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”, and Sections 9 and 19 to 21, inclusive, of Public Act 09-209;

WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking, conducted an investigation pursuant to Section 36a-17 of the Connecticut General Statutes into the activities of EZ Mortgage to determine if it had violated, was violating or was about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;

WHEREAS, on December 22, 2009, the Commissioner, acting pursuant to Sections 36a-492 of the Connecticut General Statutes, as amended by Public Acts 09-208 and 09-209, Section 36a-52(b) of the Connecticut General Statutes, Sections 36a-494(a)(1), and 36a-494(a)(1)(C) of the Connecticut General Statutes, as amended by Public Act 09-209, subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes, Section 36a-494(b) of the Connecticut General Statutes, as amended by Public Act 09-209, 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 EZ Mortgage, which Notice is incorporated by reference herein;

WHEREAS, the Notice alleged that EZ Mortgage, in violation of Section 36a-492 of the Connecticut General Statutes, as amended, failed to maintain a surety bond that runs concurrently with the period of the license granted to EZ Mortgage to act as a mortgage broker in Connecticut from 240 Butler Street, Hamden, Connecticut.  Such failure to maintain a surety bond constitutes sufficient grounds for the Commissioner to revoke and refuse to renew EZ Mortgage’s license to act as a mortgage broker in Connecticut from 240 Butler Street, Hamden, Connecticut, pursuant to Sections 36a-494(a)(1) and 36a-494(a)(1)(C) of the Connecticut General Statutes, as amended, and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes, and forms a basis to issue an order to cease and desist against EZ Mortgage pursuant to Section 36a-494(b) of the Connecticut General Statutes, as amended, and Section 36a-52(a) of the Connecticut General Statutes;

WHEREAS, on December 23, 2009, EZ Mortgage received the Notice, and no request for a hearing was received by the Commissioner;

WHEREAS, by e-mail dated December 23, 2009, EZ Mortgage specifically assured the Commissioner that EZ Mortgage has not done any business in Connecticut since 2007;

WHEREAS, on December 23, 2009, EZ Mortgage attempted to surrender it license on NMLS;

WHEREAS, on January 1, 2010, EZ Mortgage’s license was marked “Terminated – Failed to Renew” on the Nationwide Mortgage Licensing System (“NMLS”);

WHEREAS, 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 agreed settlement, unless precluded by law;

WHEREAS, EZ Mortgage agrees to voluntarily enter into this Settlement Agreement without admitting or denying any allegations contained in the Notice and set forth herein, and solely for the purpose of obviating the need for formal administrative proceedings concerning the allegation described above;

WHEREAS, EZ Mortgage, through its execution of this Settlement Agreement, voluntarily agrees to waive any rights to a hearing upon the allegations contained in the Notice and this Settlement Agreement, and waives the right to seek judicial review or otherwise challenge or contest the validity of this Settlement Agreement;

AND WHEREAS, upon the entry of this Settlement Agreement, this matter will be resolved and the Commissioner will not take any future enforcement action against EZ Mortgage based upon the allegations contained in the Notice.

NOW THEREFORE, the Commissioner and EZ Mortgage enter into this Settlement Agreement as follows:

IN WITNESS WHEREOF, the parties hereto have caused this Settlement Agreement to be executed by each of them or their duly authorized representatives on the dates hereinafter subscribed.

Dated at Hartford, Connecticut
this 26th day of February 2010.           ________/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner



I, Janet Dawson, state on behalf of EZ Mortgage, LLC, that I have read the foregoing Settlement Agreement; that I know and fully understand its contents; that I am authorized to execute this Settlement Agreement on behalf of EZ Mortgage, LLC; and that EZ Mortgage, LLC agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.                                           

                                            By:  ________/s/_________
                                                   Name:  Janet Dawson
                                                   Title:  Owner/Member
                                                   EZ Mortgage, LLC

State of:  Connecticut

County of:  New Haven

On this the 19th day of February 2010, before me, Cynthia Ruiz, the undersigned officer, personally appeared Janet Dawson, who acknowledged herself to be the Owner/Member of EZ Mortgage, LLC, a limited liability company, and that she as such Owner/Member, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by herself as Owner/Member.

In witness whereof I hereunto set my hand.

                                         ________/s/_________
                                         Notary Public
                                         Date Commission Expires:  1/31/12

Administrative Orders and Settlements