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Destiny Funding Corp. - Suspension Order

State of New York Banking Department


In the Matter of

Destiny Funding Corp.

A registered Mortgage Broker Pursuant
to Article 12-D of the New York Banking Law

- Registrant -

ORDER 


Whereas, Destiny Funding Corp. (“the Registrant”) was granted a registration on September 15, 2000, to engage in business as a mortgage broker pursuant to Article 12-D of the New York Banking Law (the “Banking Law”) and currently maintains a principal office at 500 Old County Road, Suite 315, Garden City, New York 11530, and

Whereas, during an examination of the Registrant by an examiner from the New York State Banking Department (“the Banking Department”) it was disclosed that the Registrant was operating without a corporate surety bond; and

Whereas, Section 591-a of the New York Banking Law specifies that as a condition for the issuance and retention of a mortgage broker’s registration, and subject to such regulations as the superintendent shall prescribe, applicants for a registration shall file with the Superintendent a surety bond or make a deposit in an amount and form prescribed by regulations of the superintendent; and

Whereas, Section 410.15 of Part 410 of the Superintendent’s regulations specifies that every mortgage broker registered pursuant to Banking Law Section 591-a shall file with the Superintendent a corporate surety bond in a principal amount of not less than $10,000 or more than $100,000 based on the number of applications; and

Whereas,pursuant to Section 595.1(b) of the Banking Law, the Superintendent may revoke a mortgage broker’s registration if it is found that any fact or condition exists which, if it had existed at the time of original application for such registration, would have warranted the Superintendent in refusing originally to issue such registration.

Whereas, pursuant to Section 595.2 of the Banking Law, the Superintendent may for good cause shown, or where there is substantial risk of public harm, suspend the Registrant’s mortgage broker registration for a period not exceeding 30 days, pending investigation;

Whereas, pursuant to Section 595.5 of the Banking Law, the suspension of a mortgage broker registration shall not impair or affect the obligation of any pre-existing lawful contract between Registrant and any person; and

Whereas, the Registrant’s aforementioned actions constitute grounds for suspension or revocation of its registration under Sections 595.1(b) and 595.2.

Now Therefore, the Superintendent hereby finds that Destiny Funding Corp.  has defaulted in performing its financial obligations and that good cause exists to suspend Destiny Funding Corp.’s mortgage broker registration.  Consequently, the Superintendent hereby immediately suspends Destiny Funding Corp.’s mortgage broker registration for a period not exceeding 30 days from the date of this Order pending investigation.

Witness, my hand and official seal of the Banking Department at the City of New York, this 1st day of May in the year two thousand eight.

 

 ____________________________
Rholda L. Ricketts
Deputy Superintendent of Banks

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