Bulletin 2876 - April 5, 2019

State of Connecticut
Department of Banking

The Department of Banking News Bulletin

Bulletin # 2876 - Week Ending April 5, 2019

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.

STATE BANK ACTIVITY

Branch Activity

Section 36a-145 of the Connecticut General Statutes requires certain applications for a branch or 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 the Department for a period of 30 days. Questions concerning branch activity should be directed to the Financial Institutions Division, (860) 240-8180.

DATE:
March 25, 2019

BANK:
United Bank, Hartford

LOCATION:
31 Main Street, East Hartford, CT 06118 into
2670 Main Street, Glastonbury, CT 06033 *

ACTIVITY-BRANCH TYPE:
Filed to Consolidate Effective 07/01/2019 *

*Updated information from Bulletin 2875

CONSUMER CREDIT DIVISION ACTIVITY

Temporary Order to Cease and Desist, Notice of Intent to Revoke

Consumer Collection Agency License, Notice of Intent to Issue Order

to Cease and Desist, Notice of Intent to Impose Civil Penalty and

Notice of Right to Hearing

On March 28, 2019, the Commissioner issued a
Temporary Order to Cease and Desist, Notice of Intent to Revoke Consumer Collection Agency License, 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:
Nicole DuBach (“DuBach”)
,
Tru-Contact Incorporated d/b/a TCI (“Tru-Contact”) , NMLS # 1099106, Columbus, Ohio, and Tek-Collect Incorporated (“Tek-Collect”) , NMLS # 1012712, Columbus, Ohio (collectively, “Respondents”). The Notice was the result of an examination and investigation by the Consumer Credit Division. The Commissioner alleges that: (1) DuBach made false or misleading statements to the Commissioner in connection with the Division’s examination and Tru-Contact’s request to surrender its consumer collection agency license in Connecticut, in violation of Section 36a-53a of the Connecticut General Statutes; (2) As President and sole owner of Tru-Contact, DuBach, conspired with the unlicensed consumer collection agency Tek-Collect to provide consumer collection services in Connecticut and concealed such arrangement from persons, including the Department, in violation of Section 36a-53b of the Connecticut General Statutes; (3) Tru-Contact conspired with Tek-Collect to provide consumer collection services in Connecticut and concealed such arrangement from persons, including the Department, in violation of Section 36a-53b of the Connecticut General Statutes; (4) Tru-Contact failed to produce to the Commissioner all records requested in connection with its examination, constituting Tru‑Contact’s failure to fake its records available to and otherwise cooperate with the Commissioner, in violation of Section 36a-17(d) of the Connecticut General Statutes; (5) Tru-Contact’s conduct renders the Commissioner unable to determine that the financial responsibility, character, reputation, integrity and general fitness of Tru‑Contact are such to warrant belief that the business will be operated soundly and efficiently, in the public interest and consistent with the purposes of Sections 36a-800 to 36a-814, inclusive, as required pursuant to Section 36a-801(c)(2) of the Connecticut General Statutes; (6) Tek‑Collect collected or attempted to collect on accounts of Connecticut consumer debtors without a consumer collection agency license in Connecticut, in violation of Section 36a-801(a) of the Connecticut General Statutes in effect at such time; and (7) Tek-Collect conspired with Tru-Contact to conduct consumer collection agency services in Connecticut and concealed such arrangement from persons, including the Department, in violation of Section 36a‑53b of the Connecticut General Statutes. Respondents were afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice.

Temporary Order to Cease and Desist, Order to Make Restitution, Notice of Intent

to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty

On March 29, 2019, the Commissioner issued a
Temporary Order to Cease and Desist, Order to Make Restitution (“Order to Make Restitution”), 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:
Target Finance, LLC d/b/a Target Cash Now
(“Respondent”), Hays, Montana. The Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that the Respondent made at least one small loan to a Connecticut borrower without obtaining the required small loan license, in violating of Section 36a-556(a)(1) of the Connecticut General Statutes; offered or solicited small loans in Connecticut without the required small loan license, in violation of Section 36a-556(a)(2) of the Connecticut General Statutes; and advertised a small loan in this state without the required small loan license, in violation of Section 36a-556(a)(6) of the Connecticut General Statues. As part of the Order to Make Restitution, the Respondent was ordered to repay any amounts received from an identified Connecticut resident and to repay any amounts received from any other Connecticut resident. The Commissioner also found that public welfare required the issuance of a Temporary Order to Cease and Desist against the Respondent. The Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice.

Dated: Tuesday, March 26, 2019

Jorge L. Perez
Banking Commissioner