Bulletin # 2710 - Week Ending January 29, 2016

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.

CONSUMER CREDIT DIVISION ACTIVITY

Order to Cease and Desist and Order Imposing Civil Penalty

On January 25, 2016, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) in the matter of:  Quick Mortgage Solutions Division Of:  Quick Legal Solutions (“Respondent”), New York, New York.  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 issued against Respondent on October 7, 2015, remains in effect.

SECURITIES AND BUSINESS INVESTMENTS DIVISION ACTIVITY

Consent Order

On January 26, 2016, the Banking Commissioner entered a Consent Order (No. CO-15-8102-S) with respect to Q 350 Ely LLC, a Connecticut limited liability company located in Norwalk, Connecticut.  Q 350 Ely LLC was formed to develop a commercial recreation sports facility known as the Sony Field House in South Norwalk.  Also named in the Consent Order were James P. Quinn, manager of Q 350 Ely LLC, and Gary Youm who played a role in creating and developing the Sono Field House.  The Consent Order alleged that, from approximately September 2008 to September 2010, the named respondents sold unregistered Q 350 Ely LLC securities in violation of Section 36b-16 of the Connecticut Uniform Securities Act.  The Consent Order also alleged that James P. Quinn and Gary Youm transacted business as unregistered agents of issuer in violation of Section 36b-6(a) of the Act and that Q 350 Ely LLC violated Section 36b-6(b) of the Act by employing unregistered agents of issuer.

The Consent Order directed the named respondents to cease and desist from regulatory violations and fined Q 350 Ely LLC $1,000.  In addition, the Consent Order imposed a $13,000 fine against James P. Quinn and Gary Youm, jointly and severally.