Date: | 10/21/2009 |
---|---|
Organization: | Division of Banks |
Docket Number: | 2009-120-CO |
Location: | Boston, Massachusetts |
WHEREAS, DBSA Holdings, Inc. d/b/a Foundation Capital Group, located at 8400 Juniper Creek Lane, Suite 102, San Diego, CA 92126 (“DBSA” or the “Licensee”), a licensed mortgage broker and mortgage lender under Massachusetts General Laws chapter 255E, section 2, has been advised of its right to Notice and Hearing pursuant to Massachusetts General Laws chapter 30A, section 10, and having waived those rights, entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER (“Consent Agreement”) with representatives of the Division of Banks (“Division”) dated October 21, 2009, whereby, solely for the purpose of settling this matter, DBSA agrees to the issuance of this CONSENT ORDER (“Consent Order”) by the Commissioner of Banks (“Commissioner”);
WHEREAS, The Division of Banks ("Division"), through the Commissioner, has jurisdiction over the licensing and regulation of persons and entities engaged in the business of a mortgage broker and mortgage lender in Massachusetts pursuant to Massachusetts General Laws chapter 255E, section 2;
WHEREAS, DBSA is, and at all relevant times, has been a Massachusetts licensed mortgage broker and mortgage lender doing business in the Commonwealth of Massachusetts;
WHEREAS, On October 6, 2009, the Division issued a TEMPORARY ORDER TO CEASE AND DESIST, Docket No. 2009-120 (the "Temporary Order"), against DBSA based upon the Licensee’s: failure to obtain and maintain a mortgage broker surety bond, in violation of 209 CMR 42.06(2)(a). The Temporary Order is incorporated herein by reference;
WHEREAS, DBSA filed a response to the Temporary Order with the Division whereby the Licensee attested that it has discontinued the business of mortgage brokering/ in Massachusetts and desires to surrender the Massachusetts mortgage broker portion of its license(s) No. MC5105;
WHEREAS, the parties now seek to resolve this matter by mutual agreement; and
WHEREAS, in recognition of the Division and DBSA having reached the following mutual agreement under this Consent Order to resolve this matter, the Commissioner has terminated the Temporary Order on this 21st day of October, 2009.