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AHL Home Funding in lieu of True Corporate Name Atlantic Home Loans, Inc. - Settlement Agreement

State of New York Banking Department


In the Matter of

AHL Home Funding in lieu of
True Corporate Name Atlantic Home Loans, Inc.

A Registered Mortgage Broker Pursuant to
Article XII-D of the New York Banking Law

- Respondent -

SETTLEMENT AGREEMENT


Whereas, AHL HOME FUNDING IN LIEU OF TRUE CORPORATE NAME ATLANTIC HOME LOANS, INC. (“AHL”) was granted a registration on January 13, 2004 to engage in business as a registered mortgage broker pursuant to Article XII-D of the New York Banking Law (the “Banking Law”) and currently operates its headquarters located at 20 Chapin Road, Unit 1013A, Pine Brook, NJ 07058.

Whereas,  AHL submitted an application for a New York mortgage brokers license in August 2003.

Whereas, during the processing of the registration application, all the outstanding common stock in AHL was transferred to James B. Luke Sr. per a stock purchase agreement dated October 8, 2003.

Whereas, said sale and transfer constituted a change of control under §594-b of Article 12-D of the Banking Law.  

Whereas, under §594-b of the Banking Law prior notification and approval must be obtained from the New York State Banking Department (the "Department”).

Whereas, AHL’s principal owner, Edmund Buchsher III, failed to notify the Department of the change of control.
 
Whereas, in May 2007, the Banking Department received a Change of Control application requesting  subsequent approval of the sale and transfer of all the outstanding common stock in AHL to James B. Luke Sr.

Whereas, the Superintendent and the registrant mutually agree to resolve such Violation by the imposition of a fine in the amount of $5,000 in lieu of commencing a hearing seeking revocation of the registration.

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

THAT, the Registrant agrees as follows:

  1. AHL, fully understanding the terms and conditions of the Settlement Agreement (the “Agreement”), freely and voluntarily waives its right to a hearing on the violations cited and any and all appeal relating to this matter;
  2. AHL will take all necessary steps to ensure compliance with all applicable federal and state laws and regulations relating to its mortgage business;
  3. AHL agrees to pay a fine of $5,000 payable upon execution of this Agreement.  Payment shall be made by electronic transfer, in immediately available funds, pursuant to transfer instructions received from the Banking Department;
  4. AHL will develop appropriate written regulatory compliance policies and procedures designed to ensure compliance with all applicable federal and state laws, regulations and supervisory requirements.  The policies and procedures shall, at a minimum, address:

    1. Designation of an individual responsible for monitoring compliance with applicable laws and regulations and supervisory requirements;

    2. Methodology for ensuring that AHL and its employees are knowledgeable of regulatory and legislative changes and supervisory requirements;

  5. Within ninety (90) days of the execution of this Agreement, AHL will submit a draft copy of its regulatory compliance policies and procedures to the Banking Department for review;
  6. Within one hundred and twenty (120) days of the execution of this Agreement, AHL  will submit final copies of its regulatory compliance policies and procedure , approved by an authorized officer, to the Banking Department for review;
  7. AHL fully understands the requirements of this Agreement and that failure to meet the above conditions and timeframes shall result in the Banking Department scheduling a hearing for revocation.
  8. All communications regarding this Settlement Agreement shall be sent to:
Ms. Rholda L. Ricketts 
Deputy Superintendent of Banks
Mortgage Banking Division
New York State Banking Department
One State Street
New York, NY 10004
Mr. Edmund Buchser III
President
AHL Home Funding in lieu of true
corporate name Atlantic Home
Loans, Inc.
20 Chapin Road, Unit 1013A
Pine Brook, NJ 07058
  1. 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. 

  2. 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. 

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

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

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

Agreed to and Accepted: 

By: ___________________________
Edmund Buchser III
President
AHL Home Funding in lieu of true corporate
name Atlantic Home Loans, Inc.
Dated: ________________________.

By: ___________________________
Rholda L. Ricketts
Deputy Superintendent of Banks
New York State Banking Department
Dated: ________________________.

 

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