Consent Orders
Zorrilla Check Cashing Corp.
Consent Order #E-11-011208, February 13, 2012. Licensee agreed to file its 2010 annual report and ensure regulatory compliance. Licensee has agreed to pay an administrative penalty. Penalty: $24,750.
Prospect Mortgage, LLC
Consent Order #E11-011233, February 14, 2012. Licensee agreed to ensure that all mortgage loan originators will be properly licensed as required by the NJ Residential Mortgage Lending Act. Licensee agreed to pay an administrative penalty. Penalty: $1,750.
All Peoples Financial, LLC
Consent Order #E10-009496, February 17, 2012. Licensee was in violation of certain provisions of the Licensed Lenders Act. Licensee is no longer in business and has agreed to pay an administrative penalty. Penalty: $20,000.
Stephen Zullo
Consent Order #E11-010783, February 17, 2012. Licensee was in violation of certain provisions of the Licensed Lenders Act. Licensee agreed for purposes of settlement to surrender and/or not seek reinstatement of his license and to never again renew or apply for any future license with the Department under the NJ Residential Mortgage Lending Act.
iFreedom Direct Corporation
Consent Order #E-10-010673, February 22, 2012. Licensee agreed to ensure that all loan originators will be properly licensed under the NJ Residential Mortgage Lending Act prior to accepting applications for NJ residential mortgage loans. Licensee agreed to pay an administrative penalty. Penalty: $3,000.
Pine Ridge Mortgage Corp.
Consent Order #E-11-010905, February 24, 2012. Licensee agreed to ensure that it maintains the proper surety bond coverage during licensure under the NJ Residential Mortgage Lending Act. Licensee agreed to pay an administrative penalty. Penalty: $5,000.
First Freedom Home Loans, LLC
Consent Order #E-11-011472, February 24, 2012. Licensee agreed to ensure that all loan originators will be properly licensed prior to accepting applications for NJ residential mortgage loans. Licensee agreed to pay an administrative penalty. Penalty: $2,000.
The Credit Analysts, LLC
Tracey Bisaga
Consent Order #E-10-009820, February 25, 2012. The named unlicensed parties agreed to cease and desist from conducting any further debt adjusting or credit counseling activities on behalf of NJ customers, and also agreed to provide a refund of all fees collected from customers who filed complaints with the Department against it through the end of the calendar year of 2012. The named parties agreed to pay an administrative penalty. Penalty: $1,500.
Order to Show Cause
Daniel K. Dekleine
Order to Show Cause #E11-009999. Former registered mortgage solicitor allegedly performed unlicensed debt adjuster activities under the name Capital Property Solutions, LLC. Former registered mortgage solicitor ordered to show cause why his solicitor registration should not be suspended or revoked, and why any future applications for licensure should not be denied. Former registered mortgage solicitor has the right to request a hearing within 20 calendar days from the date of service.
Orders to Cease and Desist
500 Fast Cash
Order to Cease and Desist #E11-011529, February 29, 2012. 500 Fast Cash (“500FC”) allegedly engaged in conduct in violation of the NJ Consumer Finance Licensing Act. 500FC allegedly engaged in the type of short-term lending commonly known as “payday lending” to a NJ consumer without being licensed or otherwise authorized as a consumer lender. 500FC allegedly imposed an interest rate in connection with the same consumer loan in excess of rates permitted under NJ civil and criminal usury laws. 500FC allegedly, through a transactional web site, advertised and solicited consumer loan business and an unknown number of payday loan transactions without a consumer lender license. 500FC is ordered to immediately cease and desist in engaging in any further consumer loan business and immediately cease and desist from engaging in any further solicitation or advertisement in connection with consumer loan business. 500FC shall within 30 days of the date of Order, produce to the Department any and all consumer loan transactions during the period of time from January 1, 2010 to the date of the Order.
Payday Loan Yes d/b/a USA Cash Express
Order to Cease and Desist #E11-011483, February 29, 2012. Payday Loan Yes (“PLY”) allegedly engaged in conduct in violation of the NJ Consumer Finance Licensing Act. PLY allegedly engaged in the type of short-term lending commonly known as “payday lending” to a consumer without being licensed or otherwise authorized as a consumer lender. Licensee allegedly imposed an interest rate in connection with the same consumer loan in excess of rates permitted under NJ civil and criminal usury laws. PLY allegedly, through a transactional web site, advertised and solicited consumer loan business and an unknown number of payday loan transactions without a consumer lender license. PLY is ordered to immediately cease and desist in engaging in any further consumer loan business and immediately cease and desist from engaging in any further solicitation or advertisement in connection with consumer loan business. PLY shall, within 30 days of the date of Order, produce to the Department information on any and all consumer loan transactions during the period of time from January 1, 2010 to the date of the Order. PLY has the right to request a hearing within 20 calendar days from the date of service. |
