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COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
MORTGAGE LENDER AND
Docket No. 2009-121
FINDINGS OF FACT AND TEMPORARY
ORDER TO CEASE AND DESIST
In the Matter of
San Diego, California
Mortgage Broker License No. MB4312
The Commissioner of Banks ("Commissioner") having determined that QuoteMatch, LLC ("QuoteMatch" or the "Licensee"), with its main address located at 9950 Summers Ridge Road, Suite 160, San Diego, California 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 8(b).
FINDINGS OF FACT
A. Failure to Obtain and Maintain a Surety Bond
An Applicant [for a license as a mortgage broker] shall demonstrate and maintain: ... 2. a bond of $75,000 in such form and with such sureties as may be approved by the Commissioner. The surety bond must contain a clause that the insurance company will notify the Commissioner at least 30 days prior to canceling the surety bond for any reason. The Commissioner shall automatically suspend the license on the date the cancellation takes effect, unless the surety bond has been replaced or renewed.
Any entity licensed on or before September 7th will be required to comply with the new net worth and surety bond requirements by December 31, 2008.…Conducting business without obtaining the surety bond is a violation of the above cited regulation. The Division considers failure to obtain said surety bond a serious violation.
Pursuant to the Division's regulation 209 CMR 42.06(2)(a)(2), as a condition of obtaining and holding a mortgage broker license, a mortgage broker must establish and maintain a corporate surety bond of $75,000. The duration of the corporate surety bond must be continuous and shall be issued by a bonding company or insurance company authorized to do business in Massachusetts.
[A]n original, notarized corporate surety bond . . . must be submitted to the Division by Friday, May 15, 2009. ... [T]he necessity to obtain the corporate surety bond is a requirement for all mortgage broker and mortgage lender licensees as a condition of maintaining the license, without exception. [Emphasis in original.]
B. Failure to Submit Financial Statements as Required
3. 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.]
C. 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.
CONCLUSIONS OF LAW
ORDER TO CEASE AND DESIST
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 6th day of October, 2009
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts