Bulletin 2955 - October 9, 2020

State of Connecticut
Department of Banking

The Department of Banking News Bulletin

Bulletin # 2955 - Week Ending October 9, 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 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:
October 9, 2020

BANK:
Liberty Bank, Middletown

LOCATION:
100 Pearl Street, Third Floor, Hartford, CT 06103

ACTIVITY-BRANCH TYPE:
Filed to Establish Loan Production Office

DATE:
October 9, 2020

BANK:
Liberty Bank, Middletown

LOCATION:
59 Elm Street, Suite 510, New Haven, CT 06511

ACTIVITY-BRANCH TYPE:
Filed to Establish Loan Production Office

CONSUMER CREDIT DIVISION ACTIVITY

Consent Orders

On September 29, 2020, the Commissioner entered into a Consent Order with Donnell Financial Group, Inc. (“DFG”), Westport, Connecticut. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that DFG, during the period of June 1, 2014 through June 1, 2018, engaged in the business of making loans in Connecticut in the amount of $15,000 or less with an annual percentage rate that was greater than 12%, in violation of Section 36a-556 or 36a-573(a) of the Connecticut General Statutes, as applicable and in effect at the time of the alleged violations. As part of the Consent Order, among other things, DFG paid $5,000 as a civil penalty, and repaid interest paid by Connecticut residents in excess of an annual percentage rate of 12%.

On October 1, 2020, the Commissioner entered into a Consent Order with AHP Servicing LLC d/b/a AHP Mortgage Direct (NMLS # 1651788) (“AHP”), Chicago, Illinois. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that AHP failed to file with the Nationwide Multistate Licensing System and Registry the addition of its fictitious name, AHP Mortgage Direct, at least thirty (30) calendar days prior to such change and failed to provide a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner that reflects the change of name, in violation of Section 36a-719a(b) of the Connecticut General Statutes. As part of the Consent Order, AHP paid $500 as a civil penalty.

Dated: Wednesday, October 14, 2020

Jorge L. Perez
Banking Commissioner