DOB: Bulletin 2721 - April 15, 2016

The Department of Banking News Bulletin 

Bulletin # 2721
Week Ending April 15, 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.


On April 15, 2016, Personal Care America Federal Credit Union, a federal credit union, filed an application to convert to a Connecticut credit union pursuant to Section 36a-469b of the Connecticut General Statutes.

Consent Order

On April 8, 2016, the Commissioner issued a Consent Order against SMART Payment Plan, LLC (NMLS # 1182910) (“SPP”), Naples, Florida.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, the Commissioner alleged that from approximately May 2009 to February 2016, SPP engaged in the business of money transmission in this state without a license, in violation of Section 36a-597 of the Connecticut General Statutes, and engaged in the business of debt adjustment in this state without a license, in violation of Section 36a-656 of the Connecticut General Statutes.  To resolve the matters alleged, SPP became licensed both as a money transmitter and debt adjuster in Connecticut, paid back licensing fees of $7,375 and agreed to pay a civil penalty of $150,000.


Dated: Tuesday, April 19, 2016

Jorge L. Perez
Banking Commissioner