The Department of Banking News Bulletin
Bulletin # 2310
Week Ending May 31, 2008
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.
NATIONWIDE MORTGAGE LICENSING SYSTEM
On July 1, 2008, the Banking Department will begin participation in the Nationwide Mortgage Licensing System that is being developed by the Conference of State Bank Supervisors (CSBS) and the American Association of Residential Mortgage Regulators (AARMR). The Connecticut Department of Banking is one of the first states to begin using the CSBS/AARMR Nationwide Mortgage Licensing System. Through the system, Connecticut mortgage companies will be able to apply for and manage their license electronically. The System will save the Connecticut Department of Banking significant resources in processing licenses and provide better supervision of the mortgage industry as Connecticut links with other states to protect consumers.
The System will be used by state residential mortgage regulators to accept and process license applications and license renewal requests. Licensees will be able to electronically manage a single record in the Nationwide Mortgage Licensing System to apply for, amend, renew, and surrender licenses for one or more state regulators. The System will manage the licenses of all mortgage companies, branches, and loan originators.
NOTICE TO MORTGAGE LENDERS, CORRESSPONDENT LENDERS, BROKERS
AND LOAN ORIGINATORS: DEADLINE FOR SUBMISSION OF MORTGAGE
APPLICATIONS AND FILINGS
Friday, June 13, 2008 will be the last date on which paper applications will be accepted by the Connecticut Banking Department for a new Mortgage Lender, Correspondent Lender, Broker or Loan Originator license and for any changes, amendments, etc, to a previously filed license application. On or after July 1, 2008, all mortgage license applications must be made through the Nationwide Mortgage Licensing System (NMLS) at www.stateregulatoryregistry.org/nmls
On May 28, 2008, Higher One Bank (In Organization), a Connecticut bank in organization, (“Higher One”) and its parent company, Higher One Inc., filed with the Commissioner a withdrawal of the following applications effective May 30, 2008:
1. Higher One’s application to organize a Connecticut bank pursuant to Section 36a-70 of the Connecticut General Statutes;
2. Higher One’s application pursuant to Section 36a-210(b) of the Connecticut General Statutes to acquire a significant part of the business of The Frost National Bank, a national banking association with its principal office in San Antonio, Texas; and
3. Higher One Inc.’s application pursuant to Section 36a-184 of Connecticut General Statutes to become a bank holding company by acquiring Higher One Bank upon its organization as a Connecticut-chartered bank.
SECURITIES AND BUSINESS INVESTMENTS DIVISION
Stipulation and Agreement
On May 27, 2008, the Banking Commissioner entered into a Stipulation and Agreement with One Key LLC, a securities issuer located at 792 South Main Street, #101, Mansfield, Massachusetts. The Stipulation and Agreement recited that One Key LLC had advised the department that, in October 2006 and early 2007, it had sold limited liability company interests to two Connecticut residents under Rule 506 of federal Regulation D at a time when no notice filing had been made under Section 36b-21(e) of the Connecticut Uniform Securities Act and that, in not making a timely filing, the issuer had relied on the advice of prior legal counsel. The issuer made a curative state filing in November 2007. Pursuant to the Stipulation and Agreement, One Key LLC agreed to pay a $500 fine and to refrain from offering or selling securities in or from Connecticut absent compliance with Section 36b-16 of the Act, including timely compliance with any applicable filing requirements.
Dated: Tuesday, June 3, 2008