Mortgage has complied with the terms and conditions of this Stipulation and Consent Agreement.

14. This Stipulation and Consent Agreement shall not prevent any person from pursuing any claim he or she may have against Shelter Mortgage, nor shall it be understood as determining whether any such claim may or may not exist in law or equity.

15. 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 Shelter Mortgage and the Department reserves the right to pursue restitution in connection with any complaint filed with the Department.

16. Shelter Mortgage 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 Stipulation and Consent Agreement.

ORDER

NOW THEREFORE, IT IS HEREBY ORDERED THAT:

17. Shelter Mortgage shall comply with all agreements, stipulations, and undertakings as recited above.

18. Shelter Mortgage shall make the payments described in paragraph 10, which payments shall be made on or before May 15, 2013.

19. In the event Shelter Mortgage fails to make the payments described above on or before May 15, 2013, the Commissioner may, upon request from the Banking Division of the Department, issue an Order suspending, revoking, or terminating any or all of Shelter Mortgage'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.

20. This Order shall not prevent any person from pursuing any claim he or she may have against Shelter Mortgage.

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

22. 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.

1 Shelter Mortgage subsequently received a lender license for its Colchester office on December 13, 2012.


David Leonard Rome

Order
Monday, September 16, 2013
Docket No. 13-017-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/13-017-B_20150312092832.pdf

Docket No. 13 -017-B

In The Matter Of: David Leonard Rome, Respondent


ORDER SUSPENDING MORTGAGE LOAN ORIGINATOR LICENSE

The Commissioner of the Department of Financial Regulation issues this Order suspending David Leonard Rome's mortgage loan originator license.

Findings Of Fact

1. David Leonard Rome ("Rome") (NMLS #774735) is an individual that currently holds a Vermont Mortgage Loan Originator license issued by the Department of Financial Regulation.

2. The Georgia Department of Banking and Finance revoked Rome's mortgage loan originator license on April24, 2013.

3. In order to be a mortgage loan originator, a licensee may not have had a mortgage loan originator license, or any similar license, revoked in any governmental jurisdiction. (A subsequent formal vacation of such revocation shall not be deemed a revocation.) 8 V.S.A. §2204 (a)(4).

5. Rome has not provided the Department with a vacation of the Georgia revocation.

6. The Commissioner may, among other remedies, suspend, revoke, condition, refuse to renew a license, issue a cease and desist order, or terminate a license, or take any other action or remedy the Commissioner deems necessary, if a mortgage loan originator licensed in Vermont has a mortgage loan originator license, or similar license, revoked in another jurisdiction. 8 V.S.A. §§15, 2204 (a)(4), 2210.

7. On July 29, 2013 the Department sent Administrative Charges and Notice of Hearing Rights (the "Administrative Charges") by certified mail, return receipt requested, to Rome's current address as stated on his license. Rome received the Administrative Charges on or before August 6, 2013 as indicated on the certified mail return receipt. The Administrative Charges constitute notice to Rome of his right to have a hearing and defend against the charges.

8. Rome has not requested a hearing or otherwise defended against the charges within the time permitted by law.

Conclusions Of Law

9. Rome's mortgage loan originator license was revoked by the Georgia Department of Banking and Finance and Rome has not provided the Department with a vacation of the Georgia revocation. This constitutes grounds for the Commissioner to issue an order suspending, revoking, conditioning, terminating, or refusing to renew Rome's license or to take any other action or remedy the Commissioner deems necessary. 8 V.S.A. §§15, 2204 (a)(4), 2210.

10. The Department provided Rome with adequate written notice and an opportunity for a hearing as required by 8 V.S.A. § 2210 and Regulation B-82-1; Rome did not request a hearing or otherwise defend against the charges.

ORDER

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

11. Rome's Vermont mortgage loan originator license is suspended until such time as he provides evidence satisfactory to the Commissioner that the Georgia revocation has been vacated.

12. In the event Rome does not provide satisfactory evidence to the Commissioner that the Georgia revocation has been vacated on or before December 1, 2013, Rome shall not be permitted to renew his Vermont mortgage loan originator license and such license shall automatically expire on December 31, 2013.

Zackary Nathan Tierney

Order
Monday, September 16, 2013
Docket No. 13-018-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/13-018-B_20150312092926.pdf

Docket No. 13-018-B

In The Matter Of: Zackary Nathan Tierney, Respondent


ORDER SUSPENDING MORTGAGE LOAN ORIGINATOR LICENSE

The Commissioner of the Department of Financial Regulation issues this Order suspending Zackary Nathan Tierney's mortgage loan originator license.

Findings Of Fact

1. Zackary Nathan Tierney ("Tierney") (NMLS #913716) is an individual that currently holds a Vermont Mortgage Loan Originator license issued by the Department of Financial Regulation.

2. The Georgia Department of Banking and Finance revoked Tierney's mortgage loan originator license on April 23, 2013.

3. In order to be a mortgage loan originator, a licensee may not have had a mortgage loan originator license, or any similar license, revoked in any governmental jurisdiction. (A subsequent formal vacation of such revocation shall not be deemed a revocation.) 8 V.S.A. §2204 (a)(4).

5. Tierney has not provided the Department with a vacation of the Georgia revocation.

6. The Commissioner may, among other remedies, suspend, revoke, condition, refuse to renew a license, issue a cease and desist order, or terminate a license, or take any other action or remedy the Commissioner deems necessary, if a mortgage loan originator licensed in Vermont has a mortgage loan originator license, or similar license, revoked in another jurisdiction. 8 V.S.A. §§15, 2204 (a)(4), 2210.

7. On July 29, 2013 the Department sent Administrative Charges and Notice of Hearing Rights (the "Administrative Charges") by certified mail, return receipt requested, to Tierney's current address as stated on his license. Tierney received the Administrative Charges on August 6, 2013 as indicated on the certified mail return receipt. The Administrative Charges constitute notice to Tierney of his right to have a hearing and defend against the charges.

8. Tierney has not requested a hearing or otherwise defended against the charges within the time permitted by law

Conclusions Of Law

9 Tierney's mortgage loan originator license was revoked by the Georgia Department of Banking and Finance and Tierney has not provided the Department with a vacation of the Georgia revocation. This constitutes grounds for the Commissioner to issue an order suspending, revoking, conditioning, terminating, or refusing to renew Tierney's license or to take any other action or remedy the Commissioner deems necessary: 8 V.S.A. §§15, 2204 (a)(4), 2210.

10. The Department provided Tierney with adequate written notice and an opportunity for a hearing as required by 8 V.S.A. § 2210 and Regulation B-82-1. Tierney did not request a hearing or otherwise defend against the charges.

ORDER

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

11. Tierney's Vermont mortgage loan originator license i!? suspended until such time as he provides evidence satisfactory to the Commissioner that the Georgia revocation has been vacated.

12. In the event Tierney does not provide satisfactory evidence to the Commissioner that the Georgia revocation has been vacated on or before December 1, 2013, Tierney shall not be permitted to renew his Vermont mortgage loan originator license and such license shall automatically expire on December 31, 2013

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