Bulletin 2539 - October 19, 2012

State of Connecticut
Department of Banking

The Department of Banking News Bulletin
Bulletin # 2539

Week Ending October 19, 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

10/19/12

Liberty Bank

Middletown

60 North Main Street

Southington, CT 06489

Filed

Interstate Loan Production Office

On October 15, 2012, pursuant to Sections 36a-412(d) of the Connecticut General Statutes, as amended by Public Act 12-96, Bank of England , an Arkansas banking corporation with its main office in England, Arkansas, filed an application to establish a loan production office at 15 Oakwood Avenue, 1st Floor, Norwalk, Connecticut.

CONSUMER CREDIT DIVISION ACTIVITY
Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke Debt Adjuster License, Notice of Intent to Issue Order to Cease and Desist

On October 3, 2012, the Commissioner issued a Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke Debt Adjuster License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (“Notice”) in the Matter of:
Credit Counseling Solutions, Inc.
(“Respondent”), Branford, Connecticut. The Notice was the result of an investigation by the Consumer Credit Division. The Notice alleges that Respondent failed to maintain a surety bond during the entire period of its debt adjuster license, in violation of Section 36a-664 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.

Order to Cease and Desist and Order Imposing Civil Penalty

On October 3, 2012, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) In the Matter of:
New Path Financial
(“Respondent”), of Westminster and Santa Ana, California. The basis of the Order was 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 ordered to cease and desist from violating such provision and to pay a civil penalty in the amount of $100,000.

Dated: Tuesday, October 23, 2012

Howard F. Pitkin

Banking Commissioner