DOB: Bulletin 2709 - January 22, 2016

The Department of Banking News Bulletin 

Bulletin # 2709
Week Ending January 22, 2016

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 Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800.  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, address how the establishment of the branch will be consistent with safe and sound banking practices and promote the public convenience and advantage.  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-Branch Type
01/14/16
Liberty Bank
Middletown
190 Main Street
Middletown, CT 06457
  Into
315 Main Street
Middletown, CT 06457
Acknowledge notice of
branch consolidation
(limited into full service)
01/20/16
First County Bank
Stamford
Academy of Information
Technology & Engineering
411 High Ridge Road
Stamford, CT  06905
Acknowledge notice of
special needs limited branch

  
CONSUMER CREDIT DIVISION ACTIVITY
Stipulation and Agreement
 
On January 2 and 4, 2016, Persels & Associates, LLC (“Persels”), Towson, Maryland, and the Commissioner, respectively, entered into a Stipulation and Agreement concerning the contested cased initiated by the Commissioner via a Temporary Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing against Persels on November 2, 2012 (collectively, “Notice”), alleging that Persels engaged in debt negotiation in this state without the required license.  The Stipulation and Agreement acknowledges the Connecticut Supreme Court decision in Persels and Associates, LLC v. Banking Commissioner, No. S.C. 19359, and resolves all matters alleged by the Commissioner in the Notice.
 
Order to Cease and Desist and Order Imposing Civil Penalty
 
On January 15, 2016, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) In the Matter of:  Practical Debt Relief Inc (“Respondent”), Davie, Florida.  The basis of the Order was that Respondent engaged in debt negotiation in this state without obtaining the required license, in violation of Section 36a-671(b) of the Connecticut General Statutes.  Respondent was ordered to cease and desist from violating Section 36a-671(b) of the Connecticut General Statutes, and to pay a civil penalty in the amount of $100,000.  In addition, an Order to Make Restitution issued against Respondent on November 9, 2015, remains in effect and became permanent against Respondent on December 1, 2015.
 
On January 15, 2016, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) In the Matter of:  Universal Consumer Law Group (“Respondent”), located in Irvine and Santa Ana, California.  The basis of the Order was that Respondent engaged in debt negotiation in this state without obtaining the required license, in violation of Section 36a-671(b) of the Connecticut General Statutes.  Respondent was ordered to cease and desist from violating Section 36a-671(b) of the Connecticut General Statutes, and to pay a civil penalty in the amount of $100,000.  In addition, an Order to Make Restitution issued against Respondent on December 17, 2015, remains in effect and became permanent against Respondent on January 5, 2016.
 

Dated: Tuesday, January 26, 2016


Jorge L. Perez
Banking Commissioner