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New B Inc d/b/a New Beginnings Enterprises - Settlement Agreement

State of New York Banking Department


In the Matter of

New B Inc d/b/a New Beginnings Enterprises

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


SETTLEMENT AGREEMENT


This Settlement Agreement ("Agreement") is made and entered into by and between New B Inc d/b/a New Beginnings Enterprises (‘New B”) and the State of New York Banking Department (“Banking Department”), collectively (“the Settling Parties”), evidencing an agreement between the Settling Parties to resolve, without a hearing, the violations cited herein by New B of Section 593-a (1) of the New York State Banking Law (“Banking Law”) upon and subject to the terms and conditions hereof.

I. RECITALS

  1. New B, headquartered at 33 Main Street, Suite 203 Hempstead, New York 11550 was granted a registration by the Banking Department on September 19, 1989 to engage in the business of a mortgage broker pursuant to Article XII-D of the Banking Law.
  2. Section 44 of the Banking Law provides, in part, that the New York Superintendent of Banks (“the Superintendent”) may, in a proceeding after notice and a hearing, require a registered mortgage broker to pay to the people of this State a penalty for a violation of the Banking Law and any regulation promulgated thereunder.
  3. Part 38 Section 38.8 of the General Regulations of the Banking Board, provides that a mortgage broker may be subject to disciplinary action by the Banking Department for, among other things, violations of Article 12-D of the Banking Law, the regulations promulgated thereunder, or violations of state or federal law indicating that the entity is unfit to engage in the business of a mortgage broker.
  4. New B’s principal owner, Amarilis Deleon, failed to notify the Banking Department of the change of business address.
  5. In May 2009, an official Banking Department communication that was sent to New B’s official address at 33 Main Street, Suite 203, Hempstead, New York 11550 was returned to the Banking Department as undeliverable by the United States Postal Services.
  6. In June 2009, due to the inability to contact New B by telephone and mail, the Banking Department sent an examiner to New B’s official location at 33 Main Street, Suite 203, Hempstead, New York 11550.  The examiner observed that the location was unoccupied.
  7. On August 10, 2009, New B responded to the Banking Department’s letter of June 21, 2009, explaining that due to financial hardship, as well as a series of personal events, New B’s owner, Amarilis Deleon, temporarily relocated New B to her home address at 175 West 90th Street, Apt. #8C, New York, New York 10024.
  8. The Banking Department’s change of address instructions, available at http://banking.state.ny.us/iambcmoa.htm, requires that at least three weeks prior to a change of location, the registrant must submit a cover letter, the original registration certificate, and an executed lease agreement to the Banking Department for review. Ms. Deleon failed to submit this information.
  9. Accordingly, this failure to notify the Banking Department of a change of business address violates Section 593-a (1) which requires a registrant to notify the Banking Department when the address at which they are conducting business has changed.

II. SETTLEMENT TERMS AND CONDITIONS

Without admitting or denying the Banking Department’s findings, New B is willing to resolve the violations cited herein by entering into this Agreement and freely and voluntarily waives its right to a hearing under Banking Law Section 595 on such violations. Therefore, in consideration of the promises and covenants set forth herein, the Settling Parties agree, as follows:

  1. New B agrees to take all necessary steps to ensure its compliance with all applicable federal and state laws, regulations, and supervisory requirements relating to its mortgage business.
  2. Within fourteen (14) days of the effective date of this Agreement, New B agrees to submit to the Banking Department all information required for a change of business address.
  3. New B agrees to pay a fine of $500. New B further agrees that such payment will be made in immediately available funds in accordance with Banking Department payment instructions. 

III. MISCELLANEOUS TERMS AND CONDITIONS

  1. The Settling Parties acknowledge that New B’s failure to  comply with any of the settlement terms and conditions of this Agreement may result in the Banking Department taking action to revoke New B’s registration to engage in the business of a mortgage broker under Article 12-D of the Banking Law.
  2. The Settling Parties acknowledge that entering into this Agreement shall not bar, estop, or otherwise prevent the Superintendent, or any state, federal or local agency or department or any prosecutorial authority from taking any other action affecting New B, any of its current or former owners, officers, directors, employees, or insiders, or their successors or assigns with respect to the violations cited herein, or any other matter whether related or not to such violations.
  3. This Agreement may not be altered, modified or changed unless in writing signed by the Superintendent or his designee.
  4. This Agreement shall be enforceable and remain in effect unless stayed or terminated in writing by the Superintendent or his designee.
  5. The effective date of this Agreement is the date on which it is executed by the Deputy Superintendent of Banks for Mortgage Banking.
  6. All written communications to the Banking Department regarding this Agreement should be sent as follows.

    Attention:

    Rholda L. Ricketts
    Deputy Superintendent of Banks
    Mortgage Banking Division
    State of New York Banking Department
    One State Street,
    New York, New York 10004

  7. All written communications to New B regarding this Agreement should be sent as follows.

    Attention:

    Amarillis Deleon
    President
    New B Inc, d/b/a New Beginnings Enterprise
    175 West 90th Street, Apt# 8C
    New York, New York 10024

  8. This Agreement is not confidential; therefore it is available to the public.

WHEREFORE, the Settling Parties hereto have caused this Agreement to be executed.

 

By:________________________
Amarilis Deleon, President
New B Inc, d/b/a New Beginnings Enterprise

Dated:                                          

 

 

By:                                                

Rholda L. Ricketts
Deputy Superintendent of Banks
State of New York Banking Department

Dated:                                          

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