Regulatory Alerts2018-11-23
Added · Updated
Bulletin 2857 - November 23, 2018
The Connecticut Department of Banking issued a Notice of Intent to Issue an Order to Cease and Desist and to Impose a Civil Penalty against Top Notch Motors, LLC. The Commissioner alleges violations of the Consumer Credit Division Act, specifically failing to retake possession of a motor vehicle by legal process, failing to provide written notice of repossession to the retail buyer, and making untrue or misleading statements. The Respondent was afforded an opportunity to request a hearing regarding these allegations, with written comments due within ten business days of the bulletin's date.
State of Connecticut Department of Banking
The Department of Banking News Bulletin
Bulletin # 2857 - Week Ending November 23, 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.
CONSUMER CREDIT DIVISION ACTIVITY
Notice of Intent to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty
On November 15, 2018, 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 (collectively “Notice”) in the Matter of: Top Notch Motors, LLC , West Haven, Connecticut (“Respondent”). The Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that Respondent: (1) failed to retake possession of a motor vehicle by legal process, in violation of Section 36a-785(a) of the Connecticut General Statutes; (2) failed to provide the retail buyer with written notice of the repossession of the motor vehicle, in violation of Section 36a-785(c) of the Connecticut General Statutes; and (3) made an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading, in violation of Section 36a-53b of the Connecticut General Statutes. Respondent was afforded an opportunity to request a hearing with regard to the allegation set forth in the Notice.
Dated: Tuesday, November 27, 2018
Jorge L. Perez Banking Commissioner