Bulletin 3189 - April 4, 2025

State of Connecticut
Department of Banking

The Department of Banking News Bulletin

Bulletin # 3189 - Week Ending April 4, 2025

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 directed to Jorge L. Perez, Banking Commissioner. Written comments will be considered only if they are received within ten business days from the date of this bulletin.

CREDIT UNION ACTIVITY

New Branch Office

On March 31, 2025,
Sikorksy Financial Credit Union
(Stratford, CT) submitted an application under Section 36a-462a of the Connecticut General Statutes to open a new branch at 1643 Post Road Fairfield, CT 06824. The projected date for the branch opening is September 1, 2025 . Questions or comments regarding the application can be sent to the Financial Institutions Division at 860 240-8180.

CONSUMER CREDIT DIVISION ACTIVITY

Americay Mortgage Corporation and Christopher Jon Gilnack

On March 31, 2025, the Commissioner entered into a Consent Order (“Consent Order”) with Americay Mortgage Corporation (NMLS # 1155), (“Americay”), Vernon, Connecticut and Christopher Jon Gilnac k (NMLS # 40337) (“Gilnack”) (collectively, “Respondents”). The Consent Order was based on an examination and investigation conducted by the Consumer Credit Division. The Consent Order resolved allegations made by the Commissioner in a Notice of Automatic Suspension, Notice of Intent to Revoke Mortgage Broker 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”) against Respondents on October 25, 2024.

The Commissioner alleged in the Notice that Americay failed to: (1) file the prior Consent Orders on the Nationwide Multistate Licensing System and Registry (“NMLS”), in violation of Section 36a-490(c)(3) of the Connecticut General Statutes; (2) file accurate mortgage call reports (“MCRs”) on NMLS, in violation of Section 36a-534b(c) of the Connecticut General Statutes and prior Consent Orders; (3) maintain minimum tangible net worth of $50,000 required of mortgage broker licensees, in violation of Section 36a 488(a)(2) of the Connecticut General Statutes; (4) file with NMLS or otherwise notify the Commissioner of the decrease in its tangible net worth from the minimum amount required pursuant to Section 36a-488(a)(1)(A) of the Connecticut General Statutes not later than the requisite 15 days of its occurrence, in violation of Section 36a-490(c)(9) of the Connecticut General Statutes; (5) provide adverse action notices for at least one mortgage loan, in violation of 12 C.F.R. Section 1002.9(a)(1) of Regulation B (Equal Credit Opportunity Act), and Section 36a-498e(a)(7) of the Connecticut General Statutes, in effect at such time, and failed to maintain records of adverse action notices for such mortgage loan files, in violation of Section 36a 493(a) of the Connecticut General Statutes; (6) provide the required loan estimate disclosures in a timely manner in connection with at least five mortgage loans, in violation of 12 C.F.R. Section 1026.19(e)(1) of Regulation Z (Truth in Lending Act), Section 36a-678(a) of the Connecticut General Statutes and Section 36a-498e(a)(7) of the Connecticut General Statutes, in effect at such time; (7) include the language required by mortgage broker licensees when advertising mortgage loans, including, but not limited to, via signage on its building, in violation of Section 36a-497(a)(1) of the Connecticut General Statutes; (8) include its company NMLS unique identifier on business cards, in violation of Section 36a 498d(a)(2) of the Connecticut General Statutes; (9) disclose the APR and additional terms when advertising rates on its building, in violation of paragraphs (c) and (d) of 12 C.F.R. Section 1026.24 of Regulation Z (Truth in Lending Act), and Sections 36a-678(a) and 36a 498d(b)(3) of the Connecticut General Statutes; (10) pay the costs of its examination, in violation of Section 36a 65(c)(6) of the Connecticut General Statutes; (11) maintain a surety bond that runs concurrently with the period of its mortgage broker license, in violation of Section 36a-492 of the 2024 Supplement to the General Statutes; and (12) comply with sections 36a-485 to 36a 498e, inclusive, 36a-498h, 36a-534a and 36a-534b and provisions of Regulation Z (Truth in Lending Act) and Regulation B (Equal Credit Opportunity Act), in violation of Section 36a-498e(a)(8) of the Connecticut General Statutes, in effect at such time. The Commissioner also alleged in the Notice that the conduct of Americay failed to demonstrate that its
financial responsibility, character and general fitness are such as to command the confidence of the community and to warrant a determination that Americay will operate honestly, fairly and efficiently within the purposes of Sections 36a-485 to 36a-498e, inclusive, 36a-498h, 36a-534a and 36a 534b, as required by Section 36a-489(a)(1)(C) of the Connecticut General Statutes, and this constituted sufficient grounds for the Commissioner to deny an application for a mortgage broker license and, in turn, constituted sufficient grounds for the Commissioner to revoke Americay’s license to act as a mortgage broker in Connecticut pursuant to Section 36a-494(a)(1) of the Connecticut General Statutes and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes.

The Commissioner alleged in the Notice that Gilnack failed to: (1) file prior Consent Orders on NMLS, in violation of Section 36a 490(c)(3) of the Connecticut General Statutes; (2) include his NMLS unique identifier on business cards, in violation of Section 36a-498d(a)(3) of the Connecticut General Statutes; and (3) establish, enforce and maintain policies and procedures reasonably designed to achieve compliance with subsection (a) of Section 36a-498e of the Connecticut General Statutes, in effect at such time, in violation of Section 36a-498e(b) of the Connecticut General Statutes, in effect at such time. In addition to the allegations made in the Notice, the Commissioner alleged that Gilnack: (1) made statements which were, at the time and in the light of the circumstances under which they were made, false or misleading in a material respect, in violation of Section 36a-53a of the Connecticut General Statutes, by failing to disclose outstanding judgments on his renewal applications for mortgage loan originator licensure; and (2) gave a fee, kickback or other thing of value pursuant to an agreement or understanding, that business incident to or part of a settlement service involving a federally related mortgage loan will be referred to Gilnack, in violation of 12 C.F.R. Section 1024.14(b) of Regulation X and Section 36a-678(c) of the Connecticut General Statutes, including, by paying at least one realtor for leads or referrals.

As part of the Consent Order, among other items, Americay and Gilnack refunded fees paid by Connecticut residents to Americay for rescoring their credit and Gilnack agreed not to act, directly or indirectly, as an owner, officer, director, branch manager, qualified individual or other control person of any mortgage lender, mortgage correspondent lender or mortgage broker in Connecticut for a period of 5 years.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

1 Main Capital Management, LLC (CRD No. 328826)

On April 2, 2025, the Banking Commissioner entered into a Stipulation and Agreement (No. ST-M2025-16-S) with 1 Main Capital Management, LLC of 8 Wright Street, Suite 107, Westport, Connecticut 06880. The firm is not registered as an investment adviser under the Connecticut Uniform Securities Act, but rather is an exempt reporting adviser as defined by federal law.

The firm self reported that, between January 8, 2023 and December 19, 2024, it had failed to file certain Form ADV items indicating its status as an exempt reporting adviser for Connecticut purposes. The oversight was subsequently corrected.

In resolution of the matter, the firm agreed to refrain from regulatory violations and to pay a $500 fine.

Dated: Tuesday, April 8, 2025

Jorge L. Perez
Banking Commissioner