Bulletin # 2617 - Week Ending April 18, 2014

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

Sale of Branch

On April 15, 2014, pursuant to Section 36a-145(i) of the Connecticut General Statutes, the Commissioner approved the sale by Union Savings Bank, Danbury, Connecticut, a Connecticut chartered bank, of its full-service branch located at 5 Gay Street, Sharon, Connecticut, to Salisbury Bank and Trust Company, Lakeville, Connecticut, a Connecticut chartered bank and trust company and a wholly-owned subsidiary of Salisbury Bancorp, Inc., Lakeville, Connecticut, a Connecticut stock corporation and bank holding company.

Branch Acquisition

On April 15, 2014, pursuant to Section 36a-145(n) of the Connecticut General Statutes, the Commissioner issued notice of intent not to disapprove the establishment of a branch through the purchase by Salisbury Bank and Trust Company, Lakeville, Connecticut, a Connecticut chartered bank and trust company and a wholly-owned subsidiary of Salisbury Bancorp, Inc., Lakeville, Connecticut, a Connecticut stock corporation and bank holding company, of certain deposits, assets and other liabilities of the branch of Union Savings Bank located at 5 Gay Street, Sharon, Connecticut.  Also on April 15, 2014, the Commissioner issued a non-objection letter to Salisbury Bank and Trust Company, in connection with the notice of intention to consolidate its branch located at 29 Low Road, Sharon, Connecticut with and into the branch located at 5 Gay Street, Sharon, Connecticut, submitted by Salisbury Bank and Trust Company on March 17, 2014 and posted in Bulletin #2613 for the week ending March 21, 2014.

CONSUMER CREDIT DIVISION ACTIVITY

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

On March 27, 2014, the Commissioner issued a Temporary Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) in the Matter of:  Daniel Charles Allegrini (“Respondent”).  The Notice was a result of an investigation by the Consumer Credit Division.  The Notice alleges that Respondent engaged in debt negotiation in this state without the required license in violation of Section 36a-671(b) of the Connecticut General Statutes and engaged in debt negotiation of a residential mortgage loan without being licensed as a mortgage loan originator in Connecticut, in violation of Section 36a 671e(b) of the Connecticut General Statutes.  Respondent was afforded an opportunity to request a hearing on the Notice.

Notice of Intent to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty

On April 7, 2014, 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 (“Notice”) in the Matter of:  6717381 Canada Inc. d/b/a SolidTrust Pay (“Respondent”), Bobcaygeon, Ontario, Canada.  The Notice alleges that Respondent engaged in the business of money transmission without a license, in violation of Section 36a-597(a) of the 2014 Supplement to the General Statutes.  Respondent was afforded an opportunity to request a hearing with regard to the allegation set forth in the Notice.

Order to Cease and Desist and Order Imposing Civil Penalty

On April 1, 2014, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) In the Matter of:  Fortress Law Group (“Respondent”), Washington, DC and Jacksonville, Florida.  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 to Make Restitution previously issued against the Respondent on March 5, 2014, remains in effect and became permanent on March 25, 2014.

On April 7, 2014, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) In the Matter of:  C.U. Members Mortgage Corporation (NMLS # 65128) (“Respondent”), East Haven, Connecticut.  The basis of the Order was that Respondent failed to file a required mortgage call report on the date it was due, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes and in violation of an order of the Commissioner contained in a 2013 Consent Order.  Respondent was ordered to cease and desist from violating Section 36a-534b(c)(3) of the Connecticut General Statutes, to cease and desist from violating the 2013 Consent Order, and to pay a civil penalty in the amount of $3,500.