Regulatory Alerts2002-12-06
Added · Updated
State of Connecticut Department of Banking News Bulletin 2024 - December 6, 2002
The Department of Banking sets the interest rate on mortgage escrow accounts, public service company and electric supplier customer security deposits, and tenant security deposits at 1.00% for the period from January 1, 2003, to December 31, 2003. The Commissioner fined Commonwealth Equity Services, Inc. $3,000 for operating three unregistered branch offices and required the firm to implement revised compliance procedures. Additionally, the registration of investment adviser Charles Edward Dear was revoked and a $5,000 fine was imposed for violating a prior consent order by altering client notices. The bulletin also lists specific branch openings, a check cashing service license approval, and the withdrawal of a credit union conversion application.