DOB: Nafisa LLC - CO

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IN THE MATTER OF:

NAFISA LLC

    ("Nafisa")

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CONSENT ORDER        

WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part IV of Chapter 668, Sections 36a-580 to 36a-589, inclusive, of the Connecticut General Statutes, “Check Cashing Services”, and Sections 36a-585-1, 36a-588-1, 36a-588-3 and 36a-588-4 of the Regulations of Connecticut State Agencies (“Regulations”);
 
WHEREAS, Nafisa was a Connecticut limited liability company that did not have a license for a general facility or limited facility;
 
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 Nafisa to determine if it had violated, was violating or was about to violate the provisions of the Connecticut General Statutes and Regulations within the jurisdiction of the Commissioner;
 
WHEREAS, as a result of such investigation, on March 4, 2011, the Commissioner, acting pursuant to Sections 36a-587(b), 36a-52(a) and 36a-50(a) of the Connecticut General Statutes, issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively “Notice”) against Nafisa, which Notice is incorporated herein by reference;
 
WHEREAS, the Notice alleged that Nafisa engaged in the business of cashing checks, drafts and money orders for consideration without licensure for a general facility or limited facility, in violation of Section 36a-581(a) of the Connecticut General Statutes.  Such violation forms the basis to issue an order to cease and desist pursuant to Sections 36a-587(b) and 36a-52(a) of the Connecticut General Statutes and impose a civil penalty pursuant to Sections 36a-587(b) and 36a-50(a) of the Connecticut General Statutes;
 
WHEREAS, the Notice alleged that Nafisa continued to engage in the business of cashing checks, drafts and money orders for consideration with fees in excess of fifty cents without licensure for a general facility or limited facility after Asafak Bhura, a member of Nafisa, stated on behalf of Nafisa that if it continued such activity, it would charge fifty cents or less, in further violation of Section 36a-581(a) of the Connecticut General Statutes.  Such violation forms the basis to issue an order to cease and desist pursuant to Sections 36a-587(b) and 36a-52(a) of the Connecticut General Statutes and impose a civil penalty pursuant to Sections 36a-587(b) and 36a-50(a) of the Connecticut General Statutes;
 
WHEREAS, the Notice alleged that Nafisa charged a fee in excess of two percent for cashing money orders, in violation of Section 36a-585 of the Connecticut General Statutes and Section 36a-585-1(a) of the Regulations.  Such violation forms the basis to issue an order to cease and desist pursuant to Section 36a-52(a) of the Connecticut General Statutes and impose a civil penalty pursuant to Section 36a-50(a) of the Connecticut General Statutes;
 
WHEREAS, the Notice alleged that Mr. Bhura’s statement, made on behalf of Nafisa, that Nafisa would not cash checks or money orders and charge a fee in excess of fifty cents, when in fact it continued to charge in excess of fifty cents, constitutes making orally to the Commissioner in an investigation a statement which is, at the time and in the light of the circumstances under which it is made, false or misleading in a material respect, in violation of Section 36a-53a of the Connecticut General Statutes.  Such violation forms the basis to issue an order to cease and desist pursuant to Section 36a-52(a) of the Connecticut General Statutes and impose a civil penalty pursuant to Section 36a-50(a) of the Connecticut General Statutes;
 
WHEREAS, on March 7, 2011, the Notice was mailed to Nafisa by registered mail, return receipt requested (Registered Mail No. RB028037601US);
 
WHEREAS, on March 8, 2011, Nafisa received the Notice sent by registered mail;
 
WHEREAS, on March 8, 2011, the Department received an Appearance and Request for Hearing from Nafisa, in which Nafisa requested a hearing on the Notice, which hearing is currently scheduled for April 12, 2011;
 
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 consent order, unless precluded by law;
 
WHEREAS, Nafisa is no longer in business and filed for dissolution on December 28, 2010;
 
WHEREAS, Asafak Bhura, a former member of Nafisa, voluntarily agrees on behalf of Nafisa to consent to the entry of the sanction described below without admitting or denying any allegation contained in the Notice and set forth herein and solely for the purposes of obviating the need for further administrative proceedings concerning the allegations contained in the Notice and set forth herein;
 
WHEREAS, Asafak Bhura herein represents to the Commissioner that Nafisa has not engaged in the business of cashing checks, drafts and money orders for consideration without licensure for a general facility or limited facility since December 28, 2010;
 
WHEREAS, Asafak Bhura has submitted evidence demonstrating economic hardship, such that the Commissioner believes that Asafak Bhura is financially incapable of paying any civil penalty that otherwise would have been assessed against Nafisa pursuant to the Notice;
 
WHEREAS, the Commissioner has determined that no civil penalty will be imposed upon Asafak Bhura, on behalf of Nafisa, based on such economic hardship;
 
WHEREAS, Asafak Bhura, on behalf of Nafisa, agrees that the Notice may be used in construing the terms of this Consent Order and agrees to the language of this Consent Order;
 
AND WHEREAS, Asafak Bhura, on behalf of Nafisa, through his execution of this Consent Order, voluntarily agrees to waive any procedural rights, including a right to a hearing as it pertains to the allegations contained in the Notice and set forth herein, and voluntarily waives the right to seek judicial review or otherwise challenge or contest the validity of this Consent Order.


CONSENT TO ENTRY OF SANCTION

WHEREAS, Asafak Bhura, on behalf of Nafisa, through his execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanction:

Asafak Bhura, on behalf of Nafisa, shall not engage in the business of cashing checks, drafts or money orders for consideration, except as an incident to the conduct of any other lawful business where not more than fifty cents ($.50) is charged for the cashing of such check, draft or money order, without obtaining a license to operate a check cashing general facility or limited facility for each location where such business is to be conducted.


CONSENT ORDER

NOW THEREFORE, the Commissioner enters the following:

1. The Sanction set forth above be and is hereby entered;
2. Upon issuance of this Consent Order by the Commissioner, this matter will be resolved and the Commissioner will not take any future enforcement action against Asafak Bhura, on behalf of Nafisa, based upon the allegations contained in the Notice and set forth herein; provided that issuance of this Consent Order is without prejudice to the right of the Commissioner to take enforcement action against Asafak Bhura, on behalf of Nafisa, based upon a violation of this Consent Order or the matters underlying its entry, if the Commissioner determines that compliance with the terms herein is not being observed or if any representation made by Asafak Bhura, on behalf of Nafisa, and reflected herein is subsequently discovered to be untrue;
3. Nothing in the issuance of this Consent Order shall adversely affect the ability of Asafak Bhura to apply for or obtain a license or renewal license for a general facility or limited facility under Part IV of Chapter 668, Sections 36a-580, et seq. of the Connecticut General Statutes, provided all applicable legal requirements for such license are satisfied; and
4.
This Consent Order shall become final when issued.
 

Dated at Hartford, Connecticut
this 26th day of April 2011.                 ________/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner



 

CONSENT TO ENTRY OF ORDER

I, Asafak Bhura, state that I have read the foregoing Consent Order; that I know and fully understand its contents; that I agree freely and without threat or coercion of any kind to comply with the sanction entered and the terms and conditions ordered herein; and that I voluntarily agree to enter into this Consent Order, expressly waiving the procedural rights set forth herein as to the matters described herein.                                       


                                            By:  ________/s/_________
                                                   Asafak Bhura.
                                                   
                                                   

State of:  Connecticut

County of:  Hartford


On this the 25th day of April 2011, before me, Amy B. Grillo, the undersigned officer, personally appeared Asafak Bhura, known to me (or satisfactorily proven) to be the person whose name Asafak Bhura subscribed to the within instrument and acknowledge that he executed the same for the purposes therein contained.

In witness whereof I hereunto set my hand.


                                         ________/s/_________
                                         Notary Public
                                         Date Commission Expires:  Feb. 28, 2013


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