Bulletin # 3078 - Week Ending February 17, 2023

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 business days from the date of this bulletin.

CONSUMER CREDIT DIVISION ACTIVITY

Consent Order

On January 31, 2023, the Commissioner entered into a Consent Order with Synapse Credit LLC d/b/a Synapse (NMLS # 1971454) (“Synapse”) San Francisco, California. The Consent Order resolves allegations made by the Commissioner in a Notice of Intent to Refuse to Renew Small Loan License and Notice of Right to Hearing against Synapse issued September 26, 2022 (“Notice”). The Notice was the result of an investigation by the Consumer Credit Division. The Notice alleged that Synapse failed to submit the required financial statements for the retention of its license. As part of the Consent Order, Synapse shall submit a request to surrender its license on NMLS no later than February 1, 2023 if it fails to submit the required financial statements by January 31, 2023, or within one week of written notification that financial statements submitted no later than January 31, 2023 fail to demonstrate compliance with applicable requirements of Sections 36a-555 to 36a-573, inclusive, of the Connecticut General Statutes. Synapse failed to demonstrate compliance with applicable statutory requirements and submitted a request to surrender its license within the time frame specified in the Consent Order.