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COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
Docket No. 2010-227
FINDINGS OF FACT AND
TEMPORARY ORDER TO
CEASE AND DESIST
In the Matter of
PROVIDENCE MORTGAGE CORP.
Providence, Rhode Island
Mortgage Broker License No(s). MB1949
The Commissioner of Banks ("Commissioner") having determined that PROVIDENCE MORTGAGE CORP. ("Providence Mortgage" or the "Licensee"), with its main address located at 345 Hope Street Providence, Rhode Island 02906 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) and chapter 255F, section 11(a).
FINDINGS OF FACT
A. Failure to Submit Financial Statements as Required
Renewal Applications. Within 90 days of the close of its fiscal year, an Applicant for mortgage broker license renewal shall submit financial statements for the preceding fiscal year that have been audited or reviewed by an independent certified public accountant and such other financial information as the Commissioner may require. [Emphasis supplied.]
B. Failure to Submit Annual Report
Each licensee shall annually, on or before a date determined by the commissioner, file a report with the commissioner containing such information as said commissioner may require concerning the business and operations conducted by the licensee in the commonwealth during the preceding calendar year.
By March 31, each Licensee shall file an annual report with the Commissioner in such form as the Commissioner shall prescribe for the preceding calendar year. The annual report shall be in writing, subscribed by the Licensee under the pains and penalty of perjury.
C. Failure to File the Massachusetts Foreign Corporation Annual Report
(a) Each domestic corporation, and each foreign corporation authorized to transact business in the commonwealth, shall deliver to the secretary of state for filing an annual report that sets forth:
(1) the name of the corporation and the state or country under whose law it is incorporated;
(2) the address of its registered office and the name of its registered agent at that office in the commonwealth;
(3) the address of its principal office;
(4) the names and business addresses of its directors, officers required by section 8.40(a), and chief executive officer and chief financial officer, if different;
(5) A brief description of its activities in the commonwealth.
(6) the total number of authorized shares, itemized by class and series, if any, within each class;
(7) the total number of issued and outstanding shares, itemized by class and series, if any, within each class; and
(8) the fiscal year of the corporation.
(b) Information in the annual report shall be current as of the date the annual report is executed on behalf of the corporation.
(c) The annual report shall be delivered to the secretary of state within 2 1/2 months after the end of the fiscal year of the corporation.
(1) Each domestic corporation and each foreign corporation authorized to transact business in the commonwealth shall file an annual report with the Division within 2½ months after the close of the corporation's fiscal year end.
CONCLUSIONS OF LAW
ORDER TO CEASE AND DESIST
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 15th day of June, 2010
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts