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”.

Pursuant to the authority granted by Section 36a-17 of the Connecticut General Statutes, the Commissioner, through the Consumer Credit Division (“Division”) of the Department of Banking, has investigated the activities of Respondent to determine if it has violated, is violating or is about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner.

Section 36a-17(a) of the Connecticut General Statutes provides:

Subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes provide, in pertinent part, that:

Section 4-182(c) of the Connecticut General Statutes provides, in pertinent part, that:

1.	Respondent is a Connecticut limited liability company with its place of business at 1 Evergreen Parkway, Westport, Connecticut.
2.	Respondent is currently licensed as a mortgage broker under Section 36a-489 of Part I of Chapter 668, Sections 36a-485 to 36a-534c, inclusive, of the Connecticut General Statutes.
3.	On August 17, 2011, the Division conducted an examination of Respondent.
4.	On September 7, 2011, the Division sent Respondent a letter enclosing the Report of Examination and a bill for the examination.
5.	On December 2, 2011, the Division sent a letter to Respondent by certified mail, return receipt requested, pursuant to Section 4-182(c) of the Connecticut General Statutes, concerning Respondent’s failure to pay the examination costs and gave Respondent the opportunity to show compliance with all lawful requirements for retention of its mortgage broker license (“Compliance Letter”).  On December 3, 2011, Respondent received the Compliance Letter.
6.	To date, Respondent has failed to respond to the Compliance Letter and has failed to pay the cost of the examination.

Section 36a-65(c)(6) of the Connecticut General Statutes, as amended by Public Act 11-216, provides, in pertinent part, that:

Section 36a-494(a)(1) of the Connecticut General Statutes provides, in pertinent part, that:

Respondent’s failure to pay the cost of an examination, as more fully described in paragraphs 3 through 6, inclusive, of the Matters Asserted, constitutes a violation of Section 36a-65(c)(6) of the Connecticut General Statutes, as amended.  Such violation constitutes sufficient grounds for the Commissioner to suspend Respondent’s mortgage broker license in Connecticut pursuant to Section 36a-494(a)(1)(C) and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes.

WHEREAS, the Commissioner has reason to believe that Respondent has engaged in certain conduct in violation of Section 36a-65(c)(6) of the Connecticut General Statutes, as amended, which constitutes sufficient grounds to suspend Respondent’s mortgage broker license in Connecticut pursuant to Section 36a-494(a)(1)(C) and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes.

NOW THEREFORE, notice is hereby given to Respondent that the Commissioner intends to SUSPEND Respondent’s license to act as a mortgage broker in Connecticut, subject to Respondent’s right to a hearing on the allegation set forth above.

A hearing will be granted to Respondent if a written request for a hearing is received by the Department of Banking, Consumer Credit Division, 260 Constitution Plaza, Hartford, Connecticut 06103-1800 within fourteen (14) days following its receipt of this Notice of Intent to Suspend Mortgage Broker License and Notice of Right to Hearing as set forth in subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes.  This Notice of Intent to Suspend Mortgage Broker License and Notice of Right to Hearing shall be deemed received on the earlier of the date of actual receipt, or seven days after mailing or sending.  The enclosed Appearance and Request for Hearing Form must be completed and mailed to the above address.  If Respondent will not be represented by an attorney at the hearing, please complete the Appearance and Request for Hearing Form as “pro se”.  Once a written request for a hearing is received, the Commissioner may issue a notification of hearing and designation of hearing officer that acknowledges receipt of a request for a hearing, designates a hearing officer and sets the date of the hearing in accordance with Section 4-177 of the Connecticut General Statutes and Section 36a-1-21 of the Regulations of Connecticut State Agencies.  If a hearing is requested, the hearing will be held on January 10, 2012, at 10 a.m., at the Department of Banking, 260 Constitution Plaza, Hartford, Connecticut.

The hearing will be held in accordance with the provisions of Chapter 54 of the Connecticut General Statutes, unless Respondent fails to appear at the requested hearing.  At such hearing, Respondent will have the right to appear and present evidence, rebuttal evidence and argument on all issues of fact and law to be considered by the Commissioner.

If Respondent does not request a hearing within the time prescribed, the Commissioner will suspend Respondent’s license to act as a mortgage broker in Connecticut.

Issued at Hartford, Connecticut
this 13th day of December 2011.       ________/s/_________
                                                   Howard F. Pitkin
                                                   Banking Commissioner

I hereby certify that on this 13th day of December 2011, the foregoing Notice of Intent to Suspend Mortgage Broker License and Notice of Right to Hearing was sent by registered mail, return receipt requested, to Settlers Mortgage Company, LLC, Attention:  Michael Stephan, President, 1 Evergreen Parkway, Westport, Connecticut 06880, registered mail no. RA878574750US.

                                                   ________/s/_________

                                                   Doniel Kitt
                                                   Prosecuting Attorney

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