DOB: News Bulletin 2370 - July 24, 2009

The Department of Banking News Bulletin 

Bulletin # 2370
Week Ending July 24, 2009

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.


 
BRANCH ACTIVITY
State Bank 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
7/23/09
Salisbury Bank and Trust
  Company, Lakeville
FROM:  73 Main Street
           Sheffield, MA  01257
TO:      640 Main Street
           Sheffield, MA  01257
filed to
relocate
 
CONSUMER CREDIT DIVISION ACTIVITY
Settlement Agreements
 
On July 16, 2009, the Commissioner entered into a Settlement Agreement with Fair Finance Company (“Fair Finance”).  The Settlement Agreement was based on an investigation by the Consumer Credit Division.  As a result of such investigation, the Commissioner alleged that Fair Finance is engaged in the business of a sales finance company without having obtained the requisite license, in violation of Section 36a-536 of the Connecticut General Statutes.  As part of the Settlement Agreement, Fair Finance was order to pay a civil penalty in the amount of $4,000.  A copy of the Settlement Agreement can be obtained from the department’s website.
 
On July 16, 2009, the Commissioner entered into a Settlement Agreement with Village Mortgage Company d/b/a Mortgage Fax (“Village Mortgage”).  The Settlement Agreement was based on an examination by the Consumer Credit Division.  As a result of such examination, the Commissioner alleged that Village Mortgage employed or retained, during the period of October 1, 2006 through December 16, 2008, at least two 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 a result of the examination, the Commissioner additionally alleged that Village Mortgage engaged in the business of making mortgage loans from two Connecticut locations, during the period of January 7, 2005 to the present, without having first obtained mortgage licenses for such locations in violation of Sections 36a-490(a) and 36a-515(a) of the then applicable Connecticut General Statutes.  Village Mortgage Group agreed to voluntarily make a contribution to the State Regulatory Registry LLC, a wholly-owned subsidiary of the Conference of State Bank Supervisors (“CSBS”), in the amount of $14,000 to support the Nationwide Mortgage Licensing System and Registry, jointly developed by CSBS and the American Association of Residential Mortgage Regulators.  A copy of the Settlement Agreement can be obtained from the department’s website.
 
 
       Dated:  Tuesday, July 28, 2009
 
       Howard F. Pitkin
       Banking Commissioner