Bulletin 2583 - August 23, 2013

State of Connecticut Department of Banking

The Department of Banking News Bulletin

Bulletin # 2583 - Week Ending August 23, 2013

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

8/19/03

Northwest Community Bank

Winsted

FROM:  249 Winsted Road

Torrington, CT 06790

TO:      416 Winsted Road

Torrington, CT 06790

Relocation

Effective

Date

CONSUMER CREDIT DIVISION ACTIVITY

Consent Order

On July 15, 2013, the Commissioner entered into a Consent Order with Approved Funding Corp. (NMLS # 5411) (“Approved Funding”), River Edge, New Jersey.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, on March 27, 2013, 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.  The Commissioner alleged that Approved Funding failed to timely file certain annual and quarterly information required by mortgage call reports in violation of Section 36a-534b(c)(3) of the 2012 Supplement to the General Statutes in effect prior to October 1, 2012, and Section 36a-534b(c)(3) of the Connecticut General Statutes.  As part of the Consent Order, Approved Funding paid $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 and Notice of Intent to Issue Order to Cease and Desist

On July 23, 2013, 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: Global Management Legal Group, LLC d/b/a GMLG, LLC (“Respondent”), Louisville, Kentucky.  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 concurrently with the period of its consumer collection agency license for its office located at 2401 Stanley Gault Parkway, Suite 104, Louisville, Kentucky, 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.

Dated:  Tuesday, August 27, 2013

Howard F. Pitkin

Banking Commissioner