Bulletin 2526 - July 20, 2012

State of Connecticut
Department of Banking

The Department of Banking News Bulletin
Bulletin # 2526

Week Ending July 20, 2012

This bulletin constitutes the only official notification you will receive from this office concerning any of the following applications. Any observations you may have are solicited. Any comments should be in writing to Howard F. Pitkin, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail . Written comments will be considered only if they are received within ten days from the date of this bulletin.

STATE BANK ACTIVITY

Branch Activity

Section 36a-145 of the Connecticut General Statutes requires certain applications for a branch, or for a limited branch at which loans will be made, be accompanied by a plan detailing how adequate services to meet the banking needs of all community residents will be provided. Plans are submitted when such applications are filed and are available for public inspection and comment at this Department for a period of 30 days. Questions concerning branch activity should be directed to the Financial Institutions Division, (860) 240-8180.

Date

Bank

Location

Activity

7/19/12

Farmington Bank

Farmington

350 Buckland Road

South Windosr, CT 06074

Filed

CONSUMER CREDIT DIVISION ACTIVITY

Check Cashing Service License Activity

Date

Check Casher

Location

Activity

7/16/12

Sun Communications LLC

454 Main Street

East Haven, CT 06512

Approved

Notice of Intent to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty

On June 8, 2012, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) in the Matter of:
New Path Financial
(“Respondent”), Westminster and Santa Ana, California. The Notice was the result of an investigation by the Consumer Credit Division. The Notice alleges that Respondent offered to engage and engaged in debt negotiation in this state without obtaining the required license, in violation of Section 36a 671(b) of the Connecticut General Statutes, in effect prior to October 1, 2011. Respondent was afforded an opportunity to request a hearing on the allegations set forth in the Notice.

Notice of Automatic Suspension, Temporary Order to Cease and Desist,

Notice of Intent to Revoke Mortgage Broker License and

Notice of Intent to Issue Order to Cease and Desist

On June 18, 2012, the Commissioner issued a Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke Mortgage Broker License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (“Notice”) in the Matter of:
Coastal Finance, LLC
(NMLS # 20130) (“Respondent”), Quincy, Massachusetts. The Notice was the result of an investigation by the Consumer Credit Division. The Notice alleges that Respondent failed to maintain a surety bond that runs concurrent with its license for 400 Crown Colony Drive, Suite 103, Quincy, Massachusetts, in violation of Section 36a-492 of the 2012 Supplement to the General Statutes. The Commissioner also found that public welfare required the issuance of a Temporary Order to Cease and Desist. Respondent was afforded an opportunity to request a hearing with regard to the allegation set forth in the Notice.

Notice of Intent to Refuse to Renew Check Cashing Service License

On June 18, 2012, the Commissioner issued a Notice of Intent to Refuse to Renew Check Cashing Service License and Notice of Right to Hearing (“Notice”) in the Matter of:
Frog Bridge Check Cashing Plus, LLC
(“Respondent”), Willimantic, Connecticut. The Notice was the result of an investigation by the Consumer Credit Division. The Notice alleged that Respondent (1) failed to keep its books, records and accounts readily available for inspection by a representative of the Commissioner, in violation of Section 36a-588-3 of the Regulations of Connecticut State Agencies (“Regulations”), and (2) failed to submit its 2011 financial statement to the Commissioner, in violation of Section 36a-588-4 of the Regulations. The Notice also alleged that the conduct of the sole owner of Respondent, who caused such violations, caused the Commissioner to be unable to find that such owner was in all respects properly qualified and of good character and demonstrates incompetency or untrustworthiness to act as a licensed check cashing service. Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice.

Consent Order

On June 19, 2012, the Commissioner entered into a Consent Order with First Liberty Mortgage Company, LLC (NMLS # 22429) (“First Liberty”), Clinton, Connecticut. The Consent Order was based on an investigation and examination by the Consumer Credit Division. As a result of such investigation and examination, the Commissioner alleged that First Liberty failed to file quarterly and annual information required by standard mortgage call reports as required by the Nationwide Mortgage Licensing System and Registry, in violation of Section 36a-534b(c)(3) of the 2012 Supplement to the General Statutes. As part of the Consent Order, First Liberty was ordered to file the reports and to pay $2,500 as a civil penalty.

Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke Consumer Collection Agency License, Notice of Intent to Issue Order to Cease and Desist

On June 20, 2012, the Commissioner issued a Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke Consumer Collection Agency License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (“Notice”) in the Matter of:
William W. Siegel & Associates, Attorneys At Law, LLC (“Respondent”), New York, New York. The Notice was the result of an investigation by the Consumer Credit Division. The Notice alleges that Respondent failed to maintain a surety bond that runs concurrent with its license for 7 Penn Plaza, New York, New York, in violation of Section 36a-802(a) of the Connecticut General Statutes. The Commissioner also found that public welfare required the issuance of a Temporary Order to Cease and Desist. Respondent was afforded an opportunity to request a hearing with regard to the allegation set forth in the Notice.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY Stipulation and Agreement

On July 17, 2012, the Banking Commissioner entered into a Stipulation and Agreement with EQA Currency Fund LP and EQA Global Macro Fund LP , affiliated issuers of securities located in Stamford, Connecticut. The Stipulation and Agreement alleged that the issuers had commenced an offering of limited partnership interests in 2007 and not made the notice filing required by Section 36b-21(e) of the Connecticut Uniform Securities Act. The issuers have since made the required filing and paid the associated fee. In resolution of the matter, the issuers agreed to comply with Section 36b-16 of the Act and to each remit $750 to the department as an administrative fine.

Dated: Tuesday, July 24, 2012

Howard F. Pitkin

Banking Commissioner