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WHEREAS American Advisors Group ("American Advisors" or the "Corporation") with its main business office located at 16811 Hale Avenue, 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 October 21, 2008, 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, pursuant to General Laws chapter 255E, section (7)(b), the Commissioner issued a FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST, Docket No. 2008-022 (the "Temporary Order"), against American Advisors on September 24, 2008, based upon information reflected in a consumer solicitation (the "Solicitation") regarding reverse mortgage loans received by Massachusetts consumers from American Advisors which contained language that had the tendency to be false or misleading, that could collectively create the appearance that the Solicitation was issued by a government agency. Specifically, the Solicitation was marked as an "URGENT NOTICE" and noted that the mailing was forwarded from "ADMINISTRATIVE OFFICES." The Solicitation also referenced specific monthly and lump sum payments that the consumer would be receiving however, failed to note that payment streams would be limited by a final appraisal of the property and other ancillary costs associated with obtaining a reverse mortgage loan.
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Temporary Order;
WHEREAS, without this Consent Order constituting an admission by American Advisors of any allegations made or implied by the provisions of the Temporary Order; 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 Temporary Order, the Commissioner has terminated the Temporary Order on this 21st day of October, 2008.
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 21st day of October, 2008
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts