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| Home > Banking Division
> Enforcement Activity > 2016 OCF Licensee Enforcement |
2016 Office of Consumer Finance Licensee Enforcement |
| April > July > August > September > October > November > December |
| December |
Consent Order
Century Pawnbroker, Inc.
Carin Greenspan, Secretary
Reference No. 9001193
Consent Order E16-017995, December 27, 2016. From the expiration of its License on June 30, 2015, the Licensee operated without licensure for over a period of one year. To ensure future compliance, Licensee reapplied and was granted new licensure. It was further agreed that the Licensee would close its Asbury Park location, once its existing inventory was redeemed. Penalty: $1,500
AMA Mortgage, LLC
Mahendra R. Vora, President
NMLS No. 248057
Consent Order E15-016514, December 24, 2016. Licensee was cited for charging excessive Credit Report Fees as well as providing incomplete mortgage broker agreements and not meeting the recordkeeping requirements of Sexy真人RMLA. Penalty: $3,000 |
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| November |
Consent Orders
Pacific Sexy真人 Corporation
Gurmail Parmar
Reference No. 9301120
Consent Order E16-017544, November 29, 2016.
Licensed Check casher was discovered to have cashed postdated checks, a violation of N.J.S.A. 17:15A-47c. Penalty: $3,250
Mark Begley
NMLS No. 197156
Consent Order E14-016425, November 14, 2016. By Agreement, The Mortgage Loan Originator’s License is revoked and is permanently barred from working or owning any interest in a mortgage loan entity. Mortgage Loan Originator consents to the Order as a Final Administrative Order. Penalty: Revocation and Barred from Licensure
Order to Show Cause
East Coast Mortgage Corp.
NMLS No. 2785
Avelino Figueira, Officer
NMLS No. 20842
Order to Show Cause E14-015403, Rescinded on November 15, 2016. The rescission was executed upon receipt from the Licensee the penalty for not properly registering a Mortgage Loan Originator. A Consent Order was issued afterwards. Penalty: $5,000 |
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| October |
Consent Orders
Castle Rock Capital, Inc.
Reference No. 1100588
Amit Raut, Officer
Reference No. 1100589
Consent Order E14-014600, October 25, 2016. Licensee was found to have seven (7) recorded violations of the New Jersey Pawnbroking Law, N.J.S.A. 45:22-1 et seq. during a compliance examination conducted by the Department. Penalty: $500
G & G Auto Group, Inc.
Claudia Pesantez, Owner
Reference No. 0904923
Consent Order E16-017689, October 25, 2016. Former Licensee provided financing to two (2) consumers after its License expired on June 30, 2013. The penalty was agreed upon and paid. Entity is no longer operating as a Licensed Motor Vehicle Installment Seller. Penalty: $1,000
New Horizon Tax Services Professional Corp.
Juan Vargas
Reference No. N/A
Consent Order E16-017755, October 20, 2016. Business entity was cashing checks without proper Licensure, with the provision that it ceases and desist check cashing operations immediately. Penalty: $5,000
SD Capital Funding Corp.
Jason Doshi, President
NMLS No. 19814
Consent Order E16-016795, October 12, 2016.
A Department compliance examination noted multiple violations of the New Jersey Residential Mortgage Lending Act, N.J.S.A. 17:11C-1 et seq. Penalty: $10,000 |
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| September |
Consent Orders
Deals on Wheels, Inc.
Frank Pellegrini, President
Reference No. 9724636
Consent Order E16-017688, September 27, 2016. After the expiration of its License on June 30, 2011, the Former Licensee continued to operate as a Motor Vehicle Installment Seller until February 2016, providing third party financing to its consumers. Penalty $7,000
Order Express, Inc.
Jorge Miranda, Owner
Reference No. 9928655
Consent Order E16-017766, September 23, 2016. Respondent agreed to immediately cease and desist from any further check cashing activities subject to the Act. Respondent agreed to pay civil administrative penalties. Penalty: $5,000
144 Enterprises, LLC
T/A City Check Cashing
Alan Udell
Reference No. 9824489
Consent Order E16-017754, September 21, 2016. Respondent was cited for two violations of the Check Cashers Regulatory Act of 1993 during a compliance examination conducted by the Department. Penalty: $4,500
Funding Source Corp.
Mendel Klagsburn, President
NMLS No. 16660
Consent Order E16-017550, September 21, 2016. During a compliance examination of the Licensee, a violation from the previous examination was noted. Specifically, the Licensee was issuing Broker fee Agreements that were non-compliant with Sexy真人RMLA. Penalty: $5,000
Kass Motors, Inc.
Kenneth Gilman, Owner
Reference No. 1300628
Consent Order E16-017680, September 19, 2016. Upon the proper surrender of its Motor Vehicle Installment Seller License on December 31, 2013, the entity provided financing to three (3) consumers in 2014. Penalty: $500
Dom’s Auto Clinic
Dominic Marese
Reference No. N/A
Consent Order E16-016839, September 13, 2016. It was discovered that the business entity was operating as an unlicensed Motor Vehicle Installment Seller. The Consent Order issued further stipulated that the entity cease operations until proper licensure was issued. Penalty: $500
Big Banner Cashier, LLC
Luis Jimenez, Owner
Reference No. 1000406
Consent Order E16-017752, September 13, 2016. Respondent agreed to suspend the check cashing privileges for six months for any payee who cashes in one year more than three checks which are returned and ensure its financial reports will properly categorize all returned checks over 90 days as an expense on the income statement. Respondent agreed to pay civil administrative penalties. Penalty: $4,500 |
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| August |
Consent Orders
Izmok Used Car Sales, Inc.
Ewa Koszyk
Reference No. N/A
Consent Order E16-017687, August 27, 2016. Respondent agreed to cease from providing financing for vehicles with cash prices $10,000 that would be subject to the Act. Respondent agreed to pay civil administrative penalties. Penalty: $1,000
First Valley Funding, LLC
Robert Farrell
NMLS No. 202274
Consent Order E16-017651, August 23, 2016. Respondent agreed to ensure all loan files include compliant broker agreement disclosures as required. Respondent agreed to pay civil administrative penalties. Penalty: $2,500
Americo Pawn, LLC
Americo DeStefanis
Reference No. 1400927
D Capital Management, LLC
Americo DeStefanis
Reference No. 1602333
Consent Order E16-016681, August 19, 2016. Americo Pawn, LLC’s Pawnbroker’s License expired on June 30, 2015. However, the Principle continued to operate as a Licensed Pawnbroker while attempting to secure Licensure as D Capital Management, LLC. The Consent Order included a provision to cease and desist until the D Capital Management, LLC License was issued. Penalty: $5,000
Redwood Mortgage Company
Susan Lange, CEO
NMLS No. 16660
Consent Order E16-017650, August 19, 2016. During a compliance examination of the Licensee, a violation from the previous examination was noted. Specifically, the Licensee was issuing Broker Fee Agreements that were non-compliant with Sexy真人RMLA. Penalty: $2,500 |
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| July |
Consent Orders
Cornerstone Lending, Inc.
Christopher Bonner, President
NMLS No. 132234
Consent Order E16-016859, July 26, 2016
A Department compliance examination noted two repeat violations from a previous examination. The Licensee provided borrowers with non-compliant Broker Fee Agreements as well as not using the recordkeeping system outlined in Sexy真人RMLA. Penalty: $4,500
Juan P. Munoz
NMLS No. 19351
Consent Order E16-016832, July 26, 2016. Mortgage Loan Originator failed to notify the Department of a criminal arrest within the required period. A stipulation of the Consent Order is the is Mortgage Loan originator immediately report the arrest to the National Mortgage Licensing System and provide the Department with evidence of the adjudication of the criminal charges within the specified period. Penalty: $5,000
Kwik Mortgage Corp.
Nishith Parikh, Executive Vice President
NMLS No. 13807
Consent Order E16-016831, July 6, 2016. A Department compliance examination discovered that Commitments issued to New Jersey Borrowers did not have the information required under N.J.A.C. 3:1-16.5 (a) Commitment Process. Penalty: $5,750 |
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| April |
Consent Orders
Blake Corp. d/b/a United Check Cashing
James Blake
Consent Order E16-016707, April 24, 2016. Licensed Check Casher overcharged consumers receiving government assistance beyond the allowable amount cited in The Check Cashers Regulatory Act of 1993, N.J.S.A. 17:15A-1 et seq.
Douglas Mo Mortgage, Inc.
NMLS No. 248463
Sung Ho Mo
NMLS No. 3625
Consent Order E16-016682, April 5, 2016. Business Licensee did not the Department in a timely manner regarding the criminal conviction of the Individual Licensee. Business Licensee agreed to stop originating Sexy真人 residential mortgage loans. Further consented to the revocation of the Business and Individual Licenses. Penalty: Revocation
Comex Trading, Inc.
Juliano Soares Souza, President
Reference No. 1300530
Consent Order E16-016633, April 4, 2016. The Department was notified by two (2) delegates for the Licensed Money Transmitter that sixty-nine (69) transactions to be transmitted were not paid to the beneficiaries. Licensee agreed to a suspension of money transmitting activities after the subject transactions were completed. Further agreement from the Licensee included proof of all transactions involving a refund to consumers. Penalty: Suspension |
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