COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
MORTGAGE LOAN ORIGINATOR
Docket No. 2011-002-CO
In the Matter of
RICHARD MALCOLM KANE
Mortgage Loan Originator License No. MLO49374
WHEREAS, RICHARD MALCOLM KANE ("Richard Kane" or the "Licensee"), a licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2, has been advised of his 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 June 10, 2011, whereby, solely for the purpose of settling this matter, Richard Kane 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 engaged in the business of a mortgage loan originator in Massachusetts pursuant to Massachusetts General Laws chapter 255F, section 2;
WHEREAS, Richard Kane is licensed by the Commissioner as a mortgage loan originator under Massachusetts General Laws chapter 255F, section 2. According to records maintained on file with the Division, the Commissioner initially issued a mortgage loan originator license, MLO49374, to Richard Kane to engage in the business of a licensed mortgage loan originator on or about March 9, 2010;
WHEREAS, on or about December 1, 2010 pursuant to the authority granted under Massachusetts General Laws chapter 255F, section 14, the Division commenced an Investigation (the "2010 Investigation") of the books, accounts, papers, records, and files maintained by Richard Kane in response to an inquiry received by the Division's Consumer Assistance Unit;
WHEREAS, on or about January 28, 2011, based upon a 2010 Investigation the Division issued a TEMPORARY ORDER TO CEASE DESIST as well as an ORDER TO SHOW CAUSE AND NOTICE OF RIGHT TO A HEARING (collectively referred to as the "Order"), Docket No. 2011-002, against Richard Kane and alleged a failure to comply with state and federal laws, rules, regulations and regulatory bulletins governing the conduct of a licensed mortgage loan originator in Massachusetts, which allegations Richard Kane has denied;
WHEREAS, on or about February 17, 2011, Richard Kane filed a response to the Order and by his response, Richard Kane further reserved his right to proceed to an administrative hearing in accordance with Massachusetts General Laws chapter 30A;
WHEREAS, on or about March 7, 2011, Richard Kane appeared at the Division's offices for an informal conference to discuss the matters raised by the Order;
WHEREAS, Richard Kane agrees to enter this Consent Order solely for the purpose of settling this matter and without admitting any allegations or implications of fact or the existence of any violations of applicable state and federal statutes or rules;
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Order; and
WHEREAS, in recognition of the Division and Richard Kane having reached the following mutual agreement under this Consent Order to resolve the matters raised by the Order, the Commissioner has terminated the Order on this 10th day of June, 2011.
NOW COME the parties in the above-captioned matter, the Division and Richard Kane, and stipulate and agree as follows:
- Immediately upon the execution of this Consent Order, Richard Kane will refrain from operating as a licensed mortgage loan originator, under Massachusetts General Laws chapter 255F, section 2.
- Immediately upon the execution of this Consent Order, Richard Kane will surrender his Massachusetts mortgage loan originator license number MLO49374 by submitting a " Request to Surrender" filing to the Division through the Nationwide Mortgage Licensing System (NMLS).
- Richard Kane will refrain from submitting an application to obtain a mortgage loan originator license from the Commissioner for a period of forty-two (42) months from the effective date of the Order.
- To the extent that Richard Kane wishes to resume or engage in business as a licensed mortgage loan originator at the expiration of the 42-month term as set forth above, Richard Kane shall be required to submit a completed application to obtain the relevant license from the Commissioner. Unless the Commissioner, in his sole discretion, agrees to accept such an application earlier, Richard Kane agrees not to submit such an application until the expiration of the 42-month term. The Commissioner shall have all of the discretion set forth within General Laws chapter 255F section 4 , and the Division's regulation 209 CMR 41.00 et seq. in determining whether to issue a license to Richard Kane to conduct the licensed business.
- The provisions of this Consent Order shall not limit, estop, or otherwise prevent any other state agency or department, from taking any other action affecting Richard Kane.
- This Consent Order shall become effective immediately upon the date of its issuance.
- In accordance with the terms of the Consent Agreement entered by Richard Kane and the Commissioner, Richard Kane has waived all rights of appeal that he may have relative to this Consent Order or any of its provisions.
- Failure to comply with the terms of this Consent Order shall constitute grounds for the denial of any future license application submitted to the Division
- The provisions of this Consent Order shall remain effective and enforceable except to the extent that, and until such time as, any provisions of this Consent Order shall have been modified, terminated, suspended, or set aside by the Commissioner or upon an order of a court of competent jurisdiction.
- This Consent Order and the Consent Agreement are the complete documents representing the resolution of this matter. There are no other agreements, promises, representations, or warranties other than those set forth in this Consent Order and the Consent Agreement.
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 10th day of June, 2011
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts