Regulatory Alerts2018-08-17
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Bulletin 2843 - August 17, 2018
The Department of Banking approved Nutmeg State Financial Credit Union, Inc. to open a branch at 1095 West Street, Southington, CT. The Commissioner issued an Order to Cease and Desist and imposed a $400,000 civil penalty on GMA Investments, LLC d/b/a Summit Receivables for operating as an unlicensed consumer collection agency, collecting on unlicensed small loans with excessive interest, and submitting false statements. The order prohibits the respondent from violating specific Connecticut General Statutes and enforcing such small loans, while a prior disgorgement order remains permanent.
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