DOB: Torrington Wireless, LLC

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IN THE MATTER OF:

Torrington Wireless, LLC

    ("Torrington Wireless")

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SETTLEMENT AGREEMENT

      WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part IV of Chapter 668, Sections 36a-580 et seq., of the Connecticut General Statutes, “Check Cashing Services”, and the regulations adopted thereunder (“Act”);

      WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking, conducted an investigation pursuant to Section 36a-17 of the Connecticut General Statutes into the activities of Torrington Wireless to determine if it had violated, was violating or was about to violate the Act;

       WHEREAS, Torrington Wireless is a limited liability company that currently has a pending application for a check cashing license pursuant to Section 36a-581 of the Connecticut General Statutes, as amended by Public Act 08-119;

       WHEREAS, as a result of the investigation, the Commissioner alleges that Torrington Wireless engaged in the business of cashing checks for consideration at 246 North Elm Street, Torrington, Connecticut, prior to obtaining a license for the location where such business was conducted, in violation of Section 36a-581 of the Connecticut General Statutes, as amended;

       WHEREAS, the Commissioner believes that such allegation supports the initiation of enforcement proceedings against Torrington Wireless, including proceedings to issue a cease and desist order against Torrington Wireless pursuant to Section 36a-52(a) of the 2008 Supplement to the General Statutes and Section 36a-587(b) of the 2008 Supplement to the General Statutes, and to impose a civil penalty of up to $100,000 per violation on Torrington Wireless pursuant to Section 36a-50(a) of the Connecticut General Statutes and Section 36a-587(b) of the 2008 Supplement to the General Statutes;

       WHEREAS, Section 4-177(c) of the Connecticut General Statutes and Section 36a-1-55(a) of the Regulations of Connecticut State Agencies provide that a contested case may be resolved by agreed settlement, unless precluded by law;

       WHEREAS, Torrington Wireless agrees to voluntarily enter into this Settlement Agreement without admitting or denying any allegations set forth herein, and solely for the purpose of obviating the need for formal administrative proceedings concerning the allegations described above;

       WHEREAS, Torrington Wireless, through its execution of this Settlement Agreement, voluntarily agrees to waive any rights to a hearing upon the allegations contained in this Settlement Agreement, and waives the right to seek judicial review or otherwise challenge or contest the validity of this Settlement Agreement;

       AND WHEREAS, upon the entry of this Settlement Agreement, this matter will be resolved and the Commissioner will not take any future enforcement action against Torrington Wireless based upon the allegations contained herein.

       NOW THEREFORE, the Commissioner and Torrington Wireless enter into this Settlement Agreement as follows:

1. Torrington Wireless shall cease and desist from violating the Act, including, specifically, Section 36a-581 of the Connecticut General Statutes, as amended;
2. No later than the date this Settlement Agreement is executed by Torrington Wireless, Torrington Wireless shall remit to the Department of Banking, by cashier’s or certified check made payable to “Treasurer, State of Connecticut”, the sum of Two Thousand Five Hundred Dollars ($2,500) as a civil penalty;
3. Upon entry of this Settlement Agreement, the Commissioner shall issue a check cashing license to Torrington Wireless;
4. No later that sixty (60) days from the date this Settlement Agreement is executed by Torrington Wireless, Torrington Wireless shall remit to the Department of Banking, by cashier’s or certified check made payable to “Treasurer, State of Connecticut”, an additional sum of Two Thousand Five Hundred Dollars ($2,500) as a civil penalty;
5. If Torrington Wireless fails to comply with the provisions of paragraph 4 above, the Commissioner may, in his sole discretion and without an administrative hearing, findings of fact and conclusions of law or a written decision, suspend, or revoke Torrington Wireless’s check cashing license upon ten (10) days notice to Torrington Wireless. In the event any one or more of these actions is taken by the Commissioner, Torrington Wireless agrees to waive any due process rights that it may have, including the procedural rights specified herein and the right to seek judicial review of the action taken by the Commissioner under this Settlement Agreement; and
 6. Notwithstanding anything to the contrary in this Settlement Agreement, execution of this Settlement Agreement is without prejudice to the right of the Commissioner to take enforcement action against Torrington Wireless to enforce this Settlement Agreement if the Commissioner determines that Torrington Wireless is not fully complying with any term or condition stated herein or if any representations made by Torrington Wireless and reflected herein are subsequently discovered to be untrue.  For purposes of this paragraph, a violation of this Settlement Agreement shall be deemed to be a violation of an order of the Commissioner. 

      IN WITNESS WHEREOF, the parties hereto have caused this Settlement Agreement to be executed by each of them or their duly authorized representatives on the dates hereinafter subscribed.

Dated at Hartford, Connecticut
this 27th day of October 2008.           ________/s/_________
                                                    HOWARD F. PITKIN
                                                    Banking Commissioner

      I, Gurvinder Singh Bharara, state on behalf of Torrington Wireless, LLC, that I have read the foregoing Settlement Agreement; that I know and fully understand its contents; that I am authorized to execute this Settlement Agreement on behalf of Torrington Wireless, LLC; that Torrington Wireless, LLC agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein; and that Torrington Wireless, LLC voluntarily agrees to enter into this Settlement Agreement, expressly waiving any right to a hearing on the matters described herein.


 By: _____________/s/_____________
  Gurvinder Singh Bharara
  Member
  Torrington Wireless, LLC

State of:  Connecticut

County of:  Hartford


       On this the 23rd day of October 2008, before me, Karen E. Morelli, the undersigned officer, personally appeared Gurvinder Singh Bharara who acknowledged himself to be the Member of Torrington Wireless, LLC, a member managed limited liability company, and that he, as such Member, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the limited liability company by himself as Member.

      In witness whereof I hereunto set my hand.


 _________________/s/_________________
 Notary Public
 Date Commission Expires:  March 31, 2013
 


Administrative Orders and Settlements