The applicant mortgage brokerage requested a hearing regarding the Superintendent's proposal to impose a $1,000 administrative penalty for failing to maintain errors and omissions insurance.
The brokerage obtained a license but did not conduct business, mistakenly believing its existing real estate insurance was sufficient.
The Tribunal found that the brokerage breached the requirement to maintain insurance and, applying the regulatory criteria, concluded that the $1,000 penalty was appropriate given the negligence and the economic benefit derived from unpaid premiums.
