The Department of Banking News Bulletin
Bulletin # 2907 - Week Ending November 8, 2019
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 business days from the date of this bulletin.
Amended and Restated Notice of Intent to Issue Order to Cease and Desist
and Amended and Restated Notice of Intent to Impose Civil Penalty
On October 25, 2019, the Commissioner issued an Amended and Restated Notice of Intent to Issue Order to Cease and Desist, Amended and Restated Notice of Intent to Impose Civil Penalty and Amended and Restated Notice of Right to Hearing (collectively “Amended Notice”) in the Matter of: Top Notch Motors, LLC, West Haven, Connecticut (“Top Notch”), and Gabriel Bordoy (“Bordoy”) (collectively “Respondents”). The Amended Notice amends a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing issued by the Commissioner against Top Notch on November 15, 2018. In the Amended Notice, the Commissioner alleges that Respondents failed to provide a retail buyer with written notice of the repossession of a motor vehicle, in violation of Section 36a-785(c) of the Connecticut General Statutes. Respondents were afforded an opportunity to request a hearing with regard to the allegations set forth in the Amended Notice.
On October 31, 2019, the Commissioner entered into a Consent Order with United American Mortgage Corporation d/b/a Sandstone Financial Services (NMLS # 1942) (“UAMC”), Costa Mesa, California. The Commissioner alleged that UAMC failed to file with the Nationwide Multistate Licensing System and Registry a change of its fictitious names, previously both Sandstone Financial Services and Avis Landing, now solely Sandstone Financial Services, at least thirty (30) calendar days prior to such change, in violation of Section 36a-490(b)(2) of the Connecticut General Statutes. As part of the Consent Order, UAMC paid $500 as a civil penalty.