The Money Place, LLC - Settlement Agreement
State of New York
In the Matter of
The Money Place, LLC
WHEREAS, The Money Place, LLC ("Money Place" "Registrant"), with headquarters at 1625 Buffalo Avenue, Suite 1-A, Niagara Falls, NY 14303, was granted a registration on November 20, 1998 to engage in business as a registered mortgage broker pursuant to Article XII-D of the New York Banking Law (the "Banking Law") by the Superintendent of Banks (the "Superintendent") of the State of New York;
WHEREAS, in recognition of their common goals to ensure compliance by the Registrant with applicable federal and state laws, rules and regulations, the Banking Department and the Registrant have mutually agreed to enter into this settlement agreement (“Agreement”);
WHEREAS, Section 590.2 (c) of the Banking Law and Part 410.6 of the Superintendent’s Regulations requires a registrant to apply for authority to open and maintain one or more branch offices;
WHEREAS, an examination of The Money Place conducted as of September 8, 2005 cited a violation of Section 590.2 (c) of the Banking Law and the provisions of Superintendent’s Regulation Part 410.6 in that Money Place accepted loan applications at 232 Princess Street, 1 st Floor, Hicksville, NY 11801, an unlicensed location;
WHEREAS, the Superintendent and the registrant mutually agree to resolve such violation by the imposition of a fine in the aggregate amount of $5,000 and consumer restitution of $14,812.50, in lieu of commencing a hearing seeking revocation of Registrant’s registration.
NOW, THEREFORE IT IS STIPULATED AND AGREED BY THE PARTIES HERETO AS FOLLOWS:
THAT, the Registrant agrees as follows:
- Money Place, fully understanding the terms and conditions of the Settlement Agreement, freely and voluntarily waives its right to a hearing on the violation cited and any and all appeal relating to this matter.
- Money Place, shall cease all loan solicitation and loan processing activities at 232 Princess Street, 1 st Floor, Hicksville, NY 11801, an unauthorized office, until that location is duly licensed to conduct mortgage activities; and
- Money Place, will take all necessary steps to ensure compliance with all applicable federal and state laws and regulations relating to its mortgage business including but not limited to Article 12-D of the Banking Law; General Regulations of the Banking Board Parts 38, 39 and 41; and the Superintendent’s Regulations Part 410.
- Money Place, agrees to pay a fine in the amount of $5,000 upon execution of the Settlement Agreement. Payment shall be made by electronic transfer, in immediately available funds, pursuant to transfer instructions received from the Banking Department.
- Money Place, shall refund $14,812.50 to the two affected consumers. These consumer restitutions are payable in two installments. The first installment of $8,425.00 must be paid to Marie Rodriguez within 90 days of the execution of this Settlement Agreement. The second installment of $6,387.50 must be paid to Nelly R. Nunez within 180 days of the execution of this Settlement Agreement.
- Failure to make timely payment of the fine or failure to make the consumer refunds pursuant to agreed upon schedule shall result in the Banking Department commencing a hearing to revoke the Registrant’s registration(s).
- All communication regarding this Settlement Agreement shall be sent to:
Rholda L. Ricketts
Deputy Superintendent of Banks
Mortgage Banking Division
New York State Banking Department
One State Street
New York , NY 10004
Mr. Daniel W. Vecchies
The Money Place, LLC
1625 Buffalo Avenue, Suite 1 - A
Niagara Falls , NY 14303
- 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 Registrant, any of its current or former officers, directors, employees, or insiders, or their successors or assigns with respect to matters relating to this Agreement or with respect to other action not relating to this agreement.
- No extension or waiver of the terms of this Settlement Agreement shall be binding on the Banking Department unless it is in writing and signed by the Superintendent or her Deputy.
- Each provision of this Settlement Agreement shall remain effective and enforceable until stayed, modified, terminated or suspended in writing by the Superintendent or her Deputy.
- The effective date of this Settlement Agreement is the date on which it is executed by the Superintendent or her Deputy.
- The provisions of this Settlement Agreement are not confidential.
Agreed to and accepted by:
New York State
The Money Place, LLC