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In the Matter of
DANA CAPITAL GROUP, INC
Mortgage Company License No(s). MC1525, et al.
The Commissioner of Banks ("Commissioner") having determined that Dana Capital Group, Inc., ("Dana Capital" or the "Corporation"), located at 8001 Irvine Center Drive, Suite 1200, Irvine, California, 92618 has engaged in, or is engaging in, or is about to engage in, acts or practices constituting violations of Massachusetts General Laws chapter 255E and applicable regulations found at 209 CMR 42.00 et seq., hereby issues the following FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST ("TEMPORARY ORDER") pursuant to General Laws chapter 255E, section 7(b).
(2) Licensees shall provide thirty days prior written notice of any change or closing of a Massachusetts location to the Commissioner and shall contain such other information as the Commissioner may require.
Each licensee shall, when directed by said commissioner, permit said commissioner or his duly authorized representative to inspect its relevant records and evidence of compliance with the provisions of this chapter or any rule or regulation issued hereunder and with any other law, rule or regulation applicable to the conduct of the business for which it is licensed under this chapter . . . . For the purposes of such inspection, said commissioner or his representative shall have access to the offices and place of business, books, accounts, papers, records and files of all such licensees.
(4)…A Licensee shall make such other statements and reports to the Commissioner as he or she may require from time to time…
Each Licensee shall keep and use its books, records, and accounts in a manner which will allow the Commissioner to determine whether the Licensee is complying with the provisions of . . . General Laws chapter 255E and other provisions applicable to the conduct of the licensed business.
A Licensee shall notify the Commissioner immediately, and in writing within one business day, of the occurrence of any of the following significant developments: . . . (c) Receiving notification of the institution of license . . . revocation procedures, or other formal or informal regulatory action, in any state against the Licensee, and the reasons thereof.
After taking into consideration the FINDINGS OF FACT and CONCLUSIONS OF LAW stated herein, it is hereby:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 24th day of May, 2007.
By: Steven L. Antonakes
Commissioner of Banks