Bulletin # 2704 - Week Ending December 18, 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, address how the establishment of the branch will be consistent with safe and sound banking practices and promote the public convenience and advantage.  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 October 14, 2015, Business Lenders, LLC, a Delaware limited liability company, applied for a license to engage in the business of a BIDCO (Business and Industrial Development Corporation) pursuant to Section 36a-628 of the Connecticut General Statutes.  The application is being filed in connection with the proposed acquisition by Penn Joe Ritter Corporation, a Connecticut corporation, of a controlling interest in Business Lenders, LLC.

CONSUMER CREDIT DIVISION ACTIVITY

Order to Cease and Desist and Order Imposing Civil Penalty

On December 14, 2015, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) In the Matter of:  United Collections Recovery, LLC, Wilmington, Delaware, and Fort Mill, South Carolina, and Charles Lockwood (“Respondents”).  The basis of the Order was that Respondents acted within Connecticut as a consumer collection agency without a consumer collection agency license, in violation of Section 36a-801(a) of the Connecticut General Statutes.  Respondents were ordered to cease and desist from violating Section 36a-801(a) of the Connecticut General Statutes, and to each pay a civil penalty in the amount of $100,000.  In addition, an Order to Make Restitution issued against Respondents on October 9, 2015, remains in effect and became permanent against United Collections Recovery, LLC on October 29, 2015, and against Charles Lockwood on October 30, 2015.