Skip to Content

NY.gov Portal State Agency Listing

Translate | Disclaimer

Sekure Funding & Consulting Corp. - Settlement Agreement

State of New York Banking Department


In the Matter of

Sekure Funding & Consulting Corp.

A Mortgage Broker registered
pursuant to Article 12-D of the Banking Law

(Respondent)

SETTLEMENT AGREEMENT


WHEREAS, Sekure Funding & Consulting Corp. ("Sekure Funding”, "Registrant"), with headquarters at 242-09 Northern Boulevard, Douglaston, NY 11362, was granted a registration on May 18, 1987 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, Sekure Funding received authority to engage in business from the New York Secretary of State as a domestic corporation on October 15, 1985

WHEREAS, Sekure Funding was dissolved by proclamation/annulment of authority on June 23, 1993 by the New York Secretary of State.

WHEREAS, the principal owner, Sung Soo Kim, of Sekure Funding established a domestic corporation with a similar name and registered such entity with the New York Secretary of State on March 17, 2008.

WHEREAS, Sekure Funding failed to notify the New York State Banking Department (the “Banking Department”) that its corporation was dissolved.

WHEREAS, Sekure Funding failed to submit an application to effectively register the newly incorporated entity pursuant to Section 590.2(b) of the New York Banking Law and comply with Supervisory Procedure 102.4.

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.

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

THAT, the registrant agrees as follows:

  1. Sekure Funding understands the terms and conditions of the Settlement Agreement (the “Agreement”), freely and voluntarily waives its right to a hearing on the violation cited and any and all appeal relating to this matter;
  2. Sekure Funding will take all necessary steps to ensure compliance with all applicable federal and state laws and regulations relating to its mortgage business; 
  3. Sekure Funding agrees to pay a fine in the amount 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. Sekure Funding agrees to file an application to register the corporate entity established in 2008. 
  5. Sekure Funding fully understands the requirements of this Agreement and that failure to meet the above conditions and timeframes shall result in the Banking Department suspending its mortgage broker registration and scheduling a hearing for revocation;
  6. All communication regarding this Agreement shall be sent to:
  7. Ms. Rholda L. Ricketts Mr. Sung S. Kim
    Deputy Superintendent of Banks President
    Mortgage Banking Division Sekure Funding & Consulting Corp
    New York State Banking Department 242-09 Northern Boulevard
    One State Street Douglaston, NY 11362
    New York, NY 10004  
  8. The provisions of this Agreement shall not bar, stop 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.
  9. No extension or waiver of the terms of this Agreement shall be binding on the Banking Department unless it is in writing and signed by the Superintendent or her Deputy.
  10. Each provision of this Agreement shall remain effective and enforceable until stayed, modified, terminated or suspended in writing by the Superintendent or her Deputy.
  11. The effective date of this Agreement is the date on which it is executed by the Superintendent or her Deputy.
  12. The provisions of this Agreement are not confidential.

Agreed to and accepted:

NEW YORK STATE
BANKING DEPARTMENT

by: ___________________________
Rholda L. Ricketts
Deputy Superintendent of Banks

Dated: ________________________

Sung S. Kim
Sekure Funding & Consulting Corp.

by:___________________________
Sung S. Kim
President

Dated: ________________________