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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

Brandon Thomas Maddick

Order
Monday, September 16, 2013
Docket No. 13-020-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/13-020-B_20150312093014.pdf

Docket No. 13-020-B

In The Matter Of: Brandon Thomas Maddick, Respondent


ORDER SUSPENDING MORTGAGE LOAN ORIGINATOR LICENSE

The Commissioner of the Department of Financial Regulation issues this Order suspending Brandon Thomas Maddick's mortgage loan originator license.

Findings Of Fact

1 Brandon Thomas Maddick ("Maddick") (NMLS #901957) 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 Maddick'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. Maddick 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 Maddick's current address as stated on his license. Maddick received the Administrative Charges on August 2, 2013 as indicated on the certified mail return receipt. The Administrative Charges constitute notice to Maddick of his right to have a hearing and defend against the charges.

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

Conclusions Of Law

9. Maddick’s mortgage loan originator license was revoked by the Georgia Department of Banking and Finance and Maddick 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 Maddick'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 Maddick with adequate written notice and an opportunity for a hearing as required by 8 V .S.A. § 2210 and Regulation B-82-1. Maddick 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. Maddick'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 Maddick does not provide satisfactory evidence to the Commissioner

that the Georgia revocation has been vacated on or before December 1, 2013, Maddick shall not be permitted to renew his Vermont mortgage loan originator license and such license shall automatically expire on December 31, 2013.

Securities Finance Trust Company

Order
Monday, July 29, 2013
Docket No. 13-021-B
File attachments: 
http://www.dfr.vermont.gov/sites/default/files/13-021-B_20150312092344.pdf
Docket No. 3-021-B

IN THE MATTER OF: SECURITIES FINANCE TRUST COMPANY

 

This Order is issued by the Commissioner of the Vermont Department of Financial Regulation pursuant to 9 V.S.A. §§ 5102(15)(H), 5102(3)(E) of the Vermont Securities Act, 9 V.S.A. Chapter 150 (the "Securities Act"), and the provisions of 8 V.S.A. § 15(a).

Findings and Law

1. Securities Finance Trust Company ("SFTC") has filed an application with the Department for an Independent Trust Company charter under 8 V.S.A. Chapter 77.

2. Contemporaneous with the issuance of this Order the Commissioner will issue a Certificate of Authority to SFTC for a Vermont Independent Trust Company charter.

3. Solely in connection with, and ancillary to, the provision of trust services, including acting as an independent agent lender in the securities lending industry, SFTC may engage in activities that would cause SFTC to come within the definition of "broker-dealer" under 9 V.S.A. § 5102(3) of the Securities Act or the definition of "investment adviser" under 9 V.S.A. § 5102(15) of the Securities Act.

4. SFTC will be regulated and examined by the Banking Division of the Department pursuant to Vermont laws and regulations governing the operation of an independent trust company in Vermont, and will be examined pursuant to examination protocols and standards as established by the Department and as amended from time to time.

5. 9 V.S.A. § 5102(15)(H) of the Securities Act authorizes the Commissioner to exclude any person, by rule or order, from the definition of "investment adviser" under the Securities Act.

6. 9 V.S.A . § 5102(3)(E) of the Securities Act authorizes the Commissioner to exclude any person, by rule or order, from the definition of "broker-dealer" under the Securities Act.

Order

NOW, THEREFORE, IT IS HEREBY ORDERED that:

7. SFTC and any employee engaged in the business of SFTC, is excluded from the definition of "investment adviser" under Section 5201 (15) of the Securities Act, and is excluded from the definition of "broker-dealer" under Section 5201 (3) of the Securities Act.

8. The exclusions provided under Section 7 of this Order shall be subject to the following conditions:

(i) SFTC shall limit any activities as a broker-dealer to those activities described in 9 V.S.A. § 5102(3)(C) of the Securities Act;

(ii) SFTC shall immediately report any customer complaints regarding SFTC, its employees, or its agents to the Department's Banking Division; and

(iii) SFTC and its employees and agents shall be subject to the anti-fraud and related enforcement provisions of the Securities Act.

THIS ORDER SH . ALL BE EFFECTIVE AS OF THE DATE EXECUTED BELOW AND SHALL REMAIN IN EFFECT UNLESS AND UNTIL THIS ORDER IS SUBSEQUENTLY AMENDED OR RESCINDED BY THE COMMISSIONER.

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