DOB: News Bulletin 2075 - November 28, 2003

The Department of Banking News Bulletin 

 Bulletin # 2075
Week Ending November 28, 2003

This bulletin constitutes the only official notification you will receive from this office concerning any of the following pplications. Any observations you may have are solicited. Any comments should be in writing to John P. Burke, Commissioner of Banking, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail to john.burke@ct.gov. Written comments will be considered only if they are received within ten days from the date of this bulletin.


CHECK CASHING SERVICE LICENSE ACTIVITY

On November 25, 2003, pursuant to Section 36a-581 of the Connecticut General Statutes, Connecticut State Check Cashing Service, Inc. filed an application to operate check cashing service general facilities at 298 Main Street, New Britain, Connecticut; 2165 Boston Avenue, Bridgeport, Connecticut; and 353 East Main Street, Waterbury, Connecticut.

MONEY ORDER AND TRAVELERS CHECK LICENSE ACTIVITY

On November 26, 2003, pursuant to Section 36a-600 of the Connecticut General Statutes, Citicorp Electronic Financial Services, Inc., Chicago, Illinois, surrendered its license to issue Connecticut instruments which are electronic payment instruments.

CREDIT UNION DIVISION ACTIVITY
State Credit Union Activity

Date Credit Union Location Activity
11/24/03 Mutual Security
   Credit Union, Inc.
Wilton
FROM:  14 Candlewood Lake Rd
           Brookfield, CT   06804
TO:      143 Federal Rd
           Brookfield, CT   06804
filed to
relocate

Merger

On November 24, 2003 pursuant to Section 36a-468a of the Connecticut General Statutes, Mututal Security Credit Union, Inc., Wilton, a Connecticut credit union, filed an application to merge with and into Sorvall Employees Federal Credit Union, Newtown, a federal credit union.

CONSUMER CREDIT DIVISION ACTIVITY
Findings of Fact, Conclusions of Law and Order Issued

On November 25, 2003, the Banking Commissioner issued Findings of Fact, Conclusions of Law and Order against Check Investors, Inc. d/b/a National Check Control, 55 Hartz Way, Suite 202, Secaucus, New Jersey 07094. The entity was ordered to cease and desist from violating Section 36a-646 of the Connecticut General Statutes and to pay a civil penalty of $45,000. The agency's action was based on findings that the entity violated Section 36a-646 of the Connecticut General Statutes, which prohibits creditors from using any abusive, harassing, fraudulent, deceptive or misleading representation, device or practice to collect, or attempt to collect, any debt.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
California Firm Ordered to Cease and Desist from Regulatory Violations
in Connection With
Sales of Membership Units; Notice of Intent to Fine Issued

On November 25, 2003, the Commissioner entered an Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing against Light Management Systems Fund, LLC of 5694 Mission Center Road, Suite 428, San Diego, California. The action alleged that 1) the respondent was formed for the purpose of investing in Ambient Control Systems, Inc.; 2) from February 2002 forward, the respondent sold unregistered, non-exempt membership units in Light Management Systems Fund, LLC to Connecticut investors in violation of Section 36b-16 of the Connecticut Uniform Securities Act; 3) in contravention of Section 36b-6(b) of the Act, the respondent employed an unregistered agent of issuer in selling the membership units; and 4) the respondent violated the antifraud prohibition in Section 36b-4 of the Act by failing to disclose in its offering memorandum a February 20, 2002 Summary Order to Cease and Desist issued against the respondent by the Pennsylvania Securities Commission, a November 30, 1999 permanent order to cease and desist issued by the South Dakota Division of Securities against Ambient Control Systems, Inc., an April 4, 2001 Desist and Restrain Order issued against Ambient Control Systems, Inc. by the California Department of Corporations and a November 29, 2001 Order of Prohibition issued against Ambient Control Systems, Inc. by the State of Illinois Securities Department. The respondent was afforded an opportunity to request a hearing on the Order to Cease and Desist. A hearing on the Notice of Intent to Fine has been scheduled for January 20, 2004.

Dated: Tuesday, December 2, 2003

John P. Burke
Commissioner