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Condor Capital Corporation - Settlement Agreement


STATE OF NEW YORK BANKING DEPARTMENT
NEW YORK, NEW YORK


In the Matter of 

CONDOR CAPITAL CORPORATION

A Sales Finance Company Licensed Pursuant
To Article XI-B of the New York 
Banking Law

(Respondent)


SETTLEMENT AGREEMENT

WHEREAS, Condor Capital Corporation (“Condor” or the “Licensee”), with corporate headquarters at 800 South Oyster Bay Road, Hicksville, New York 11801, was granted a license on September 23, 1996 to engage in business as a licensed sales finance company pursuant to Article XI-B of the New York Banking Law (the “Banking Law”) by the Superintendent of Banks (the “Superintendent”) of the State of New York and

WHEREAS, as the examination by the New York State Banking Department (The “Banking Department”) of Condor, as of May 17, 2004, cited the following violations of the Banking Law and the Superintendent’s Regulations:

1.In August, 2002, Mr. Hawkins purchased 49% of the outstanding shares of the Licensee without the prior approval of the Banking Department as required under 492-a of the Banking Law and failed to notify the Banking Department within the required  10-day  period subsequent to  the  event, in violation  of  Section 403.4(a)(1) & (2) of theSuperintendent’s Regulation,  

WHEREAS, the Superintendent and the Licensee mutually agree to resolve such violations by the imposition of a fine in the aggregate amount of $5,000 in lieu of commencing a hearing seeking revocation of Condor’s license. 

NOW, THEREFORE IT IS STIPULATED AND AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:

THAT, the Licensee agrees as follows:

1.  Condor freely and voluntarily waives its right to a hearing on the Violations cited above and Condor fully understands the terms and conditions of this Settlement Agreement.

2.  Condor will take all necessary steps to assure that it is in compliance with all applicable laws, rules and regulations.

3.  Condor will submit to the Department a Change of Control Application, with all required documents, to approve the new control party. 

4.  No later than thirty (30) days from the date of execution of this Settlement Agreement, Condor shall submit to the Banking Department results of its actions to correct the violations noted above. 

5.  Condor agrees to pay a fine in the amount of $5,000 to the Superintendent. Payment shall be made by electronic transfer, in immediately available funds, pursuant to transfer instructions received from the Banking Department. Failure to make timely payment shall result in the Banking Department commencing a hearing to revoke the licensee’s licenses.

5.   All communications regarding this Settlement Agreement shall be sent to:

Regina Stone
Deputy Superintendent of Banks
Licensed Financial Services Division
New York State Banking Department
One State Street
New York, New York 10004

Stephen Baron, President
Condor Capital Corporation
800 South Oyster Bay Road
Hicksville, New York 11801

Michael Hawkins, Secretary
Condor Capital Corporation
800 South Oyster Bay Road
Hicksville, New York 11801

6.  The provisions of this Settlement Agreement shall not bar, estop or otherwise prevent the Superintendent, or any state or federal agency or department, from taking any other action affecting the Licensee, any of its current or former officers, directors, employees, or insiders, or their successors or assigns with respect to the matters not relating to this Settlement Agreement or any criminal aspect of the concerned matters in this Settlement Agreement.

7.  No extension or waiver of the terms of this Settlement Agreement shall be binding on the Banking Department except if in writing, signed by the Superintendent. 

8.   Each provision of this Settlement Agreement shall remain effective and enforceable until stayed, modified, terminated or suspended in writing by the Superintendent.

9.  The effective date of this Settlement Agreement is the date on which it is executed by the Superintendent or her Deputy.

10. The provisions of this Settlement Agreement are not confidential.

Agreed to and Accepted: 

Dated:__________________.

By: ___________________________
Regina Stone
Deputy Superintendent of Banks 
New York State Banking Department

Dated:__________________.

By: ___________________________
Stephen Baron
President
Condor Capital Corporation

Dated:__________________.

By: ___________________________
Michael Hawkins
Secretary
Condor Capital Corporation 

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