Bulletin # 2943 - Week Ending July 17, 2020

 

 

 

STATE CREDIT UNION ACTIVITY

Branch Activity
 
DATE: July 13, 2020
CREDIT UNION: Nutmeg State Financial Credit Union, Rocky Hill
LOCATION: 500 West Avenue, Norwalk, CT 06850
ACTIVITY-BRANCH TYPE: Approved to Establish Full Service Branch

 Field of Membership Amendment

On July 13, 2020, the Commissioner approved the application of Nutmeg State Financial Credit Union, Rocky Hill, Connecticut, to amend its bylaws pursuant to Section 36a-437a(h)(3) of the Connecticut General Statutes to expand its field of membership to include the following Connecticut towns and city: Fairfield, Westport, Norwalk and Trumbull.

CONSUMER CREDIT DIVISION ACTIVITY

Consent Orders

On July 9, 2020, the Commissioner entered into a Consent Order with Southwest Credit Systems, LP (NMLS # 948398) (“SWC”), Carrollton, Texas. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that SWC acted as a consumer collection agency in Connecticut from an unlicensed location between August 2017 and January 2019, in violation of Section 36a-801(a) of the Connecticut General Statutes, in effect at such time. As part of the Consent Order, SWC paid $10,000 as a civil penalty and $800 for back licensing fees.

On July 10, 2020, the Commissioner entered into a Consent Order with Lendgo, Inc. (NMLS # 1693075) (“Lendgo”), Beverly Hills, California. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that Lendgo failed to file with the Nationwide Multistate Licensing System and Registry a change of the address of its main office at least thirty (30) calendar days prior to such change, and in connection with such change, failed to provide a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner, in violation of Section 36a-490(b)(2) of the Connecticut General Statutes. As part of the Consent Order, Lendgo paid $500 as a civil penalty.

Findings of Fact, Conclusions of Law and Order

On July 9, 2020, following an administrative hearing, the Banking Commissioner issued Findings of Fact, Conclusions of Law and Order in the matter of: Top Notch Motors, LLC (“Top Notch”), West Haven, Connecticut, and Gabriel Bordoy (“Bordoy”) (collectively, “Respondents”).

The hearing considered allegations brought by the Commissioner on October 25, 2019, through an Amended and Restated Notice of Intent to Issue Order to Cease and Desist, Amended and Restated Notice of Intent to Impose Civil Penalty and Amended and Restated Notice of Right to Hearing issued against Respondents (collectively, “Amended Notice”). In the Amended Notice, the Commissioner alleged that Respondents failed to provide a retail buyer with written notice of the repossession of a motor vehicle, in violation of Section 36a-785(c) of the Connecticut General Statutes.

The hearing decision concluded that Top Notch violated Section 36a-785(c) of the Connecticut General Statutes and ordered Top Notch to cease and desist from violating Section 36a-785(c) of the Connecticut General Statutes and imposed a civil penalty of $20,000 upon Top Notch. The Commissioner did not find Bordoy personally liable for the violation found against Top Notch.

 

      Dated: Tuesday, July 21, 2020