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, the Commissioner, through the Consumer Credit Division of the Department of Banking (“Department”), conducted an investigation of the activities of Respondent, pursuant to the authority granted by Section 36a-17(a) of the Connecticut General Statutes, to determine if Respondent had violated, was violating or was about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;

WHEREAS, on July 27, 2010, the Commissioner, acting pursuant to Section 36a-492(c) of the 2010 Supplement to the General Statutes, Section 36a-52(b) of the Connecticut General Statutes, Sections 36a-494(a)(1) and 36a-494(a)(1)(C), subsections (a) and (b) of Section 36a-51 and Section 36a-494(b) of the 2010 Supplement to the General Statutes, and Section 36a-52(a) of the Connecticut General Statutes, issued a Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke and Refuse to Renew Mortgage Broker License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (collectively “Notice”) against Respondent, which Notice is incorporated herein by reference;

WHEREAS, on July 28, 2010, the Notice was sent by registered mail, return receipt requested, to Respondent (Registered Mail No. RB028037164US);

WHEREAS, the Notice provided Respondent with the opportunity for a hearing and stated that if a hearing was not requested within 14 days of its receipt, the Commissioner would issue an order revoking and refusing to renew Respondent’s license to act as a mortgage broker in Connecticut from 614 Halstead Avenue, Mamaroneck, New York, which order shall cause Respondent’s mortgage broker license in Connecticut to be deemed expired, and issue an order that Respondent cease and desist from violating Section 36a-492 of the 2010 Supplement to the General Statutes;

WHEREAS, on August 6, 2010, the Notice was returned to the Department marked “Returned To Sender – Not Deliverable As Addressed – Unable To Forward”;

WHEREAS, Section 36a-51(a) of the Connecticut General Statutes provides, in pertinent part, that “[t]he notice shall be deemed received by the licensee on the earlier of the date of actual receipt or seven days after mailing or sending”;

WHEREAS, Section 36a-52(a) of the Connecticut General Statutes provides, in pertinent part, that “[t]he notice shall be deemed received by the person on the earlier of the date of actual receipt, or seven days after mailing or sending”;

WHEREAS, Respondent failed to request a hearing within the prescribed time period;

WHEREAS, the Commissioner alleged in the Notice, with respect to the activity described therein, that Respondent’s failure to maintain a surety bond is a violation of Section 36a-492 of the 2010 Supplement to the General Statutes, which, pursuant to Sections 36a-494(a)(1) and 36a-494(a)(1)(C) and subsections (a) and (b) of Section 36a-51 of the 2010 Supplement to the General Statutes, constitutes sufficient grounds to revoke and to refuse to renew Respondent’s license to act as a mortgage broker in Connecticut from 614 Halstead Avenue, Mamaroneck, New York, and forms a basis to issue an order to cease and desist pursuant to Sections 36a-494(b) of the 2010 Supplement to the General Statutes and Section 36a-52(a) of the Connecticut General Statutes;

WHEREAS, Section 36a-51(b) of the 2010 Supplement to the General Statutes provides, in pertinent part, that “[i]f the licensee does not request a hearing within the time specified in the notice . . . , the commissioner shall . . . revoke or refuse to renew the license.  No such license shall be . . . revoked except in accordance with the provisions of chapter 54”;

WHEREAS, Section 36a-52(a) of the Connecticut General Statutes provides, in pertinent part, that “[i]f the person does not request a hearing within the time specified in the notice . . . , the commissioner shall issue an order to cease and desist against the person.  No such order shall be issued except in accordance with the provisions of chapter 54”;

AND WHEREAS, Section 36a-1-31(a) of the Regulations of Connecticut State Agencies provides, in pertinent part, that “[w]hen a party fails to request a hearing within the time specified in the notice, the allegations against the party may be deemed admitted.  Without further proceedings or notice to the party, the commissioner shall issue a final decision in accordance with section 4-180 of the Connecticut General Statutes and section 36a-1-52 of the Regulations of Connecticut State Agencies”.

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