Business ProfileforNew Community Investments, LLC

In accordance with Section 22107, each finance lender, broker, or program administrator licensee shall pay to the Commissioner its pro rata share of all costs and expenses, including the costs and expenses associated with the licensing of mortgage loan originators it employs, reasonably incurred in the administration of this division, as estimated by the Commissioner, for the ensuing year and any deficit actually incurred or anticipated in the administration of the program in the year in which the assessment is made. CFL licensees must pay the annual assessment on or before the 31st day of October each year.  

Under Section 22150, Complainant may make general rules and regulations and specific rulings, demands, and findings for the enforcement of, and within the general purposes of, the CFL. Pursuant to a Commissioner’s Order on Electronic Communications, dated November 22, 2013, each CFL licensee must establish an email address for communications from the Commissioner (Designated Email Address). The Commissioner sent Respondent an Assessment Notice via email to the Respondent’s Designated Email Address on September 28, 2023. The notice stated that the annual assessment would become delinquent if not paid by October 31, 2023. The Commissioner then sent the annual assessment invoice by mail to the Respondent’s address on file with the Department (Registered Address) on September 29, 2023. The Commissioner also posted an invoice for payment of the annual assessment on the Respondent’s account on the Nationwide Multistate Licensing System and Registry (NMLS) on October 2, 2023. 

As of October 31, 2023, Respondent had not paid its annual assessment. The failure to pay the annual assessment on or before October 31, 2023, represents a violation of Section 22107. As of November 10, 2023, Respondent had not paid its annual assessment. As a result, the Commissioner sent to Respondent’s Designated Email Address a Notice of Unpaid Assessment on November 13, 2023. The notice warned that failure to pay the assessment would result in summary revocation of Respondent’s license. Respondent did not respond to the Commissioner’s notice. 

As of December 18, 2023, Respondent had not paid its annual assessment. As a result, on December 18, 2023, the Commissioner issued an Order Summarily Revoking California Financing Law License Pursuant to Financial Code Section 22107 for CFL license number 60DBO134960 (Revocation Order). The Department mailed the Revocation Order to the Registered Address along with notice that the Revocation Order would become effective December 29, 2023, unless payment of the annual assessment was received by close of business on December 27, 2023. 

Respondent admits to the jurisdiction of the Commissioner and it is the intention of the parties to resolve this matter without the necessity of a hearing and/or other litigation. The Commissioner finds that entering into this Consent Order is in the public interest and consistent with the purposes fairly intended by the CFL. NOW, THEREFORE, in consideration of the foregoing, and the terms and conditions set forth herein, the parties agree as follows: 

Order to Pay Annual Assessment. Pursuant to Section 22107, the Commissioner hereby orders Respondent to pay $250.00 to the Department of Financial Protection and Innovation for the 2023 – 2024 annual assessment. The annual assessment shall be paid to the Commissioner within 30 days of the Effective Date of this Consent Order as defined in paragraph 26. The annual assessment shall be labeled “2023 – 2024 annual assessment” and made payable in the form of a cashier’s check or Automated Clearing House deposit to the “Department of Financial Protection and Innovation,”

Administrative Penalties and Fines. Respondent shall pay administrative penalties and fines in the amount of $2,500.00 for the violation of the CFL enumerated herein. The penalties and fines shall be paid to the Commissioner within 30 days of the Effective Date of this Consent Order as defined in paragraph 26. All penalties and fines shall be labeled “penalties and fines” and made payable in the form of a cashier’s check or Automated Clearing House deposit to the “Department of Financial Protection and Innovation,”