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WHEREAS, Jonathan A. Adwar ("Jonathan Adwar") 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 December 2, 2011, whereby, solely for the purpose of settling this matter and without admission of any violation of law, Jonathan Adwar 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, Jonathan Adwar applied for a Massachusetts mortgage loan originator license on or about July 15, 2011; such application is currently in a "pending- incomplete" status;
WHEREAS, Jonathan Adwar has never obtained a Massachusetts mortgage loan originator license and he was never authorized to originate loans for Massachusetts property;
WHEREAS, on February 7, 2011, 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 Intercontinental Capital Group, Inc., New York, New York, mortgage lender license no. ML60134;
WHEREAS, the Division’s review of books and records during the examination/inspection revealed that Jonathan Adwar originated four (4) Massachusetts residential mortgage loan applications on behalf of Intercontinental Capital Group, Inc., at times during which, according to his attested record in the Nationwide Mortgage Licensing System ("NMLS"), he did not have an approved Massachusetts mortgage loan originator license in accordance with Massachusetts law;
WHEREAS, by contemporaneous agreement set forth in the Consent Order, Docket No. 2011-055, entered between Intercontinental Capital Group, Inc. and the Division (the "Consent Order, Docket No. 2011-055"), Intercontinental Capital Group, Inc., without admitting any violation of law occurred, agreed to satisfy any administrative penalty assessed against Jonathan Adwar in consideration of the alleged mortgage loan originator licensing violations described above; 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 Jonathan Adwar, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 2nd day of December, 2011
David J. Cotney
Commissioner of Banks