Bulletin # 2594 - Week Ending November 8, 2013

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 Howard F. Pitkin, Banking Commissioner, at the Connecticut Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800 or via E-mail. Written comments will be considered only if they are received within ten days from the date of this bulletin.

STATE BANK ACTIVITY

Branch Activity

Section 36a-145 of the Connecticut General Statutes requires certain applications 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.

CONSUMER CREDIT DIVISION ACTIVITY

Order to Cease and Desist and Order Imposing Civil Penalty

On October 28, 2013, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) In the Matter of:  Nationwide Debt Services, LLC and George Russo & Associates, P.C. ( collectively, “Respondents”), of Orangeburg, New York, and Richmond Hill, New York, respectively.  The basis of the Order was that Respondents engaged in debt negotiation in this state without obtaining the required license, in violation of Section 36a-671(b) of the Connecticut General Statutes in effect prior to October 1, 2011, and Section 36a-671(b) of the Connecticut General Statutes.  Each Respondent was ordered to cease and desist from violating Section 36a-671(b) of the Connecticut General Statutes in effect prior to October 1, 2011, and Section 36a-671(b) of the Connecticut General Statutes, and to pay a civil penalty in the amount of $100,000.  In addition, an Order of Restitution previously issued against each Respondent on June 25, 2013, became final against Nationwide Debt Services, LLC on July 18, 2013, and against Russo & Associates on July 13, 2013.

On October 28, 2013, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) In the Matter of:  Forest Law Center, PLC a/k/a Forest Law Group (“Respondent”), Newport Beach, California.  The basis of the Order was that Respondent engaged in debt negotiation in this state without obtaining the required license, in violation of Section 36a-671(b) of the Connecticut General Statutes.   Respondent was ordered to cease and desist from violating Section 36a-671(b) of the Connecticut General Statutes and to pay a civil penalty in the amount of $100,000.  In addition, an Order of Restitution previously issued against Respondent on September 13, 2013, remains in effect and became permanent on October 5, 2013.

On October 28, 2013, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) In the Matter of:  Sentry Legal, PLLC a/k/a Sentry Law Firm (“Respondent”) located in Sandy, East Draper and Cottonwood Heights, Utah.  The basis of the Order was that Respondent engaged in debt negotiation in this state without obtaining the required license, in violation of Section 36a 671(b) of the Connecticut General Statutes.  Respondent was ordered to cease and desist from violating Section 36a-671(b) of the Connecticut General Statutes and to pay a civil penalty in the amount of $100,000.  In addition, an Order of Restitution previously issued against the Respondent on August 13, 2013, remains in effect and became permanent on September 3, 2013.

Dated:  Wednesday, November 13, 2013