Business ProfileforResmac, Inc.

As of April 29, 2022:

In the Matter of:
THE COMMISSIONER OF FINANCIAL
PROTECTION AND INNOVATION,
Complainant,
v.
RESMAC, INC.,
Respondent

This Consent Order is entered into between the Commissioner of Financial Protection and Innovation (Commissioner) and ResMac, Inc. (Respondent) and is made with respect to the following facts:

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 Orders Summarily Revoking California Finance Lender and/or Broker License(s) pursuant to Financial Code Section 22715 for CFL License Numbers 603I223 and 60DBO-105149 (Summary Revocation Orders).

On April 25, 2022, Respondent submitted its Annual Report, which was due on March 15, 2022, 28 business days late.

NOW, THEREFORE, in consideration of the foregoing, and the terms and conditions set forth herein, the parties agree as follows:

TERMS AND CONDITIONS
1. Purpose. The parties intend to resolve this matter for the purpose of judicial economy and expediency and without the uncertainty and expense of a hearing or other litigation.
2. Order Rescinding Penalty Order. The Commissioner hereby rescinds the Summary Revocation Orders which had been issued on April 19, 2022 (Summary Revocation Orders).
3. Administrative Penalty. Respondent shall pay an administrative penalty of $12,000.00 no later than 30 days after the effective date of this Consent Order.

LINK: https://dfpi.ca.gov/enf-r/resmac-inc/

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As of April 19, 2022:

In the Matter of:
THE COMMISSIONER OF FINANCIAL
PROTECTION AND INNOVATION,
Complainant,
v.
RESMAC, INC.,
Respondent

The Commissioner of Financial Protection and Innovation (Complainant) finds that:
RESMAC, INC. (Respondent) did not file its Annual Report as required by Financial Code section 22159.

Complainant provided notice to Respondent of this violation on March 18, 2022.
Financial Code section 22715 provides that:
The Commissioner may by order summarily suspend or revoke the license of any licensee if that person fails to file the report required by Section 22159 within 10 days after notice by the Commissioner that such report is due and not filed. If, after an order is made, a request for hearing is filed in writing within 30 days and the hearing is not held within 60 days thereafter, the order is deemed rescinded as of its effective date.

THEREFORE, GOOD CAUSE APPEARING, Respondent’s Finance Lenders and/or Brokers license(s) is hereby revoked as of the date of this Order, pursuant to Financial Code section 22715

LINK: https://dfpi.ca.gov/enf-r/resmac-inc/