First Laridian Mortgage Company - Settlement Agreement
State of New York Banking Department
In the Matter of
First Laridian Mortgage Company
A Mortgage Broker registered
Whereas, First Laridian Mortgage Company ("First Laridian”, "Registrant"), with headquarters at 577 Hamburg Turnpike Wayne, NJ 07470, was granted a registration on May 6, 1999 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, First Laridian received authority to engage in business from the New York Secretary of State as a foreign corporation on October 20, 1998.
Whereas, First Laridian was declared inactive and authority to do business was annulled on June 30, 2004 by the New York Secretary of State.
Whereas, First Laridian failed to notify the New York State Banking Department (the “Banking Department”) that its corporation was annulled pursuant to Section 38.10 of the General Regulations of the Banking Board.
Whereas, the Banking Department became aware of First Laridian’s annulment and notified the registrant by letter dated April 7, 2009.
Whereas, First Laridian was reinstated on April 9, 2009 by New York State Tax Department.Whereas, the Superintendent and the registrant mutually agree to resolve such violation by the imposition of a fine in the aggregate amount of $2,500.
NOW, THEREFORE IT IS STIPULATED AND AGREED BY THE PARTIES HERETO AS FOLLOWS:
THAT, the registrant agrees as follows:
- First Laridian 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;
- First Laridian will take all necessary steps to ensure compliance with all applicable federal and state laws and regulations relating to its mortgage business;
- First Laridian agrees to pay a fine in the amount of $2,500 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;
- First Laridian 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;
- All communication regarding this Agreement shall be sent to:
- 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.
- 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.
- Each provision of this 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 Agreement is the date on which it is executed by the Superintendent or her Deputy.
- The provisions of this Agreement are not confidential.
|Ms. Rholda L. Ricketts||Mr. Thomas Mesce|
|Deputy Superintendent of Banks||President|
|Mortgage Banking Division||First Laridian Mortgage Company|
|New York State Banking Department||577 Hamburg Turnpike|
|One State Street||Wayne, NJ 07470|
|New York, NY 10004|
Agreed to and accepted:
NEW YORK STATE
Mr. Thomas Mesce