Bulletin 2829 - May 11, 2018

State of Connecticut
Department of Banking

The Department of Banking News Bulletin

Bulletin # 2829 -
Week Ending May 11, 2018

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 business days from the date of this bulletin.

CREDIT UNION ACTIVITY

Merger

On May 9, 2018,
America's First Network Credit Union
("AFNCU"), a Connecticut credit union and
Rogers Employees Federal Credit Union
("Rogers"), a federal credit union, filed an application pursuant to Section 36a-468a of the Connecticut General Statutes seeking approval to merge Rogers with an into AFNCU. As part of the application, AFNCU is proposing to expand its field of membership to include: employees of Rogers Corporation who work in Killingly, Rogers, or Woodstock, Connecticut; Carol Stream, Illinois or Chandler, Arizona; salesmen or employees of sales offices of the listed company who are paid from Killingly, Connecticut. Also included are spouses of persons who died while within Roger's field of membership, employees of Rogers, persons retired as pensioners or annuitants from the above employment, members of their immediate family or household, and organizations of such persons.

CONSUMER CREDIT DIVISION ACTIVITY

Consent Order

On May 1, 2018, the Commissioner entered into a Consent Order with Earnest Home LLCd/b/a Earnest (NMLS # 1510946) (“Earnest Home”) , San Francisco, California. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that Earnest Home failed to file with the Nationwide Multistate Licensing System and Registry a change of address of its main office at least 30 calendar days prior to such +change and, in connection with such address change, failed to provide a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner, in violation of Section 36a-490(b) of the Connecticut General Statutes, as amended by Public Act 17-38. As part of the Consent Order, Earnest Home paid $500 as a civil penalty.

Order to Cease and Desist and Order Imposing Civil Penalty

On May 2, 2018, the Commissioner issued an
Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) in the Matter of:
RMMG, LLC a/k/a Residential Mortgage Modification Group, LLC (“Respondent”), Bridgeport and Norwalk, Connecticut. 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. The Commissioner ordered Respondent to cease and desist from violating Section 36a-671(b) of the Connecticut General Statutes and imposed a civil penalty in the amount of $100,000. In addition, the Order to Make Restitution issued against Respondent on January 16, 2018, remains in effect and became permanent against Respondent on February 8, 2018.

NEW!

LANDLORD/TENANT ACTIVITY

Finding of Fact, Conclusions of Law, Order to Remit Payment to Tenant, Order to Cease and Desist and Order Imposing Civil Penalty

On May 7, 2018, the Commissioner entered Findings of Fact, Conclusions of Law and an Order against Sharde Palmer (“Respondent”) of Stamford, Connecticut. This action had been preceded by a March 19, 2018, Amended and Restated Notice of Intent to Issue Order to Cease and Desist, Amended and Restated Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing alleging that Respondent, when acting as a landlord, failed to provide the tenant with the full amount of the security deposit paid by the tenant plus accrued interest in violation of Sections 47a-21(d) and 47a-21(i) of the General Statutes of Connecticut.

Respondent failed to request a hearing and the allegations against Respondent made in the March 19, 2018 action were deemed admitted pursuant to Section 36a-1-31(a) of the Regulations. The Commissioner found that Respondent violated Sections 47a-21(d) and 47a-21(i) of the General Statutes of Connecticut.

The Commissioner ordered that 1) Respondent cease and desist from violating Sections 47a-21(d) and 47a-21(i) of the General Statutes of Connecticut; 2) Respondent remit payment to the tenant in the amount of $4400.59; and 3) a civil penalty of $4400 be imposed upon Respondent.

Dated: Tuesday, May 15, 2018

Jorge L. Perez
Banking Commissioner