DOB: P & C Capital Group LLC - Modification CD-CP

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IN THE MATTER OF:

P & C CAPITAL GROUP LLC

       ("Respondent")

   
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    MODIFICATION TO
    ORDER TO CEASE AND DESIST AND
    ORDER IMPOSING CIVIL PENALTY

WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part XII of Chapter 669, Sections 36a-800 to 36a-812, inclusive, of the Connecticut General Statutes, “Consumer Collection Agencies”, and the regulations promulgated thereunder, Sections 36a-809-6 to 36a 809-17, inclusive, of the Regulations of Connecticut State Agencies (“Regulations”);

WHEREAS, the Commissioner, through the Consumer Credit Division (“Division”) of the Department of Banking, conducted an investigation pursuant to Section 36a-17(a) of the Connecticut General Statutes into the activities of Respondent to determine if it had violated, was violating or was about to violate the provisions of the Connecticut General Statutes or Regulations within the jurisdiction of the Commissioner;
 
WHEREAS, on May 7, 2014, the Commissioner, acting pursuant to Sections 36a-804(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 (“Notice”) against Respondent, which Notice is incorporated herein by reference;
 
WHEREAS, on May 9, 2014, the Notice was sent by certified mail, return receipt requested, to Respondent (Certified Mail No. 70121010000172646721);
 
WHEREAS, the Notice provided Respondent with the opportunity for a hearing, and stated that if a hearing was not requested within 14 days of Respondent’s receipt, the Commissioner would issue an order that Respondent cease and desist from violating Section 36a-801(a) of the 2014 Supplement to the General Statutes, and may order a civil penalty in an amount not to exceed One Hundred Thousand Dollars ($100,000) per violation be imposed upon Respondent;
 
WHEREAS, on May 12, 2014, Respondent received the Notice, and no request for hearing was received by the Commissioner;
 
WHEREAS, the Commissioner alleged in the Notice, with respect to the activity described therein, that Respondent’s acting within this state as a consumer collection agency without a consumer collection agency license constitutes a violation of Section 36a-801(a) of the 2014 Supplement to the General Statutes.  Such violation forms the basis to issue an order to cease and desist pursuant to Sections 36a 804(b) and 36a-52(a) of the Connecticut General Statutes, and an order imposing civil penalty pursuant to Sections 36a-804(b) and 36a-50(a) of the Connecticut General Statutes;

WHEREAS, on June 27, 2014, acting pursuant to Sections 36a-804(b), 36a-52(a) and 36a-50(a) of the Connecticut General Statutes, the Commissioner issued a final decision in the form of an Order to Cease and Desist and Order Imposing Civil Penalty;
 
WHEREAS, Section 36a-1-53 of the Regulations of Connecticut State Agencies provides that “[a] party or the department may file a petition for reconsideration of a final decision and the commissioner may reconsider, reverse, modify or correct a final decision in accordance with section 4 181a of the Connecticut General Statutes”;
 
WHEREAS, Section 4-181a(a)(2) of the Connecticut General Statutes provides that “[w]ithin forty days of the personal delivery or mailing of the final decision, the agency, regardless of whether a petition for reconsideration has been filed, may decide to reconsider the final decision”;
 
AND WHEREAS, on July 29, 2014, the Commissioner decided to modify the final decision issued on June 27, 2014.
 
NOW THEREFORE, pursuant to Section 4-181a(a)(3) of the Connecticut General Statutes, the Commissioner hereby modifies the Order to Cease and Desist and Order Imposing Civil Penalty such that, upon execution of this Modification to Order to Cease and Desist and Order Imposing Civil Penalty, paragraph 2 contained in the Order section shall read as follows:

"2.A CIVIL PENALTY of One Hundred Thousand Dollars ($100,000) be imposed upon P&C Capital LLC, to be remitted to the Department of Banking by cashier’s check, certified check or money order made payable to “Treasurer, State of Connecticut”, not later than ninety (90) days from the date this Order is mailed, provided such civil penalty shall be reduced to Ten Thousand Dollars ($10,000) if paid not later than sixty (60) days from the date this Order is mailed; and”.

WHEREAS, all other terms and conditions of the Order to Cease and Desist and Order Imposing Civil
Penalty which have not been modified herein, shall be final and remain in effect;

AND WHEREAS, this Modification to Order to Cease and Desist and Order Imposing Civil Penalty
shall become final when issued.

Issued at Hartford, Connecticut
this 11th day of August 2014.        _______/s/_________
                                                   Howard F. Pitkin
                                                   Banking Commissioner

This Modification was sent by certified mail,
return receipt requested, to Respondent
on August 11, 2014.


P&C Capital Group LLC                   Certified Mail No. 7012 1010 0001 7264 7414
Attention:  Pat Lwin, Manager
3380 Flair Drive, Suite 225
El Monte, California 91731

                           


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