On February 24, 2011, the Commissioner entered into a Stipulation and Agreement with Paydici, Inc., an issuer of convertible promissory notes located at 117 NW Fifth Avenue, Portland, Oregon.  The Stipulation and Agreement stated that newly retained legal counsel to Paydici, Inc. had notified the Division that the issuer was delinquent in making a Rule 506 notice filing under Section 36b-21(e) of the Connecticut Uniform Securities Act.  The notification included a curative filing and required fee.  Pursuant to the Stipulation and Agreement, Paydici, Inc. agreed to pay a $250 fine to the department and to refrain from selling securities in Connecticut absent compliance with Section 36b-16 of the Act.

On February 14, 2011, the Commissioner entered into a Settlement Agreement with Precision Funding Group, LLC (“Precision Funding”).  The Settlement Agreement was based on an examination by the Consumer Credit Division.  As a result of such examination, the Commissioner alleged that Precision Funding employed or retained, during the period of December 16, 2008 through December 16, 2010, fifteen (15) individuals as mortgage loan originators without licensing them, in violation of Section 36a 486(b) of the then applicable Connecticut General Statutes.  As part of the Settlement Agreement, Precision Funding agreed to pay $15,000 as a civil penalty.