I. PRELIMINARY STATEMENT

WHEREAS, the Banking Commissioner (the “Commissioner”) is charged with the administration of  Part I of Chapter 668, Sections 36a-485 to 36a-534c, inclusive, of the Connecticut General Statutes, “Mortgage Lenders, Correspondent Lenders, Brokers and Loan Originators”;

WHEREAS, on April 9, 2009, the Commissioner, acting pursuant to Sections 36a-52(b), 4-182(c), 36a-494(a)(1), 36a-494(a)(1)(B), 36a-494(a)(1)(C), 35a-51, 36a-494(b), 36a-52(a) and 36a-50(a) of the Connecticut General Statutes, issued a Temporary Order to Cease and Desist, Order of Summary Suspension (“Order of Summary Suspension”), Notice of Intent to Revoke Mortgage Broker License, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively, the “April Notice”) against Respondents, which April Notice is incorporated by reference herein;

WHEREAS, on April 23, 2009, Allied received the April Notice, and on April 17, 2009, Respondents requested a hearing;

WHEREAS, on September 18, 2009, the Commissioner, acting pursuant to Sections 36a-51, 36a-52(a) and 36a-50(a) of the Connecticut General Statutes, issued a Notice of Intent to Revoke Mortgage Broker License, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively, the “September Notice”) against Allied, which September Notice is incorporated by reference herein;

WHEREAS, on September 23, 2009, Allied received the September Notice, and on September 29, 2009, Allied requested a hearing;

WHEREAS, on October 22, 2009, the Commissioner issued an Order of Withdrawal of Order of Summary Suspension, which is incorporated by reference herein;

WHEREAS, following multiple continuances, the hearing on the April Notice and the September Notice (collectively, the “Notices”) was ultimately held on July 12, 2010;

WHEREAS, neither Respondents nor their former legal counsel appeared at the hearing;

WHEREAS, on August 23, 2010, the Commissioner issued Findings of Fact, Conclusions of Law and Order (the “August 23, 2010 Default Findings, Conclusions and Order”), which August 23, 2010 Default Findings, Conclusions and Order are incorporated by reference herein;

WHEREAS, Respondents, through newly retained legal counsel, submitted to the Commissioner a petition for reconsideration of the August 23, 2010 Default Findings, Conclusions and Order;

WHEREAS, Respondents, through newly retained legal counsel, also communicated to the Consumer Credit Division (the “Division”) of the Department of Banking their continuing desire to settle the matters described herein.  Prior settlement negotiations between the Division and Respondents’ former legal counsel had been unsuccessful;

WHEREAS, on October 4, 2010, the Commissioner advised newly retained legal counsel for Respondents that, other good cause for reconsideration having been shown under Section 4-181a(a)(1)(C) of the Connecticut General Statutes, the Respondents’ petition for reconsideration was granted.  In granting the petition for reconsideration, the Commissioner noted that a subsequent settlement of the matter would affect the reconsideration proceedings;

WHEREAS, by Settlement Agreement executed on even date, which Settlement Agreement is incorporated by reference herein and made a part hereof, the Commissioner and the Respondents reached agreement on the regulatory concerns involved;

NOW THEREFORE, the Commissioner enters the following:

So ordered at Hartford, Connecticut               ________/s/_________
this 6th day of December, 2010.                    Howard F. Pitkin
                                                               Banking Commissioner

       
Norman H. Roos, Esq.               Certified Mail No. 7010 0290 7489 1080
Robinson & Cole LLP
280 Trumbull Street
Hartford, CT 06103-3597

Administrative Orders and Settlements