Business ProfileforNewbridge Capital Mortgage LLC
Current Alerts For This Business
4/27/2022 The following describes a Consent Order that has been formally brought by a government agency. The California Department of Financial Protection and Innovation, alleges and charges as follows:
On January 5, 2022, the Commissioner notified CFL licensees of the March 15, 2022 deadline to file their annual reports by sending notice to the email address each CFL licensee must establish for communications from the Commissioner (designated email address) pursuant to the Commissioner's Order on Electronic Communications, dated November 22, 2013. The notification again warned that the Commissioner could assess monetary penalties for untimely filing or failing to file pursuant to Financial Code section 22715(b).
On February 17, 2022, the Commissioner again notified CFL licensees of the March 15, 2022 deadline to file their annual reports by sending notice to the email address each CFL licensee established pursuant to the Commissioner's Order on Electronic Communications, dated November 22, 2013. The notification warned that the Commissioner could assess penalties and summarily revoke licenses for untimely filing or failing to file pursuant to Financial Code section 22715
On March 2, 2022, the Commissioner again notified CFL licensees of the March 15, 2022 deadline to file their annual reports by sending notice to the email address each CFL licensee established pursuant to the Commissioner's Order on Electronic Communications, dated November 22, 2013. The notification warned that the Commissioner could assess penalties and summarily revoke licenses for untimely filing or failing to file pursuant to Financial Code section 22715.
As of March 15, 2022, Respondent had not filed its Annual Report with the Commissioner. As a result, the Commissioner issued a notice on March 18, 2022 to Respondent to Respondent's email address established pursuant to the Commissioner's Order on Electronic Communications, dated November 22, 2013, advising Respondent that it should file its annual report by or before March 30, 2022 or else its license would be summarily revoked pursuant to Financial Code section 22715 (Notice email).
As of March 30, 2022, Respondent had not filed its Annual Report with the Commissioner as directed in the Notice Letter. As a result, on April 19, 2022, the Commissioner issued an Order Summarily Revoking California Finance Lenders License and/or Broker license pursuant to Financial Code Section 22715 for CFL License Number 603I944 (Summary Revocation Order).
Upon receiving the Summary Revocation Order(s), Respondent timely notified the Commissioner that Respondent was requesting a hearing on the Summary Revocation Order(s).
On April 20, 2022, Respondent submitted its Annual Report, which was due on March 15, 2022, 26 business days late. Pursuant to Financial Code Section 22715, the maximum penalty that may be imposed for filing 26 business days late is $11,000.00 ($100 per business day for the first five business days and $500 per business day thereafter up to a maximum of $25,000).
In connection with these proceedings, Respondent represented to the Commissioner that it had taken no new applications under its license.
Order Rescinding Penalty Order. The Commissioner hereby rescinds the Summary Revocation Order which had been issued on April 19, 2022 (Summary Revocation Order).
Administrative Penalty. Respondent shall pay an administrative penalty of $11,000.00 no later than 15 days after the effective date of this Consent Order as defined in paragraph 25. The penalty must be made payable in the form of a cashier's check or Automated Clearing House deposit to the Department of Financial Protection and Innovation and transmitted to the attention of Accounting - Litigation, Department of Financial Protection and Innovation, 2101 Arena Boulevard, Sacramento, California 95834. Notice of the payment must be concurrently sent to Afsaneh Eghbaldari, Senior Counsel, Department of Financial Protection and Innovation, 1455 Frazee Road, Suite 315, San Diego, California 92108.
To access the full DFPI press release, please visit: https://dfpi.ca.gov/wp-content/uploads/sites/337/2022/04/Consent-Order-Newbridge-Capital-Mortgage-LLC-2022.pdf
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- Location of This Business
- 1000 Wilshire Blvd #1150, Los Angeles, CA 90017-2250
- BBB File Opened:
- 2/24/2016
- Licensing Information:
- This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
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