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COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
Docket No. 2009-016-CO
In the Matter of
AMERICAN ADVISORS GROUP .
Mortgage Broker License No. MB5106
WHEREAS American Advisors Group ("American Advisors" or the "Corporation") with its main business office located at 16808 Armstrong Avenue, Suite 220, Irvine, California, has been advised of its right to Notice and Hearing pursuant to General Laws chapter 255E, section 7(a), 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 February 2, 2010, whereby, solely for the purpose of settling this matter, and without admitting any allegations or implications of fact or the existence of any violation of state or federal laws and regulations governing the conduct and operation of a mortgage broker, American Advisors agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");
WHEREAS, On September 24, 2008, the Division issued a TEMPORARY ORDER TO CEASE AND DESIST, Docket No. 2008-022 (the "Temporary Order"), against American Advisors based upon information reflected in a consumer solicitation regarding reverse mortgage loans received by Massachusetts consumers from American Advisors which contained language that the Division alleged had the tendency to be false or misleading;
WHEREAS, on October 21, 2008 the Commissioner and American Advisors entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER ("2008 Consent Order") for the purpose of settling the matters raised by the Temporary Order;
WHEREAS, on or about June 29, 2009, based upon an investigation, the Division issued an ORDER TO SHOW CAUSE AND NOTICE OF RIGHT TO A HEARING ("2009 Order and Notice"), Docket No. 2009-016, against American Advisors. The 2009 Order and Notice alleged certain Charges and violations of law.
WHEREAS, on or about July 17, 2009, American Advisors filed a response to the 2009 Order and Notice with the Division whereby the Corporation disputed certain of the Division's findings and alleged violations of law contained in the 2009 Order and Notice. By its response, American Advisors further reserved its right to proceed to an administrative hearing in accordance with Massachusetts General Laws chapter 30A;
WHEREAS, without this Consent Order constituting an admission by American Advisors of any allegations made or implied by the provisions of the 2009 Order and Notice; solely for the purpose of settlement of all alleged violations without protracted administrative proceedings and judicial review, American Advisors hereby waives its right to complete the hearing process relative to this proceeding and affirms that it is willing to take all necessary action as set forth in this Consent Order; and
WHEREAS, in recognition of the Division and American Advisors having reached the following mutual agreement under this Consent Order to fully resolve the matters raised by the 2009 Order and Notice, the Commissioner has terminated the 2009 Order and Notice on this 2nd day of February, 2010.
NOW COME the parties in the above-captioned matter, the Division and American Advisors, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 2nd day of February, 2010
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts