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IN THE MATTER OF: INTERCONTINENTAL |
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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, Intercontinental Capital is a New York corporation with an office at 55 East 59th Street, 4th Floor, New York, New York, and is currently licensed as a mortgage lender under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes;
WHEREAS, on December 8, 2011, Intercontinental Capital requested renewal of its mortgage lender license on the Nationwide Mortgage Licensing System and Registry (“NMLS”) for the January 1 through December 31, 2012 licensing period, which application is currently pending;
WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking, pursuant to the authority granted by Section 36a-17(a) of the 2012 Supplement to the General Statutes and Section 36a-498f of the Connecticut General Statutes, investigated the activities of Intercontinental Capital to determine if it continues to meet the minimum standards for licensure set forth in Part I of Chapter 668, Sections 36a-485 et seq. of the Connecticut General Statutes or if it has violated, is violating or is about to violate any provision of the Connecticut General Statutes within the jurisdiction of the Commissioner;
WHEREAS, as a result of the investigation, the Commissioner alleges that Intercontinental Capital failed to file timely the financial condition section for 2011 in the standard mortgage call report, in violation of Section 36a-534b(c)(3) of the 2012 Supplement to the General Statutes;
WHEREAS, the Commissioner believes that such allegation would support initiation of enforcement proceedings against Intercontinental Capital, including proceedings to revoke and refuse to renew Intercontinental Capital’s mortgage lender license in Connecticut pursuant to Sections 36a-494(a)(1) and 36a-494(a)(1)(C) and subsections (a) and (b) of Section 36a-51 of the 2012 Supplement to the General Statutes, issue a cease and desist order against Intercontinental Capital pursuant to Section 36a-494(b) of the 2012 Supplement to the General Statutes and Section 36a-52(a) of the Connecticut General Statutes, and impose a civil penalty of up to one hundred thousand dollars ($100,000) per violation upon Intercontinental Capital pursuant to Section 36a-494(b) of the 2012 Supplement to the General Statutes and Section 36a-50(a) of the Connecticut General Statutes;
WHEREAS, initiation of such enforcement proceedings would constitute a “contested case” within the meaning of Section 4-166(2) of the Connecticut General Statutes;
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 consent order, unless precluded by law;
WHEREAS, both the Commissioner and Intercontinental Capital acknowledge the possible consequences of formal administrative proceedings, and Intercontinental Capital voluntarily agrees to consent to the entry of the sanction described below solely for the purpose of obviating the need for further formal administrative proceedings concerning the allegation contained herein;
WHEREAS, Intercontinental Capital admits that it did not file timely the financial report described herein;
WHEREAS, Intercontinental Capital has now filed the financial condition section for 2011 in the standard mortgage call report;
WHEREAS, Intercontinental Capital herein represents to the Commissioner that it has reviewed and updated its internal policies, procedures and controls for timely and accurately filing reports with the Commissioner through NMLS as required or as otherwise permitted under Part I of Chapter 668, Sections 36a-485 et seq., of the Connecticut General Statutes;
WHEREAS, Intercontinental Capital acknowledges that this Consent Order is a public record required to be disclosed in response to regulatory disclosure questions on NMLS, as applicable;
AND WHEREAS, Intercontinental Capital, 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, and voluntarily waives its rights to seek judicial review or otherwise challenge or contest the validity of this Consent Order.
CONSENT TO ENTRY OF SANCTION
WHEREAS, Intercontinental Capital, 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 Intercontinental Capital, Intercontinental Capital shall remit to the Department of Banking by cashier’s check, certified check or money order made payable to “Treasurer, State of Connecticut”, the sum of Two Thousand Five Hundred Dollars ($2,500) 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. | No later than the date that this Consent Order is executed by Intercontinental Capital, Intercontinental Capital shall have satisfactorily filed the financial condition section of its standard mortgage call report for 2011. Intercontinental Capital shall file timely and accurately all reports on NMLS as required or as otherwise permitted under Part I of Chapter 668 of the Connecticut General Statutes in connection with its current license, and any future license issued to Intercontinental Capital. |
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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 Intercontinental Capital 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 Intercontinental Capital 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 Intercontinental Capital and reflected herein is subsequently discovered to be untrue; |
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So long as this Consent Order is promptly disclosed by Intercontinental Capital and its control persons on NMLS, as applicable, nothing in the issuance of this Consent Order shall adversely affect the ability of Intercontinental Capital 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, provided all legal requirements for such license are satisfied; and |
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This Consent Order shall become final when issued.
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Dated at Hartford, Connecticut
this 23rd day of August 2012. ________/s/_________
Howard F. Pitkin
Banking Commissioner
I, Dustin DiMisa, state on behalf of Intercontinental Capital Group, Inc., 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 Intercontinental Capital Group, Inc.; that Intercontinental Capital Group, Inc., agrees freely and without threat or coercion of any kind to comply with the sanction entered and terms and conditions ordered herein; and that Intercontinental Capital Group, Inc. 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: Dustin DiMisa
Title: CEO/President
Intercontinental Capital Group, Inc.
State of: New York
County of: New York
On this the _______ day of August 2012, before me, _____________________________________, the undersigned officer, personally appeared _________________________ who acknowledged himself/herself to be the CEO/President of Intercontinental Capital Group, Inc., a corporation, and that he/she as such CEO/President, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself/herself as CEO/President.
In witness whereof I hereunto set my hand.
________/s/_________
Notary Public
Date Commission Expires: 4/4/2013