Bulletin 2660 - February 13, 2015

State of Connecticut Department of Banking

The Department of Banking News Bulletin

Bulletin # 2660 - Week Ending February 13, 2015

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 Bruce H. Adams, Acting Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800.  Written comments will be considered only if they are received within ten days from the date of this bulletin.

CONSUMER CREDIT DIVISION ACTIVITY

Consent Order

On February 4, 2015, the Acting Banking Commissioner entered into a Consent Order with The Purewal Law Group A Professional Corporation d/b/a Legal Network of America (LNOA) and Settlement Corporation of America (collectively, “Respondents”), both of Hayward, California.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, on December 13, 2011, 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 against Respondents.  The Commissioner alleged that Respondents engaged in debt negotiation in this state without the required license, in violation of Section 36a-671(b) of the Connecticut General Statutes.  As part of the Consent Order, Respondents paid $25,000 as a civil penalty and were ordered to repay fees to identified Connecticut residents in identified amounts.

Dated:  Wednesday, February 18, 2015

Bruce H. Adams Acting Banking Commissioner