The Department of Banking News Bulletin
Bulletin # 2332
Week Ending October 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.
CONSUMER CREDIT DIVISION ACTIVITY
Check Cashing Service License Activity
Luna's Pay A Bill, LLC
582 Park Street
Hartford, CT 06106
On October 27, 2008, the Commissioner entered into a Settlement Agreement with Beth A. Bradbury d/b/a All Credit Mortgage (“ACM”). The Settlement Agreement was based on an examination by the Consumer Credit Division. As a result of such examination, the Commissioner alleged that ACM employed or retained an originator without first registering him, in violation of Sections 36a-486(b) and 36a-511(b) of the 2008 Supplement to the Connecticut General Statutes. On September 3, 2008, ACM voluntarily made a contribution to the State Regulatory Registry LLC, a wholly-owned subsidiary of the Conference of State Bank Supervisors (“CSBS”), in the amount of $750 to support the Nationwide Mortgage Licensing System, jointly sponsored by the CSBS and the American Association of Residential Mortgage Regulators. Upon entry of the Settlement Agreement, the matter was resolved.
On October 27, 2008, the Commissioner entered into a Settlement Agreement with Torrington Wireless, LLC (“Torrington Wireless”). The Settlement Agreement was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that Torrington Wireless engaged in the business of cashing checks for consideration from an unlicensed location, in violation of Section 36a-581 of the Connecticut General Statutes (“General Statutes”). Pursuant to the Settlement Agreement, Torrington Wireless agreed to cease and desist from violating Part IV of Chapter 668 of the General Statutes, including Section 36a-581. In addition, Torrington Wireless agreed to remit $2,500 to the Department as a civil penalty, on or before executing the Settlement Agreement and to remit an additional $2,500 to the Department as a civil penalty, no later than 60 days from the date it executed the Settlement Agreement. The Commissioner agreed, upon entry of the Settlement Agreement, to issue a check cashing license to Torrington Wireless.