Bulletin 2676 - June 5, 2015

State of Connecticut
Department of Banking

The Department of Banking News Bulletin

Bulletin # 2676 -
Week Ending June 5, 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 Jorge L. Perez, 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.

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

06/03/15

Farmington Bank

Farmington

85 Elm Street

West Springfield, MA 01089

Filed

09/15/15

The Milford Bank

Milford

250 Barnum Avenue Cutoff

Stratford, CT 06614

Closing

Date

CONSUMER CREDIT DIVISION ACTIVITY

Consent Orders

On May 20, 2015, the Commissioner entered into a Consent Order with Karen Elizabeth Karker (“Karker”) (NMLS # 85338) and Real Estate Alternative Lending, LLC (“REAL”), Stratford, Connecticut. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that on or about February 9, 2012, Karker acted as a mortgage loan originator without the required license, in violation of Section 36a-486(b) of the then applicable Connecticut General Statutes, and that REAL acted as a mortgage broker without the required license, in violation of Section 36a-486(a) of the then applicable Connecticut General Statutes. As part of the Consent Order, Karker and REAL were each ordered to immediately cease and desist from their respective violations.

On May 26, 2015, the Commissioner entered into a Consent Order with Michael R. Mazal, Esq. d/b/a Retention Law Center (“Mazal”), Irvine, California. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged in a Temporary Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively “Notice”) issued on February 27, 2015, that Mazal 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, Mazal was ordered to repay fees to identified Connecticut residents in identified amounts, and to pay $12,196 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 May 27, 2015, 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:
Wingspan Portfolio Advisors, LLC
(“Respondent”), Carrollton, Texas. The Notice was the result of an investigation by the Consumer Credit Division. The Commissioner 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 4100 Midway Road, Suite 1110, Carrollton, Texas, 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.

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

On May 29, 2015, 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:
Great Western Financial Services, Inc.
(NMLS # 82156) (“Respondent”), Plano, Texas. The Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that Respondent failed to file certain annual information required on the Nationwide Mortgage Licensing System and Registry, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes and in violation of orders of the Commissioner. Respondent was afforded an opportunity to request a hearing on the allegations set forth in the Notice.

On May 29, 2015, 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:
Ryan Mortgage, LLC
(NMLS # 88226) (“Respondent”), Marlborough, Connecticut. The Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that Respondent failed to file certain annual information required on the Nationwide Mortgage Licensing System and Registry, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes and in violation of an order of the Commissioner. Respondent was afforded an opportunity to request a hearing on the allegations set forth in the Notice.

Dated: Tuesday, June 9, 2015

Jorge L. Perez
Banking Commissioner