Bulletin # 3064 - Week Ending November 11, 2022

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.

CONSUMER CREDIT ACTIVITY

Amended and Restated Temporary Order to Cease and Desist,
Order to Make Restitution, Amended and Restated Notice of Intent to Issue Order to Cease and Desist, Amended and Restated Notice of Intent to Impose Civil Penalty
and Notice of Right to Hearing

On October 31, 2022, the Commissioner issued an Amended and Restated Temporary Order to Cease and Desist, Order to Make Restitution, Amended and Restated Notice of Intent to Issue Order to Cease and Desist, Amended and Restated Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively, “Amended Notice”) in the Matter of: Commonwealth Servicing Group, LLC, Beverly, Massachusetts (“Commonwealth Servicing”), and Lendah LLC (NMLS # 1929464) (“Lendah”), Beverly, Massachusetts (collectively, “Respondents”). In addition to the allegations in the original Temporary Order to Cease and Desist, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing issued against Lendah on March 7, 2022, the Amended Notice alleges that Commonwealth Servicing engaged or offered to engage in debt negotiation in this state without obtaining the required license, in violation of Section 36a-671(b) of the Connecticut General Statutes and includes an Order to Make Restitution against Commonwealth Servicing. The Commissioner found that the public welfare required the issuance of a Temporary Order to Cease and Desist against Commonwealth Servicing. Commonwealth Servicing was afforded an opportunity to request a hearing with regard to the allegations set forth in the Amended Notice. Lendah had requested a hearing on the notice issued on March 7, which hearing is scheduled for a date to be determined.