Bulletin 2535 - September 21, 2012

State of Connecticut
Department of Banking

The Department of Banking News Bulletin
Bulletin # 2535

Week Ending September 21, 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

9/17/12

Savings Bank of Danbury

Danbury

• 1200 Summer Street

Stamford, CT 06905

Approved

• Loan Production Office

CONSUMER CREDIT DIVISION ACTIVITY
Temporary Order to Cease and Desist, Notice of Intent to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty

On August 22, 2012, the Commissioner issued a Temporary Order to Cease and Desist, 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:
Geneva-Roth Ventures, Inc. a/k/a Geneva-Roth Capital, Inc. d/b/a Loan Point USA (“Respondent”), Mission, Kansas. The Notice was the result of an investigation by the Consumer Credit Division. The Notice alleges that Respondent offered and made at least two loans in Connecticut without the required license, in violation of Section 36a-555 of the Connecticut General Statutes, and charged Connecticut residents an interest rate of greater than 12% on a loan in an amount less than $15,000, in violation of Section 36a-573(a) of the Connecticut General Statutes, in effect prior to October 1, 2011. The Commissioner also found that the public welfare required the issuance of a Temporary Order to Cease and Desist against Respondent. Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice.

Consent Orders

On August 23, 2012, the Commissioner entered into a Consent Order with Globo Envios, Inc.
(“Globo Envios”), Norwalk, Connecticut. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that Globo Envios, during the period of at least February 4 through June 9, 2010, engaged in the business of cashing checks, drafts or money orders for consideration without licensure for a general facility at 72 West Avenue, Norwalk, Connecticut, in violation of Section 36a-581(a) of the then applicable Connecticut General Statutes, and that from February to December 2010, Globo Envios charged a sum exceeding two percent of the item for cashing checks, drafts or money orders drawn on a depository institution, in violation of Section 36a-585 of the then applicable Connecticut General Statutes and Section 36a-585-1 of the Regulations of Connecticut State Agencies. As part of the Consent Order, Globo Envios was ordered to pay $10,000 as a civil penalty.

On August 23, 2012, the Commissioner entered into a Consent Order with Intercontinental Capital Group, Inc.
(NMLS# 60134) (“Intercontinental Capital”), New York, New York. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that Intercontinental Capital failed to file timely the financial condition section for 2011 in the standard mortgage call report, in violation of Section 36a-534b(c)(3) of the 2012 Supplement to the General Statutes. As part of the Consent Order, Intercontinental Capital was ordered to pay $2,500 as a civil penalty; and no later than the date that the Consent Order is executed by Intercontinental Capital, Intercontinental Capital shall have satisfactorily filed the financial condition section of its standard mortgage call report for 2011. Intercontinental Capital shall file timely and accurately all reports on NMLS as required or as otherwise permitted under Part I of Chapter 668 of the Connecticut General Statutes in connection with its current license, and any future license issued to Intercontinental Capital.

Order Refusing to Renew Check Cashing Service License

On August 28, 2012, the Commissioner issued an Order Refusing to Renew Check Cashing Service License (“Order”) in the Matter of:
Envios Gomez, LLC
(“Respondent”), Hartford, Connecticut. The basis of the Order was that Respondent failed to submit its financial statements prepared by a CPA, including balance sheet and income statement for year end 2009 and 2010, in violation of Section 36a 588-4 of the Regulations of Connecticut State Agencies.

Notice of Intent to Refuse to Renew Check Cashing Service Licenses

On August 31, 2012, the Commissioner issued a Notice of Intent to Refuse to Renew Check Cashing Service Licenses and Notice of Right to Hearing (“Notice”) in the Matter of:
Ace’s Smoke and Cell Shop LLC d/b/a Ace’s Check Cashing (“Respondent”), Hartford, Connecticut. The Notice was the result of an investigation by the Consumer Credit Division. The Notice alleged that Respondent failed to submit financial statements to the Commissioner, in violation of Section 36a-588-4 of the Regulations of Connecticut State Agencies. Respondent was afforded an opportunity to request a hearing with regard to the allegation set forth in the Notice.

Dated: Tuesday, September 25, 2012

Howard F. Pitkin

Banking Commissioner