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Section 36a-145 of the Connecticut General Statutes, as amended by Public Act 07-14, requires that each application for a branch, or for a limited branch at which loans will be made, be accompanied by a plan detailing how adequate services to meet the banking needs of all community residents will be provided.  Plans are submitted when such applications are filed and are available for public inspection and comment at this Department for a period of 30 days.  Questions concerning branch activity should be directed to the Financial Institutions Division, (860) 240-8180.

On February 1, 2008, the Commissioner entered into a Settlement Agreement with First World Mortgage Corporation (“First World”).  The Settlement Agreement was based on an examination by the Consumer Credit Division.  As a result of such examination, the Commissioner alleged that First World employed or retained at least four originators without registering them, in violation of Sections 36a-486(b) and 36a-511(b) of the Connecticut General Statutes.  On November 30, 2007, First World made a contribution to the State Regulatory Registry LLC, a wholly-owned subsidiary of the Conference of State Bank Supervisors (“CSBS”), in the amount of $4,000 to support the Nationwide Mortgage Licensing System, jointly sponsored by the CSBS and the American Association of Residential Mortgage Regulators.  Finally, the Agreement required that First World cease and desist from engaging in acts in violation of Sections 36a-486(b) and 36a-511(b) of the Connecticut General Statutes. 

On January 30, 2008, following a hearing, the Commissioner issued Findings of Fact, Conclusions of Law and an Order in the matter of Oxford Micro Devices, Inc. f/k/a Oxford Computer, Inc. of Lantern Ridge Office Park, 731 Main Street, Building 2, B3, Monroe, Connecticut, and its president, Steven G. Morton.  The action had been preceded by a November 22, 2006 Order to Cease and Desist, Notice of Intent to Fine and Notice of Right to Hearing alleging that the respondents had violated the securities registration and antifraud provisions in Sections 36b-16 and 36b-4 of the Connecticut Uniform Securities Act in connection with sales of Oxford Micro Devices, Inc. stock.

The January 30, 2008 Order rendered the November 22, 2006 Order to Cease and Desist permanent and fined each of the respondents $20,000.  The Commissioner found, among other things, that between August 1999 and October 2000, the respondents violated Section 36b-4(a) of the Act by failing to disclose to prospective investors the market risks associated with investing in Oxford Micro Devices, Inc.; the impact on the company if desired financing were not secured; the risks associated with the investment, including losses experienced by the company; the financial condition of Oxford Micro Devices, Inc.; factors affecting the company’s claims that it would shortly go public; and the details surrounding Oxford Micro Devices, Inc.’s compensation arrangement with the supplier of video compression boards to casinos.  The Commissioner also found that, from August 1999 through October 2000, the respondents sold unregistered securities in violation of Section 36b-16 of the Act, and that the respondents’ 2001 filing of a Rule 504 exemptive claim and a Rule 506 claim of covered security status rendered those provisions inapplicable due to the delinquency of the filings.