Bulletin 2943 - July 17, 2020

State of Connecticut
Department of Banking

The Department of Banking News Bulletin

Bulletin # 2943 - Week Ending July 17, 2020

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 CREDIT UNION ACTIVITY

Branch Activity

DATE:
July 13, 2020

CREDIT UNION:
Nutmeg State Financial Credit Union, Rocky Hill

LOCATION:
500 West Avenue, Norwalk, CT 06850

ACTIVITY-BRANCH TYPE:
Approved to Establish Full Service Branch

Field of Membership Amendment

On July 13, 2020, the Commissioner approved the application of Nutmeg State Financial Credit Union , Rocky Hill, Connecticut, to amend its bylaws pursuant to Section 36a-437a(h)(3) of the Connecticut General Statutes to expand its field of membership to include the following Connecticut towns and city: Fairfield, Westport, Norwalk and Trumbull.

CONSUMER CREDIT DIVISION ACTIVITY

Consent Orders

On July 9, 2020, the Commissioner entered into a Consent Order with Southwest Credit Systems, LP (NMLS # 948398) (“SWC”), Carrollton, Texas. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that SWC acted as a consumer collection agency in Connecticut from an unlicensed location between August 2017 and January 2019, in violation of Section 36a-801(a) of the Connecticut General Statutes, in effect at such time. As part of the Consent Order, SWC paid $10,000 as a civil penalty and $800 for back licensing fees.

On July 10, 2020, the Commissioner entered into a Consent Order with Lendgo, Inc.
(NMLS # 1693075) (“Lendgo”), Beverly Hills, California. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that Lendgo failed to file with the Nationwide Multistate Licensing System and Registry a change of the address of its main office at least thirty (30) calendar days prior to such change, and in connection with such 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)(2) of the Connecticut General Statutes. As part of the Consent Order, Lendgo paid $500 as a civil penalty.

Findings of Fact, Conclusions of Law and Order

On July 9, 2020, following an administrative hearing, the Banking Commissioner issued Findings of Fact, Conclusions of Law and Order in the matter of:
Top Notch Motors, LLC
(“Top Notch”), West Haven, Connecticut, and
Gabriel Bordoy
(“Bordoy”) (collectively, “Respondents”).

The hearing considered allegations brought by the Commissioner on October 25, 2019, through 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 issued against Respondents (collectively, “Amended Notice”). In the Amended Notice, the Commissioner alleged 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.

The hearing decision concluded that Top Notch violated Section 36a-785(c) of the Connecticut General Statutes and ordered Top Notch to cease and desist from violating Section 36a-785(c) of the Connecticut General Statutes and imposed a civil penalty of $20,000 upon Top Notch. The Commissioner did not find Bordoy personally liable for the violation found against Top Notch.

Dated: Tuesday, July 21, 2020

Jorge L. Perez
Banking Commissioner