Regulatory Alerts2015-12-11
Added · Updated
Bulletin 2703 - December 11, 2015
The Connecticut Department of Banking issued an Order to Cease and Desist and a $100,000 civil penalty against Lamont G. Karriem d/b/a Hope for Home for engaging in unlicensed debt negotiation in violation of Section 36a-671(b) of the Connecticut General Statutes. Additionally, a Consent Order was entered with Miller Mortgage, LLC, which surrendered its mortgage broker license following allegations of failing to timely file annual information required by mortgage call reports in violation of Section 36a-534b(c)(3).
State of Connecticut Department of Banking
The Department of Banking News Bulletin
Bulletin # 2703 - Week Ending December 11, 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.
CONSUMER CREDIT DIVISION ACTIVITY
Order to Cease and Desist and Order Imposing Civil Penalty
On December 1, 2015, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) In the Matter of: Lamont G. Karriem d/b/a Hope for Home (“Respondent”), Mira Loma and Playa Del Rey, 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 September 29, 2015, remains in effect and became permanent against Respondent on October 18, 2015.
Consent Order
On December 4, 2015, the Commissioner entered into a Consent Order with Miller Mortgage, LLC (NMLS # 2513) (“Miller Mortgage”), Peabody, Massachusetts. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, on September 8, 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 Miller Mortgage. The Commissioner alleged that Miller Mortgage failed to timely file certain annual information required by mortgage call reports in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes. As part of the Consent Order, Miller Mortgage requested surrender of its mortgage broker license.
Dated: Tuesday, December 15, 2015
Jorge L. Perez Banking Commissioner