DOB: Bulletin 2462 - April 29, 2011

The Department of Banking News Bulletin 

Bulletin # 2462
Week Ending April 29, 2011

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
 
Date Check Casher Location Activity
4/15/11 Mega Money Transfers, LLC
2026 Park Street
Hartford, CT  06114
filed
 
Order to Cease and Desist and Order Imposing Civil Penalty
 
On April 13, 2011, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) In the Matter of:  U.S. Mortgage Funding Incorporated (“Respondent”).  The basis of the Order was that Respondent engaged and offered to engage in debt negotiation in this state without obtaining the required license, in violation of Section 36a-671(b) of the 2010 Supplement to the General Statutes, and imposed a fee upon debtors in connection with its debt negotiation activity in this state in excess of $500, in violation of Section 36a-671b(b) of the 2010 Supplement to the General Statutes.  Respondent was ordered to cease and desist from violating Sections 36a-671(b) and 36a-671b(b) of the 2010 Supplement to the General Statutes, and to pay a civil penalty in the amount of $40,000.
 
Order Revoking and Refusing to Renew Mortgage Lender License,
Order to Cease and Desist and Order Imposing Civil Penalty
 
On April 14, 2011, the Commissioner issued an Order Revoking and Refusing to Renew Mortgage Lender License, Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) in the Matter of:  Hawthorne Capital Corp (“Respondent”).  The Order (1) revokes Respondent’s license to engage in the business of a mortgage lender from 198 Route 9 North, Suite 100, Manalapan, New Jersey, (2) refuses to renew such license, which causes such license to be deemed expired, (3) orders Respondent to cease and desist from violating Section 36a-492 of the 2010 Supplement to the General Statutes, and (4) imposes a civil penalty of $2,500 against Respondent.  The Order was based on Respondent’s failure to file a new form of surety bond in the appropriate amount with the Commissioner and its failure to maintain a surety bond, in violation of Section 36a-492 of the 2010 Supplement to the General Statutes.
 
Consent Order
 
On April 20, 2011, the Commissioner entered into a Consent Order with First World Mortgage Corporation (“First World Mortgage”).  The Consent Order was based on an examination by the Consumer Credit Division.  As a result of such examination, the Commissioner alleged that First World Mortgage employed or retained, during the period of December 19, 2009 through August 4, 2010, one (1) individual as a mortgage loan originator who was not licensed, in violation of Section 36a 486(b) of the Connecticut General Statutes, after First World Mortgage had entered into in a prior Settlement Agreement with the Commissioner to resolve allegations that it employed or retained four (4) 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 Consent Order, First World Mortgage agreed to pay $5,000 as a civil penalty.
 
 
       Dated:  Tuesday, May 3, 2011
 
       Howard F. Pitkin
       Banking Commissioner