State of Connecticut Department of Banking

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The Department of Banking News Bulletin

Bulletin # 3000 - Week Ending August 20, 2021

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 directed to Jorge L. Perez, Banking Commissioner.  Written comments will be considered only if they are received within ten business days from the date of this bulletin.

CONSUMER CREDIT DIVISION ACTIVITY
Order of Summary Suspension and Notice of Intent to Revoke Mortgage Loan Originator License
 
On August 12, 2021, the Commissioner issued an Order of Summary Suspension, Notice of Intent to Revoke Mortgage Loan Originator License and Notice of Right to Hearing (collectively, “Order”) in the Matter of: Cristobal Lara Garcia (“Respondent”), NMLS # 1049418. The Order was the result of an investigation by the Consumer Credit Division. The Commissioner alleges that: (1) the revocation of Respondent’s mortgage loan originator license in other states constitutes sufficient grounds to deny Respondent’s application for a mortgage loan originator license pursuant to Section 36a-489(b)(1)(A) of the Connecticut General Statutes, which is sufficient grounds to revoke Respondent’s mortgage loan originator license in Connecticut pursuant to Section 36a-494(a)(2) and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes; (2) Respondent’s false statements concerning prior actions by self-regulatory organizations on his application for mortgage loan originator licensure renders the Commissioner unable to find that Respondent did not make a material misstatement in his application; and (3) Respondent’s conduct renders the Commissioner unable to find that Respondent demonstrates character and general fitness so as to command the confidence of the community and to warrant a determination that Respondent will operate honestly, fairly and efficiently within the purposes of Sections 36a-485 to 36a-498e, inclusive, 36a-498h, 36a-534a and 36a-534b of the Connecticut General Statutes. The Commissioner found that the public safety and welfare imperatively required emergency action to summarily suspend Respondent’s mortgage loan originator license in Connecticut. Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Order.
 

Dated:  Tuesday, August 24, 2021


Jorge L. Perez
Banking Commissioner