DOB: News Bulletin 2417 - June 18, 2010

The Department of Banking News Bulletin 

Bulletin # 2417
Week Ending June 18, 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.


 
STATE BANK ACTIVITY
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
6/15/10
Farmington Bank
Farmington
129 New Britain Avenue
Plainville, CT  06062
opening
date
 
CONSUMER CREDIT DIVISION ACTIVITY
   Check Cashing Service License Activity
 
Date Check Casher Location Activity
6/08/10
APJ Associates LLC
7 Fawn Meadow Drive
Naugatuck, CT  06770
filed
 
Notice of Intent to Issue Order to Cease and Desist,
Notice of Intent to Impose Civil Penalty
 
On June 7, 2010, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) in the Matter of:  Shorepoint Mortgage, LLC d/b/a Shore Pointe Mortgage (“Respondent”).  The Notice alleged that Respondent:  (1) acted as a mortgage broker at or from two (2) locations that were not licensed, in violation of Section 36a-486(a) of the 2008 Supplement to the General Statutes; (2) failed to comply with a Settlement Agreement that Respondent had previously entered into with the Commissioner; and (3) employed or retained three (3) individuals as originators or mortgage loan originators without registering or licensing them, in violation of Sections 36a-486(b) and 36a-511(b) of the then applicable Connecticut General Statutes.  Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice.  A copy of the Notice can be obtained from the Department’s website.
 
Notice of Intent to Revoke and Refuse to Renew
Mortgage Loan Originator License, Notice of Intent to Issue
Order to Cease and Desist and Notice of Intent to Impose Civil Penalty
 
On June 7, 2010, the Commissioner issued a Notice of Intent to Revoke and Refuse to Renew Mortgage Loan Originator License, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) in the Matter of:  Michael Lynn Spradlin (“Respondent”).  The Notice alleges that:  (1) Respondent’s felony conviction in 2006 which has not been pardoned would be sufficient grounds for the Commissioner to deny an application for a mortgage loan originator license under Section 36a-489(b)(1)(B) of the 2010 Supplement to the General Statutes, which would constitute sufficient grounds for the Commissioner to revoke and refuse to renew Respondent’s mortgage loan originator license.  Such conviction also causes Respondent to fail to meet the minimum standards for renewal of such license under Section 36a-489(b)(2) of the 2010 Supplement to the General Statutes; (2) Respondent’s “no” response to Question 1(a) on his March 1, 2008, Addendum Form to a New Application for Registration of Loan Originators constitutes the making in a document filed with the Commissioner a statement which is, at the time and in the light of the circumstances under which it is made, false or misleading in a material respect in violation of Section 36-53a of the Connecticut General Statutes, which constitutes sufficient grounds for the Commissioner to revoke and refuse to renew Respondent’s mortgage loan originator license, and forms the basis to issue an order to cease and desist and to impose a civil penalty against Respondent pursuant to Sections 36a-52(a) and 36a-50(a) of the Connecticut General Statutes; and (3) Respondent’s use of a Social Security number of someone other than his own on a Form MU4 renewal request constitutes the making of a material misstatement in the renewal request which prevents the Commissioner from renewing Respondent’s mortgage loan originator license pursuant to Sections 36a-489(b)(2) and 36a-489(b)(1)(F) of the 2010 Supplement to the General Statutes.  Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice.  A copy of the Notice can be obtained from the Department’s website.
 

       Dated:  Tuesday, June 22, 2010
 
 
       Howard F. Pitkin
       Banking Commissioner