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Resource One, Inc.- Settlement Agreement

State of New York Banking Department


In the Matter of

Resource One, Inc.

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

(Licensee)

SETTLEMENT AGREEMENT


WHEREAS, Resource One, Inc.  (the “Licensee”), a licensed mortgage banker in the State of New York with a principal location at 30 Jericho Executive Plaza, Suite #400E, Jericho, NY 11753, was granted a license on December 6, 1983 to engage in business as a licensed mortgage banker 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, pursuant to Section 592 of New York Banking Law and Section 410.1(b)(2) of Part 410 of the Superintendent’s Regulations, Licensee is required to maintain a line of credit in an amount of not less than $1,000,000 provided by an unaffiliated banking institution, insurance company, or similar credit facility approved by the Superintendent;

WHEREAS, on December 2, 2008, and February 19, March 23, and May 11, 2009, the Department sent letters to the Licensee advising it of the requirement to maintain a line of credit in an amount of not less than $1,000,000 provided by an unaffiliated banking institution, insurance company, or a similar credit facility approved by the Superintendent of Banks;

WHEREAS, the Licensee was granted until June 10, 2009, to comply with the requirements of Section 410.1(b)(2) of Part 410 of the Superintendent’s Regulations;

WHEREAS, to date the Licensee has not demonstrated the existence of a line of credit as prescribed in Section 410.1(b)(2) of Part 410 of the Superintendent’s Regulations;

WHEREAS, the Superintendent and the Licensee mutually agree to resolve the aforementioned violation as stipulated below:

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

THAT, Licensee agrees as follows:

  1. Licensee understands the terms and conditions of the Settlement Agreement, freely and voluntarily waives its right to a hearing on the charges made and any and all appeal relating to this matter.
  2. Licensee will take all necessary steps to ensure compliance with all applicable laws and regulations.
  3. Licensee agrees to the payment of a fine in the amount of $3,000 in twelve monthly installments, with the first installment of $250 due by the close of business November 15, 2009. The remaining 11 payments are due by the 15th of each month until the fine is fully paid. The installments shall be made in electronic transfers, in immediately available funds, pursuant to transfer instructions received from the Banking Department.  Failure to make timely payment on any of the installments shall result in immediate revocation of Licensee’s license.
  4. All communication regarding this Settlement Agreement shall be sent to:
  5. Rholda L. Ricketts
    Deputy Superintendent of Banks
    Mortgage Banking Department
    New York State Banking Department
    One State Street
    New York , NY 10004

    Mr.  Harold Klein
    Resource One, Inc.
    30 Jericho Executive Plaza, Suite #400E
    Jericho, NY 11753

  6. 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 Licensee, any of its current or former officers, directors, employees, or insiders, or their successors or assigns in connection with any matter relating to this Settlement Agreement.  Nor shall this Agreement bar, estop or otherwise prevent the Superintendent from entering any other action affecting Licensee, any of its current or former officers, directors, employees, or insiders, or their successors or assigns in connection with any matters not covered by this Agreement.
  7. No extension or waiver of the terms of this Settlement Agreement shall be binding on the Banking Department unless it is in writing and signed by the Superintendent and or the Deputy Superintendent of Banks.
  8. Each provision of this Settlement Agreement shall remain effective and enforceable until stayed, modified, terminated or suspended in writing by the Superintendent and or the Deputy Superintendent of Banks.
  9. The effective date of this Settlement Agreement is the date on which it is executed by the Superintendent and or Deputy Superintendent.
  10. The provisions of this Settlement Agreement are not confidential.

           Agreed to and accepted:

by:___________________________
Rholda L. Ricketts                                         
Deputy Superintendent of Banks                  

Dated: ________________________           

 

by:___________________________
Harold Klein
CEO

Dated: ________________________

 

 

 

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