Bulletin 2688 - August 28, 2015

State of Connecticut
Department of Banking

The Department of Banking News Bulletin

Bulletin # 2688 -
Week Ending August 28, 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

08/27/15

Farmington Bank

Farmington

135 Talcottville Road

Vernon, CT 06066

Approved

08/27/15

Farmington Bank

Farmington

299 Middle Turnpike West

Manchester, CT 06040

Approved

Interstate Loan Production Office

In Bulletin 2670 for week ending April 24, 2015, the following entry was listed. The date was erroneously listed as April 22, 2014. The following information is correct.

On April 22, 2015, the Commissioner approved the application of East West Bank , a California-chartered commercial bank, to establish a loan production office at 1224 Mill Street, Building B, Suite 224, East Berlin, Connecticut. The application was approved pursuant to Section 36a-412(d) of the Connecticut General Statutes.

CONSUMER CREDIT DIVISION ACTIVITY

Temporary Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty

On August 21, 2015, the Commissioner issued a Temporary Order to Cease and Desist, Order to Make Restitution (“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”) in the Matter of:
Pullin Law Firm, P.C.
(“Pullin Law”), Woodbury, Ronkonkoma, Melville, Hauppauge and Islandia, New York, and Allan L. Pullin, Esq.
(“Allan Pullin”) (collectively “Respondents”). The Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that both Pullin Law and Allan Pullin engaged in debt negotiation in this state without obtaining the required license, in violation of Section 36a-671(b) of the Connecticut General Statutes. As part of the Order to Make Restitution, Pullin Law and Allan Pullin were ordered to repay $4,000 to an identified Connecticut debtor plus interest, and to repay any other Connecticut debtor who entered into an agreement for debt negotiation services with Respondents on and after October 1, 2009, any fees paid by such Connecticut debtor to Respondents plus interest. The Commissioner also found that public welfare required the issuance of a Temporary Order to Cease and Desist against Respondents. Respondents were afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice.

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

On August 21, 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:
Summit Funding, Inc. d/b/a Summit Funding Inc. Your Mortgage Professionals (NMLS # 84943) (“Respondent”), Flushing, New York. The Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that Respondent failed to timely file certain quarterly 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.

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

On August 21, 2015, the Commissioner issued an Order to Make Restitution (“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”) in the Matter of:
Town and Country Acceptance Corporation
(“Respondent”), Birmingham, Alabama. The Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that Respondent received money from a Connecticut debtor and disbursed a portion of such monies to creditors of such Connecticut debtor without the requisite license, in violation of Section 36a-656(a) of the Connecticut General Statutes. As part of the Order to Make Restitution, Respondent was ordered to repay to any other Connecticut debtor who entered into an agreement for debt adjustment services with Respondent any fees paid by such Connecticut debtor to Respondent plus interest. Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice.

Order to Cease and Desist and Order Imposing Civil Penalty

On August 21, 2015, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) In the Matter of:
Home Tech Group, LLC
(“Respondent”), Rapid City, South Dakota; Lake Havasu City, Arizona; Rocklin, California; and Laguna Hills, California. The basis of the Order was that Respondent engaged in debt negotiation in this state without obtaining the required license, in violation of Section 36a-671(b) of the Connecticut General Statutes. Respondent was ordered to cease and desist from violating Section 36a-671(b) of the Connecticut General Statutes, and to pay a civil penalty in the amount of $100,000. In addition, an Order of Restitution issued against Respondent on June 22, 2015, remains in effect and became permanent against Respondent July 31, 2015.

Consent Order

On August 21, 2015 the Commissioner entered into a Consent Order with Ryan Mortgage, LLC (NMLS # 88226) (“Ryan Mortgage”), Marlborough, Connecticut. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, 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 against Ryan Mortgage. The Commissioner alleged that Ryan Mortgage failed to file certain annual information required by mortgage call reports, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes and in violation of an order of the Commissioner. As part of the Consent Order, Ryan Mortgage paid $4,500 as a civil penalty.

Dated: Tuesday, September 1, 2015

Jorge L. Perez
Banking Commissioner