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This order was terminated pursuant to a Consent Order on February 7, 2011.
The Commissioner of Banks ("Commissioner") having determined that SHAMROCK FINANCIAL CORPORATION, ("Shamrock Financial" or the "Corporation") located at 75 Newman Avenue, East Providence, Rhode Island, 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 TEMPORARY ORDER TO CEASE AND DESIST AND NOTICE OF ADMINISTRATIVE PENALTY ("Order") pursuant to General Laws chapter 255E, section 7(b) and General Laws chapter 255E, section 11.
FINDINGS OF FACT
Unfair methods of competition and unfair or deceptive acts or practices in the conduct of any trade or commerce are hereby declared unlawful.
It is an unfair or deceptive act or practice for a mortgage broker or lender to make any representation or statement of fact in an advertisement if the representation or statement is false or misleading or has the tendency or capacity to be misleading, or if the mortgage broker or lender does not have sufficient information upon which a reasonable belief in the truth of the representation or statement could be based.
It is a prohibited act or practice for a mortgage broker or mortgage lender to make false promises to influence, persuade, or induce a consumer to a sign a mortgage loan application or mortgage loan documents.
CONCLUSIONS OF LAW
Shamrock Financial has engaged in, is engaging in, or is about to engage in, acts or practices which warrant the belief that the public interest will be irreparably harmed by delay in issuing an ORDER TO CEASE AND DESIST to Shamrock Financial.
ORDER TO CEASE AND DESIST AND NOTICE OF ADMINISTRATIVE PENALTY
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 15th day of October, 2010
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts