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Consent Order

Consent Order Henry Law

Date: 04/05/2013
Organization: Division of Banks
Docket Number: 2010-393

Table of Contents


Suffolk, SS.

Docket No. 2010-393


In the Matter of

WHEREAS, Henry Law, has been advised of his right to Notice and Hearing pursuant to Massachusetts General Laws chapter 30A, section 10 and chapter 255F, section 11, 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 April 5, 2013, whereby, solely for the purpose of settling this matter, Henry Law agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");

WHEREAS, the Division, through the Commissioner, has jurisdiction over the licensing and regulation of persons and entities engaged in the business of a mortgage loan originator in Massachusetts pursuant to Massachusetts General Laws chapter 255F, section 2;

WHEREAS, on July 19, 2010, pursuant to the authority granted under Massachusetts General Laws chapter 255E, section 8, the Division commenced an examination/inspection ("examination/inspection") of the books, accounts, papers, records, and files maintained by Referral Financial, LLC, 1168 Lakeview Avenue, Dracut, Massachusetts, mortgage broker license no. MB3206;

WHEREAS, the Division’s review of books and records during the examination/inspection revealed that Henry Law originated six (6) Massachusetts residential mortgage loan applications on behalf of Referral Financial, LLC;

WHEREAS, according to Henry Law’s record in the Nationwide Mortgage Licensing System ("NMLS"), he has never applied for or obtained a Massachusetts mortgage loan originator license; and

WHEREAS, the parties now seek to resolve by mutual agreement, the aforementioned matters.


NOW COME the parties in the above-captioned matter, the Division and Henry Law, and stipulate and agree as follows:

  1. Henry Law shall immediately cease engaging in the activities of a mortgage loan originator as defined in Massachusetts General Laws chapter 255F, section 1, for any entity until he obtains a mortgage loan originator license in Massachusetts and proper sponsorship from an employing entity through the NMLS, unless he qualifies for one of the seven exceptions to the mortgage loan originator’s licensing requirements enumerated in the Division’s regulation 209 CMR 41.03.
  2. On or before the thirtieth day after the effective date of this Consent Order, Henry Law shall submit a payment of six thousand dollars ($6,000.00) in satisfaction of an administrative penalty collected in consideration of Henry Law originating six residential mortgage loans without being licensed as a mortgage loan originator in Massachusetts. Henry Law shall remit payment in full of the amount indicated above, payable to the "Commonwealth of Massachusetts," with the executed copy of the Consent Agreement, to the Office of the Commissioner of Banks, 1000 Washington Street, 10th Floor, Boston, Massachusetts 02118.
  3. This Consent Order shall become effective immediately upon the date of its issuance.
  4. 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.
  5. This Consent Order and the Consent Agreement are the complete documents that represent 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.


Dated at Boston, Massachusetts, this 5th day of April, 2013

David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts