DOB: CEEDCO, Inc., Order Revoking Debt Adjuster License

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IN THE MATTER OF:

CEEDCO, INC.

    ("Respondent")

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ORDER REVOKING DEBT
ADJUSTER LICENSE


I.  PRELIMINARY STATEMENT

WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part II of Chapter 669, Sections 36a-655 to 36a-665, inclusive, of the Connecticut General Statutes, “Debt Adjusters”;
 
WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking, conducted an investigation of the activities of Respondent, pursuant to the authority granted by Section 36a-17 of the Connecticut General Statutes, to determine if Respondent had violated, was violating or was about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;
 
WHEREAS, on May 30, 2008, the Commissioner, acting pursuant to Section 36a-664(b) of the Connecticut General Statutes and Sections 36a-657(a)(3) and 36a-51(a) of the 2008 Supplement to the General Statutes, issued a Notice of Automatic Suspension, Notice of Intent to Revoke Debt Adjuster License and Notice of Right to Hearing (collectively “Notice”) against Respondent, which Notice is incorporated herein by reference;
 
WHEREAS, on May 30, 2008, the Notice was sent by registered mail, return receipt requested, to Respondent (Registered Mail No. RB027867837US);
 
WHEREAS, the Notice provided Respondent with the opportunity for a hearing and stated that the Commissioner would issue an order revoking Respondent’s license to engage in the business of debt adjustment in Connecticut from 2310 Tall Pines Drive, #220, Largo, Florida, if a hearing was not requested within 14 days of its receipt;
 
WHEREAS, on June 5, 2008, Respondent received the Notice, and no request for a hearing was received by the Commissioner;
 
WHEREAS, the Commissioner alleged in the Notice, with respect to the activity described therein, that Respondent’s failure to maintain a bond or to request an alternative to such requirement under Section 36a-664(a)(2) of the Connecticut General Statutes is a violation of Section 36a-664(a) of the Connecticut General Statutes and constitutes grounds to revoke Respondent’s license to engage in the business of debt adjustment in Connecticut from 2310 Tall Pines Drive, #220, Largo, Florida, pursuant to Section 36a-657(a)(3) of the 2008 Supplement to the General Statutes;
 
WHEREAS, Section 36a-51(b) of the 2008 Supplement to the General Statutes provides, in pertinent part, that “[i]f the licensee does not request a hearing within the time specified in the notice or fails to appear at the hearing, the commissioner shall . . . revoke . . . the license.  No such license shall be . . . revoked except in accordance with the provisions of chapter 54”;
 
WHEREAS, Section 36a-1-31(a) of the Regulations of Connecticut State Agencies provides, in pertinent part, that “[w]hen a party fails to request a hearing within the time specified in the notice, the allegations against the party may be deemed admitted.  Without further proceedings or notice to the party, the commissioner shall issue a final decision in accordance with section 4-180 of the Connecticut General Statutes and section 36a-1-52 of the Regulations of Connecticut State Agencies”;
 
WHEREAS, Section 36a-657(a) of the 2008 Supplement to the General Statutes provides, in pertinent part, that “[t]he commissioner may . . . revoke . . . any [debt adjuster] license . . . , in accordance with the provisions of section 36a-51, . . . if the commissioner finds that the licensee or any proprietor, director, officer, member, partner, shareholder, trustee, employee or agent of such licensee has . . . (3) violated any of the provisions of sections 36a-655 to 36a-665, inclusive”;
 
AND WHEREAS, Section 36a-664 of the Connecticut General Statutes provides, in pertinent part, that “(a)(1) Except as provided in subdivision (2) of this subsection, no such [debt adjuster] license, and no renewal thereof, shall be granted unless the applicant has filed a surety bond with the commissioner written by a surety authorized to write such bonds in this state, provided any applicant that files applications for licenses for more than one location shall file a single bond.  For every applicant, the principal amount of the bond shall be the greater of (A) forty thousand dollars, or (B) twice the amount of the highest total payments received by the applicant from Connecticut debtors in connection with the applicant’s debt adjustment activity in any month during the preceding twelve months ending July thirty-first of each year.  Each licensee shall submit to the commissioner evidence that the bond complies with the provisions of this subdivision by September first of each year.
 
(2)  If a licensee or applicant for renewal of a license establishes that such licensee or applicant is unable to comply with the bond required by subdivision (1) of this subsection, it may submit to the commissioner, by July first, a request for an alternative to such requirement. . . .
 
(3)  . . . Any bond . . . required by this section shall be maintained during the entire period of the license granted to the applicant, and the aggregate liability under any such bond . . . shall not exceed the principal amount of the bond or the limit of liability of the insurance policy.”


II.  FINDINGS OF FACT AND CONCLUSIONS OF LAW

1.
The Commissioner finds that the matters asserted, as set forth in paragraphs 1 through 5, inclusive, of Section II of the Notice shall constitute findings of fact within the meaning of Section 4-180(c) of the Connecticut General Statutes, and that the conclusions set forth in Section III of the Notice shall constitute conclusions of law within the meaning of Section 4-180(c) of the Connecticut General Statutes and Section 36a-1-52 of the Regulations of Connecticut State Agencies.
2.
The Commissioner finds that Respondent has engaged in acts or conduct which, pursuant to Section 36a-657(a)(3) of the 2008 Supplement to the General Statutes, constitutes sufficient grounds to revoke Respondent’s license to engage in the business of debt adjustment in Connecticut from 2310 Tall Pines Drive, #220, Largo, Florida.
3.
The Commissioner finds that the Notice was given in compliance with Section 36a-51(a) of the 2008 Supplement to the General Statutes and Sections 4-177 and 4-182(c) of the Connecticut General Statutes.
 

III.  ORDER

Having read the record, I HEREBY ORDER, pursuant to Sections 36a-657(a)(3) and 36a-51(b) of the 2008 Supplement to the General Statutes, that:

1.
The license of CEEDCO, Inc., to engage in the business of debt adjustment in Connecticut from 2310 Tall Pines Drive, #220, Largo, Florida, be and is hereby REVOKED; and
2.
This Order revoking the license of CEEDCO, Inc., to engage in the business of debt adjustment in Connecticut from 2310 Tall Pines Drive, #220, Largo, Florida, shall become effective when mailed.
 


Dated at Hartford, Connecticut
this 25th day of June 2008.                        ________/s/_________
                                                            Howard F. Pitkin
                                                            Banking Commissioner


This order was mailed by certified mail,
return receipt requested, to
Respondent on June 26, 2008.

CEEDCO, Inc.                         Certified Mail No. 7007 2680 0001 3136 6965
10500 Ulmerton Road, Suite 726
PMB #147
Largo, FL 33771



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