Regulatory Alerts2025-09-19
Added · Updated
Bulletin 3213 - September 19, 2025
The Connecticut Department of Banking mandates that debt negotiator licensees and applicants transition to electronic surety bonds by October 1, 2025, with existing licensees required to complete the transition by February 1, 2026. The Commissioner revoked the mortgage broker and loan originator licenses of Woodbridge Mortgage LLC, Lionel Young Kim, and George Guorong Wang, and imposed a $25,000 civil penalty on Wang for net worth violations and false statements. Woodfield Receivable Management Corp. paid a $5,000 civil penalty for operating as an unlicensed consumer collection agency. Additionally, the Commissioner issued cease and desist orders against D & M Group, LLC and related entities for alleged securities fraud, and accepted a $3,025 payment from Concentric Capital Strategies L.P. to resolve a notice filing deficiency.