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IN THE MATTER OF: AMERICAN BANCSHARES ("American Bancshares Mortgage") |
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CONSENT ORDER |
WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part I of Chapter 668, Sections 36a-485 to 36a-534c, inclusive, of the Connecticut General Statutes, “Mortgage Lenders, Correspondent Lenders, Brokers and Loan Originators”;
WHEREAS, American Bancshares Mortgage is a Florida limited liability company that is currently licensed as a mortgage lender under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes;
WHEREAS, Section 36a-490(b) of the Connecticut General Statutes requires that mortgage lender licensees file with the Nationwide Multistate Licensing System and Registry (“NMLS”) a change of the address of its main office at least thirty (30) calendar days prior to such change and, provide directly to the Commissioner, a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner that reflects the new address of the main office;
WHEREAS, American Bancshares Mortgage failed to file with NMLS a change of address of its main office at least thirty (30) calendar days prior to such change and failed to provide a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner;
WHEREAS, the Commissioner believes that such allegation would support initiation of proceedings against American Bancshares Mortgage, which proceedings would constitute a “contested case” within the meaning of Section 4-166(4) of the Connecticut General Statutes. Section 4-177(c) of the Connecticut General Statutes and Section 36a-1-55(a) of the Regulations of Connecticut State Agencies provide that a contested case may be resolved by consent order, unless precluded by law;
WHEREAS, American Bancshares Mortgage, through its execution of this Consent Order, voluntarily agrees to waive its procedural rights, including a right to notice and an opportunity for hearing as it pertains to the allegation set forth herein, voluntarily agrees to consent to the entry of the sanction imposed below and voluntarily waives its right to seek judicial review or otherwise challenge or contest the validity of this Consent Order;
WHEREAS, American Bancshares Mortgage acknowledges that this Consent Order is a public record and is a reportable event for purposes of NMLS, as applicable;
AND WHEREAS, American Bancshares Mortgage herein represents to the Commissioner that it has reviewed and updated its internal policies, procedures and controls to ensure that American Bancshares Mortgage will file any change it makes to its name or any address of any office specified on its most recent filing with NMLS at least thirty (30) calendar days prior to such change and, in connection with such change, American Bancshares Mortgage will provide, directly to the Commissioner, a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner that reflects such change.
CONSENT TO ENTRY OF SANCTION
WHEREAS, American Bancshares Mortgage, through its execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanction:
No later than the date this Consent Order is executed by American Bancshares Mortgage, it shall remit to the Department of Banking by wire transfer, cashier’s check, certified check or money order made payable to “Treasurer, State of Connecticut”, the sum of Five Hundred Dollars ($500) as a civil penalty.
CONSENT ORDER
NOW THEREFORE, the Commissioner enters the following:
| 1. | The Sanction set forth above be and is hereby entered; |
| 2. | Upon issuance of this Consent Order by the Commissioner, this matter will be resolved and the Commissioner will not take any future enforcement action against American Bancshares Mortgage based upon the allegation contained herein; provided that issuance of this Consent Order is without prejudice to the right of the Commissioner to take enforcement action against American Bancshares Mortgage based upon a violation of this Consent Order or the matters underlying its entry, if the Commissioner determines that compliance with the terms herein is not being observed or if any representation made by American Bancshares Mortgage and reflected herein is subsequently discovered to be untrue; |
| 3. | So long as this Consent Order is promptly disclosed by American Bancshares Mortgage and its control persons, as applicable, on NMLS, nothing in the issuance of this Consent Order shall adversely affect the ability of American Bancshares Mortgage to apply for or obtain licenses or renewal licenses under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes, and for its mortgage loan originators to apply for or obtain licensure from the Commissioner, provided all applicable legal requirements for such license are satisfied; and |
| 4. | This Consent Order shall become final when issued. |
Issued at Hartford, Connecticut
this 18th day of July 2017. ______/s/__________
Jorge L. Perez
Banking Commissioner
I, John Cosculluela, state on behalf of American Bancshares Mortgage, LLC, that I have read the foregoing Consent Order; that I know and fully understand its contents; that I am authorized to execute this Consent Order on behalf of American Bancshares Mortgage, LLC; that American Bancshares Mortgage, LLC agrees freely and without threat or coercion of any kind to comply with the sanction entered and terms and conditions ordered herein; and that American Bancshares Mortgage, LLC voluntarily agrees to enter into this Consent Order, expressly waiving the procedural rights set forth herein as to the matters described herein.
By: ________/s/___________
Name: John Cosculluela
Title: President
American Bancshares Mortgage, LLC
State of: Florida
County of: Miami Dade
On this the 13 day of July 2017, before me, Christina Montano, the undersigned officer, personally appeared John Cosculluela who acknowledged himself/herself to be the President of American Bancshares Mortgage, LLC., a member managed/manager managed limited liability company, and that he/she as such President, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the limited liability company by himself/herself as President.
In witness whereof I hereunto set my hand.
__________/s/___________
Notary Public
Date Commission Expires: 3/2/19