News Bulletin 2414 - May 28, 2010

State of Connecticut Department of Banking

The Department of Banking News Bulletin Bulletin # 2414 Week Ending May 28, 2010

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 Howard F. Pitkin, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail . Written comments will be considered only if they are received within ten 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 for a limited branch at which loans will be made, be accompanied by a plan detailing how adequate services to meet the banking needs of all community residents will be provided.  Plans are submitted when such applications are filed and are available for public inspection and comment at this Department for a period of 30 days.  Questions concerning branch activity should be directed to the Financial Institutions Division, (860) 240-8180.

Date

Bank

Location

Activity

3/26/10

Farmington Bank

Farmington

• Route 372

129 New Britain Avenue

Plainville, CT  06062

notice of intent

not to disapprove

5/21/10

The Milford Bank

Milford

295 Boston Post Road

Milford, CT  06460

opening

date

• Correction - previously listed as 129 Farmington Avenue

CONSUMER CREDIT DIVISION ACTIVITY

Check Cashing Service License Activity

Date

Check Casher

Location

Activity

5/24/10

Williquick Mart, LLC

18 Boston Post Road

Willimantic, CT  06226

filed

Order Revoking and Refusing to Renew Mortgage Correspondent Lender License and Order to Cease and Desist

On May 13, 2010, the Commissioner issued an Order Revoking and Refusing to Renew Mortgage Correspondent Lender License and Order to Cease and Desist (“Order”) in the Matter of: Millenium Mortgage Company (“Respondent”).  The Order revokes and refuses to renew Respondent’s mortgage correspondent lender license at 219 Kent Road, Suite 17, New Milford, Connecticut, and was based on Respondent’s failure to maintain a surety bond in violation of Section 36a-492 of the 2010 Supplement to the General Statutes.  A copy of the Order can be obtained from the Department’s website .

Settlement Agreement

On May 19, 2010, the Commissioner entered into a Settlement Agreement with Prospect Financial Services, LLC (“Prospect Financial Services”).  The Settlement Agreement was based on an examination by the Consumer Credit Division.  As a result of such examination, the Commissioner alleged that Prospect Financial Services employed or retained, during the period of January 11, 2006 through October 31, 2007, at least four individuals as originators without registering them, in violation of Sections 36a-486(b) and 36a-511(b) of the then applicable Connecticut General Statutes.  As part of the Settlement Agreement, Prospect Mortgage paid a civil penalty in the amount of $1,000.  A copy of the Settlement Agreement can be obtained from the Department's website .

Dated:  Wednesday, June 2, 2010

Howard F. Pitkin

Banking Commissioner