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WHEREAS, RICHARD MALCOLM KANE ("Richard Kane" or the "Licensee"), a licensed mortgage loan originator under Massachusetts General Laws chapter 255F, section 2, has been advised of his 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 10, 2011, whereby, solely for the purpose of settling this matter, Richard Kane 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 engaged in the business of a mortgage loan originator in Massachusetts pursuant to Massachusetts General Laws chapter 255F, section 2;
WHEREAS, Richard Kane is licensed by the Commissioner as a mortgage loan originator under Massachusetts General Laws chapter 255F, section 2. According to records maintained on file with the Division, the Commissioner initially issued a mortgage loan originator license, MLO49374, to Richard Kane to engage in the business of a licensed mortgage loan originator on or about March 9, 2010;
WHEREAS, on or about December 1, 2010 pursuant to the authority granted under Massachusetts General Laws chapter 255F, section 14, the Division commenced an Investigation (the "2010 Investigation") of the books, accounts, papers, records, and files maintained by Richard Kane in response to an inquiry received by the Division's Consumer Assistance Unit;
WHEREAS, on or about January 28, 2011, based upon a 2010 Investigation the Division issued a TEMPORARY ORDER TO CEASE DESIST as well as an ORDER TO SHOW CAUSE AND NOTICE OF RIGHT TO A HEARING (collectively referred to as the "Order"), Docket No. 2011-002, against Richard Kane and alleged a failure to comply with state and federal laws, rules, regulations and regulatory bulletins governing the conduct of a licensed mortgage loan originator in Massachusetts, which allegations Richard Kane has denied;
WHEREAS, on or about February 17, 2011, Richard Kane filed a response to the Order and by his response, Richard Kane further reserved his right to proceed to an administrative hearing in accordance with Massachusetts General Laws chapter 30A;
WHEREAS, on or about March 7, 2011, Richard Kane appeared at the Division's offices for an informal conference to discuss the matters raised by the Order;
WHEREAS, Richard Kane agrees to enter this Consent Order solely for the purpose of settling this matter and without admitting any allegations or implications of fact or the existence of any violations of applicable state and federal statutes or rules;
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Order; and
WHEREAS, in recognition of the Division and Richard Kane having reached the following mutual agreement under this Consent Order to resolve the matters raised by the Order, the Commissioner has terminated the Order on this 10th day of June, 2011.
NOW COME the parties in the above-captioned matter, the Division and Richard Kane, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 10th day of June, 2011
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts