Bulletin # 2675 - Week Ending May 29, 2015

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 Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800.  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

Consent Orders

On May 19, 2015, the Commissioner entered into a Consent Order with Real Estate Law Center, P.C. (“Real Estate Law”), Los Angeles, California.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, the Commissioner alleged in a Temporary Order to Cease and Desist, Order to Make Restitution (“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 issued on March 2, 2015, that Real Estate Law offered to engage in debt negotiation in this state without obtaining the required license, in violation of Section 36a-671(b) of the Connecticut General Statutes.  As part of the Consent Order, Real Estate Law repaid the balance of $450 to an identified Connecticut resident.

On May 20, 2015, the Commissioner entered into a Consent Order with Reliance First Capital, LLC (“Reliance First”) (NMLS # 58775), Melville, New York.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, the Commissioner alleged that Reliance First changed the address of its branch office specified on its most recent filing with the Nationwide Mortgage Licensing System and Registry (“NMLS”) and failed to file such change with NMLS at least 30 calendar days prior to such change and, in connection with such address change, failed to provide, directly to the Commissioner, a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner that reflects the address of the branch office, in violation of Section 36a-490(b) of the Connecticut General Statutes.  As part of the Consent Order, Reliance First paid $500 as a civil penalty.

    Dated:  Tuesday, June 2, 2015


    Jorge L. Perez
    Banking Commissioner