DOB: News Bulletin 2414 - May 28, 2010

The Department of Banking News Bulletin 

Bulletin # 2414
Week Ending May 28, 2010

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
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
Farmington Bank
* Route 372
   129 New Britain Avenue
   Plainville, CT  06062
notice of intent
not to disapprove
The Milford Bank
295 Boston Post Road
Milford, CT  06460
* Correction - previously listed as 129 Farmington Avenue
Check Cashing Service License Activity
Date Check Casher Location Activity
Williquick Mart, LLC
18 Boston Post Road
Willimantic, CT  06226

Order Revoking and Refusing to Renew Mortgage Correspondent
Lender License and Order to Cease and Desist
On May 13, 2010, the Commissioner issued an Order Revoking and Refusing to Renew Mortgage Correspondent Lender License and Order to Cease and Desist (“Order”) in the Matter of:  Millenium Mortgage Company (“Respondent”).  The Order revokes and refuses to renew Respondent’s mortgage correspondent lender license at 219 Kent Road, Suite 17, New Milford, Connecticut, and was based on Respondent’s failure to maintain a surety bond in violation of Section 36a-492 of the 2010 Supplement to the General Statutes.  A copy of the Order can be obtained from the Department’s website.
Settlement Agreement
On May 19, 2010, the Commissioner entered into a Settlement Agreement with Prospect Financial Services, LLC (“Prospect Financial Services”).  The Settlement Agreement was based on an examination by the Consumer Credit Division.  As a result of such examination, the Commissioner alleged that Prospect Financial Services employed or retained, during the period of January 11, 2006 through October 31, 2007, at least four 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 part of the Settlement Agreement, Prospect Mortgage paid a civil penalty in the amount of $1,000.  A copy of the Settlement Agreement can be obtained from the Department's website.

       Dated:  Wednesday, June 2, 2010
       Howard F. Pitkin
       Banking Commissioner