Regulatory Alerts2019-11-08
Added · Updated
Bulletin 2907 - November 8, 2019
The Connecticut Department of Banking issued an Amended Notice alleging that Top Notch Motors, LLC and Gabriel Bordoy violated state statutes by failing to provide written notice of motor vehicle repossession to a retail buyer. Additionally, a Consent Order was entered with United American Mortgage Corporation d/b/a Sandstone Financial Services for failing to file a change of fictitious name with the Nationwide Multistate Licensing System and Registry at least thirty days prior to the change, resulting in a $500 civil penalty. Written comments regarding these matters must be submitted to the Banking Commissioner within ten business days of the bulletin date.
State of Connecticut Department of Banking
The Department of Banking News Bulletin
Bulletin # 2907 - Week Ending November 8, 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.
CONSUMER CREDIT DIVISION ACTIVITY
Amended and Restated Notice of Intent to Issue Order to Cease and Desist and Amended and Restated Notice of Intent to Impose Civil Penalty
On October 25, 2019, the Commissioner issued an Amended and Restated Notice of Intent to Issue Order to Cease and Desist, Amended and Restated Notice of Intent to Impose Civil Penalty and Amended and Restated Notice of Right to Hearing (collectively “Amended Notice”) in the Matter of: Top Notch Motors, LLC , West Haven, Connecticut (“Top Notch”), and Gabriel Bordoy (“Bordoy”) (collectively “Respondents”). The Amended Notice amends a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing issued by the Commissioner against Top Notch on November 15, 2018. In the Amended Notice, the Commissioner alleges that Respondents failed to provide a retail buyer with written notice of the repossession of a motor vehicle, in violation of Section 36a-785(c) of the Connecticut General Statutes. Respondents were afforded an opportunity to request a hearing with regard to the allegations set forth in the Amended Notice.
Consent Order
On October 31, 2019, the Commissioner entered into a Consent Order with United American Mortgage Corporation d/b/a Sandstone Financial Services (NMLS # 1942) (“UAMC”), Costa Mesa, California. The Commissioner alleged that UAMC failed to file with the Nationwide Multistate Licensing System and Registry a change of its fictitious names, previously both Sandstone Financial Services and Avis Landing, now solely Sandstone Financial Services, at least thirty (30) calendar days prior to such change, in violation of Section 36a-490(b)(2) of the Connecticut General Statutes. As part of the Consent Order, UAMC paid $500 as a civil penalty.
Dated: Wednesday, November 13, 2019
Jorge L. Perez Banking Commissioner