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WHEREAS, FIRST OHIO BANC & LENDING, INC., Independence, Ohio ("First Ohio" or the "Corporation"), a licensed mortgage lender and mortgage broker 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 June 13, 2011, whereby, solely for the purpose of settling this matter, First Ohio 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 lender and mortgage broker in Massachusetts pursuant to Massachusetts General Laws chapter 255E, section 2; WHEREAS, First Ohio, at all relevant times, has been a foreign Corporation doing business in the Commonwealth with its main office located at 6100 Rockside Woods Boulevard, Independence, Ohio;
WHEREAS, on September 21, 2009, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination/inspection (the "2009 examination/inspection") of the books, accounts, papers, records, and files maintained by First Ohio;
WHEREAS, the Division's Report of Examination/Inspection on Consumer Compliance (the "Report"), which was issued to First Ohio on or about April 29, 2010, presented the findings of the 2009 examination/inspection and alleged significant failures to comply with applicable state and federal laws, rules, regulations, and regulatory bulletins governing the conduct of those engaged in the business of a mortgage lender and mortgage broker in Massachusetts;
WHEREAS, on or about April 29, 2010, based upon the findings of the 2009 examination/inspection, the Division issued a FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST (the "Temporary Order"), Docket No. 2010-001, against First Ohio;
WHEREAS, on or about May 17, 2010 First Ohio filed a response to the Temporary Order with the Division whereby the Corporation answered the Division's findings and alleged violations of law contained in the Temporary Order. By its response, First Ohio further reserved its right to proceed to an administrative hearing in accordance with Massachusetts General Laws chapter 30A;
WHEREAS, according to representations made by First Ohio, the Corporation and any and all officers, directors, managers, employees, independent contractors, or agents, operating on behalf of First Ohio, ceased engaging in the activity of a mortgage lender, mortgage broker, and mortgage loan originator in Massachusetts, as those terms are defined under General Laws chapter 255E, section 1 and General Laws chapter 255F, section 1, respectively upon the issuance of the Temporary Order.
WHEREAS, on or about June 18, 2010 First Ohio filed a response to the Report issued by the Division;
WHEREAS, on or about June 23, 2010, First Ohio appeared at the Division's offices for an informal conference to discuss the matters raised by the Temporary Order;
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Temporary Order and the Report;
WHEREAS, without this Consent Order constituting an admission by First Ohio 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, First Ohio 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 First Ohio having reached the following mutual agreement under this Consent Order to resolve the matters raised by the Temporary Order, the Commissioner has terminated the Temporary Order on this day of , 2011.
NOW COME the parties in the above-captioned matter, the Division and First Ohio, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 13th day of June, 2011
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts