Regulatory Alerts2015-12-18
Added · Updated
Bulletin 2704 - December 18, 2015
The Connecticut Department of Banking solicits public comments on branch applications from First County Bank in Stamford and Farmington Bank in Farmington, with a ten-day deadline for written submissions. The bulletin also announces a license application by Business Lenders, LLC to operate as a Business and Industrial Development Corporation in connection with its acquisition by Penn Joe Ritter Corporation. Additionally, it confirms that United Collections Recovery, LLC and Charles Lockwood are subject to a permanent Order to Make Restitution and were ordered to pay $100,000 civil penalties for operating as an unlicensed consumer collection agency.
State of Connecticut Department of Banking
The Department of Banking News Bulletin
Bulletin # 2704 - Week Ending December 18, 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, address how the establishment of the branch will be consistent with safe and sound banking practices and promote the public convenience and advantage. 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-Branch Type
12/16/15
First County Bank
Stamford
Academy of Information
& Engineering
411 High Ridge Road
Stamford, CT 06905
Filed -
Full Service Branch
01/15/16
Farmington Bank
Farmington
500 West Farms Mall
Suite B103
Farmington, CT 06032
Closing Date -
Full Service Branch
Business and Industrial Development Corporation
On October 14, 2015, Business Lenders, LLC , a Delaware limited liability company, applied for a license to engage in the business of a BIDCO (Business and Industrial Development Corporation) pursuant to Section 36a-628 of the Connecticut General Statutes. The application is being filed in connection with the proposed acquisition by Penn Joe Ritter Corporation , a Connecticut corporation, of a controlling interest in Business Lenders, LLC .
CONSUMER CREDIT DIVISION ACTIVITY
Order to Cease and Desist and Order Imposing Civil Penalty
On December 14, 2015, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) In the Matter of: United Collections Recovery, LLC , Wilmington, Delaware, and Fort Mill, South Carolina, and Charles Lockwood (“Respondents”). The basis of the Order was that Respondents acted within Connecticut as a consumer collection agency without a consumer collection agency license, in violation of Section 36a-801(a) of the Connecticut General Statutes. Respondents were ordered to cease and desist from violating Section 36a-801(a) of the Connecticut General Statutes, and to each pay a civil penalty in the amount of $100,000. In addition, an Order to Make Restitution issued against Respondents on October 9, 2015, remains in effect and became permanent against United Collections Recovery, LLC on October 29, 2015, and against Charles Lockwood on October 30, 2015.
Dated: Tuesday, December 22, 2015
Jorge L. Perez Banking Commissioner