The Department of Banking News Bulletin 

Bulletin # 2084
Week Ending January 30, 2004

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 John P. Burke, Commissioner of Banking, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail to john.burke@ct.gov. Written comments will be considered only if they are received within ten days from the date of this bulletin.

ORDER FOR HEARING

On January 27, 2004, the Commissioner ordered that a hearing be held at the Department of Banking, Room 50, 260 Constitution Plaza, Hartford, Connecticut, on February 23, 2004 at 10:00 a.m., relating to the application of Joseph V. Ciaburri, Michael M. Ciaburri, G. Leon Jacobs, Elmer F. Laydon and James D. Wherry to organize, The Bank of Southeastern Connecticut, New London, Connecticut, pursuant to Section 36a-70 of the Connecticut General Statutes, as amended by Public Act 03-259, for the purpose of doing business as a Connecticut bank.

CONSUMER CREDIT DIVISION ACTIVITY

On January 15, 2004, the Commissioner 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, against Marc Schulman and Alex DePase d/b/a Absolute Mortgage Solutions, 990 Silas Deane Highway, Wethersfield, Connecticut. The agency’s action was based on allegations that the Respondents placed several first mortgage loan advertisements in the Hartford Courant, which failed to disclose: (1) that the Respondents were a "BROKER ONLY, NOT A LENDER" as required by Section 36a-497 of the Connecticut General Statutes; (2) the down payment or percentage of down payment, the number and amount of payments and the fact that the annual percentage rate may increase after consummation of the advertised loan, as required by Section 36a-678(a) and 12 CFR § 226.24; and (3) the corresponding annual percentage rate when advertising a rate of finance charge, as required by Section 36a-678(a) and 12 CFR § 226.24. The Respondents have requested a hearing on the matter that is scheduled to be held on April 9, 2004.