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Syamni Funding Inc.- Settlement Agreement

State of New York Banking Department


In the Matter of

Syamni Funding Inc.

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

(Registrant)

SETTLEMENT AGREEMENT


WHEREAS, Syamni Funding Inc.  (“Registrant”) is a registered mortgage broker in the State of New York; and

WHEREAS, pursuant to Section 597 of the Banking Law and Part 410.7(b) of the Superintendent’s Regulations, Registrant is required to annually file a report with the Superintendent giving such information as the Superintendent may require concerning the business and operations of Registrant during the preceding calendar year; and

WHEREAS, on February 4, 2010, the Banking Department notified Registrant by mail to complete a Volume of Operations Report (“VOOR”) for the 2009 calendar and submit it no later than April 3, 2010; and

WHEREAS, the Banking Department notified Registrant, via the website, that the filing deadline was extended to April 3, 2010; and

WHEREAS, on April 13, 2010, the Banking Department notified Registrant by certified mail-returned receipt requested that: (i) Registrant had failed to file a 2009 VOOR in violation of Section 597 of the Banking Law and Part 410.7(b) of the Superintendent’s Regulations; (ii) Registrant was directed to file their 2009 VOOR by April 30, 2010, for which a copy of the prefilled 2009 VOOR form was enclosed; (iii) the Department would levy a fine of $200 for every day after April 5, 2010 that they failed to file a 2009 VOOR; (iv) failure to file by April 30, 2010 would result in a fine of $500 per day for every day after April 30, 2010, that they failed to submit the 2009 VOOR; and (v) a hearing would be scheduled to determine whether their registration should be revoked; and

WHEREAS, the Banking Department received Registrant’s 2009 VOOR on May 5, 2010; and

WHEREAS, the Superintendent and the Registrant mutually agree to resolve the aforementioned violation as stipulated below.

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

THAT, Registrant agrees as follows:

  1. Registrant 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. Registrant will take all necessary steps to ensure compliance with all applicable laws and regulations.
  3. Registrant agrees to the payment of a fine in the amount of $1000, upon the execution of this Settlement Agreement via an electronic transfer, in immediately available funds, pursuant to transfer instructions given by the Banking Department.
  4. All communication regarding this Settlement Agreement shall be sent to:

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

David Rajpatty
Syamni Funding Inc.
104-15 Jamaica Avenue
Richmond Hill, NY 11418

  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 Respondent, 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 Respondent, 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.
  2. 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.
  3. 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.
  4. The effective date of this Settlement Agreement is the date on which it is executed by the Superintendent and or the Deputy Superintendent of Banks.
  5. The provisions of this Settlement Agreement are not confidential.

           Agreed to and accepted:

New York State Banking Department

by:___________________________
Rholda L. Ricketts
Deputy Superintendent of Banks

Dated: ________________________

Syamni Funding Inc.

by:___________________________
David Rajpatty
Owner

Dated: ________________________

 

 

 

 

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