DOB: News Bulletin 2421 - July 16, 2010

The Department of Banking News Bulletin 

Bulletin # 2421
Week Ending July 16, 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
7/12/10
Torrington Savings Bank
Torrington
FROM: 59 Torrington Road, Route 4
          Goshen, CT  06756
TO:     55 Sharon Turnpike, Route 4
          Goshen, CT  06756
relocation
opening
date
7/26/10
The Bank of New Canaan
New Canaan
612 Bedford Street
Stamford, CT  06902
opening
date

CONSUMER CREDIT DIVISION ACTIVITY
Check Cashing Service License Activity
 
Date Check Casher Location Activity
7/07/10
Check Stop of Hartford LLC
d/b/a Check Stop
5 Iron Gate Lane
Cromwell, CT  06416
filed
7/07/10
 
Check Stop of Hartford LLC
d/b/a Check Stop
518 Park Street
Hartford, CT  06106
filed
 
7/07/10
 
Check Stop of Hartford LLC
d/b/a Check Stop
736-738A Main Street
Willimantic, CT  06226
filed
 
7/07/10
 
Check Stop of Hartford LLC
d/b/a Check Stop
190 Farmington Avenue
Hartford, CT  06105
filed
 
7/14/10
 
L & L Multiservices LLC
 
564 West Main Street
New Britain, CT  06053
filed
 


Settlement Agreements
 
On May 26, 2010, the Commissioner entered into a Settlement Agreement with United Northern Mortgage Bankers Limited (“United Northern Mortgage”).  The Settlement Agreement was based on an examination by the Consumer Credit Division.  As a result of such examination, the Commissioner alleged that United Northern Mortgage, during the period of August 2, 2008 through May 14, 2009, employed or retained one (1) individual as a mortgage loan originator without licensing such individual, in violation of Section 36a 486(b) of the Connecticut General Statutes.  As part of the Settlement Agreement, United Northern Mortgage agreed to pay $1,000 as a civil penalty.  A copy of the Settlement Agreement can be obtained from the Department’s website.
 
On June 30, the Commissioner entered into a Settlement Agreement with Visual Credit Counseling, Inc. (“Visual Credit’’).  The Settlement Agreement was based on an investigation by the Consumer Credit Division.  As a result of such investigation, the Commissioner alleged in a Notice of Automatic Suspension, Notice of Intent to Revoke Consumer Collection Agency License and Notice of Right to Hearing issued against Visual Credit on February 20, 2009, that Visual Credit failed to maintain a surety bond that ran concurrent with the period its license to act as a consumer collection agency in Connecticut from 1870 West Prince Road, #39, Tucson, Arizona, in violation of Section 36a-802(a) of the Connecticut General Statutes.  Since Visual Credit was actually licensed as a debt adjuster, as part of the Settlement Agreement, Visual Credit surrendered its debt adjuster license and ceased engaging in the business of a debt adjuster in Connecticut from 1870 West Prince Road, #39, Tucson, Arizona.  A copy of the Settlement Agreement can be obtained from the Department’s website.
 
On June 30, 2010, the Commissioner entered into a Settlement Agreement with Northpoint Mortgage, Inc. (“Northpoint Mortgage”).  The Settlement Agreement was based on an examination by the Consumer Credit Division.  As a result of such examination, the Commissioner alleged that Northpoint Mortgage, during the period of August 4, 2008 through April 10, 2009, employed or retained four (4) individuals as mortgage loan originators without licensing them, in violation of Section 36a 486(b) of the Connecticut General Statutes.  As part of the Settlement Agreement, Northpoint Mortgage agreed to pay $4,000 as a civil penalty.  A copy of the Settlement Agreement can be obtained from the Department’s website.
 
Order Revoking and Refusing to Renew Mortgage Broker License
and Order to Cease and Desist
 
On June 14, 2010, the Commissioner issued an Order Revoking and Refusing to Renew Mortgage Broker License and Order to Cease and Desist (“Order”) in the Matter of:  Best Deal Mortgage LLC d/b/a Best Deal Mortgage (“Respondent”).  The Order revokes and refuses to renew Respondent’s license to act as a mortgage broker in Connecticut from 454 East Main Street, Branford, Connecticut, and orders Respondent to cease and desist from violating Section 36a-492 of the 2010 Supplement to the General Statutes.  The Order was based on Respondent’s failure to maintain a surety bond.  A copy of the Order can be obtained from the Department’s website.
 
Order Revoking Mortgage Loan Originator License
 
On June 28, 2010, the Commissioner issued an Order Revoking Mortgage Loan Originator License (“Order”) in the Matter of:  Daniel Charles Allegrini (“Respondent”).  The Order revokes Respondent’s license to act as a mortgage loan originator in Connecticut.  The Order was based on Respondent’s failure to promptly notify the Commissioner of certain administrative actions, in violation of Section 36a-490(d) of the Connecticut General Statutes, as amended by Public Act 09-209, and that findings made in administrative actions for violations of the Connecticut Uniform Securities Act conclude that Respondent failed to demonstrate character and general fitness so as to command the confidence of the community and to warrant a determination that Respondent will operate honestly, fairly and efficiently within the purpose of Sections 36a-485 to 36a-498c, inclusive, as amended, Sections 36a-534a and 36a-534b, as amended, and Sections 9 and 19 to 21, inclusive, of Public Act 09-209.  A copy of the Order can be obtained from the Department’s website.
 
SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY
Order to Cease and Desist, Notice of Intent to Fine
and Notice of Right to Hearing Issued
 
On July 15, 2010, the Banking Commissioner issued an Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing against Joel Torres of 149-27 84th Street, Howard Beach, New York.  Respondent Torres previously maintained a residence at 256 Washington Boulevard, Unit 10, Stamford, Connecticut.  The action alleged that from at least June 8, 2009, respondent Torres violated Section 36b-16 of the Connecticut Uniform Securities Act by offering and selling unregistered promissory notes.  The action also alleged that respondent Torres violated the antifraud provisions in Section 36b-4(a) of the Act by failing to disclose to investors the risks associated with the investment, background financial information on the respondent or factors relating to the respondent’s ability to meet the note obligations.  Joel Torres was afforded an opportunity to request a hearing on the Order to Cease and Desist and the Notice of Intent to Fine.
 

       Dated:  Tuesday, July 20, 2010
 
 
       Howard F. Pitkin
       Banking Commissioner