Bulletin # 3108 - Week Ending September 15, 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.

STATE CREDIT UNION ACTIVITY

Main Office Activity

On September 11, 2023, the Commissioner approved the application by Dutch Point Credit Union, Inc. to relocate its main office from 195 Silas Deane Highway, Wethersfield, CT to 1295 Silas Deane Highway, Wethersfield, CT pursuant to Section 36a-463b of the Connecticut General Statutes. The anticipated target date for this relocation is for 2024.

On September 11, 2023, the Commissioner approved the application by Connex Credit Union, Inc. to relocate its main office from 412 Washington Avenue, North Haven, CT to 404 Washington Avenue, North Haven, CT pursuant to Section 36a-463b of the Connecticut General Statutes. The anticipated target date for this relocation is for 2024.

CONSUMER CREDIT ACTIVITY

Order of Summary Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke Mortgage Broker License, Notice of Intent to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty

On September 5, 2023, the Commissioner issued an Order of Summary Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke Mortgage Broker License, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Order and Notice”) in the Matter of: Loan X Mortgage LLC (NMLS # 1879263) (“Respondent”), Birmingham, Michigan. The Order and Notice was the result of an attempt to examine the activities of Respondent by the Consumer Credit Division. The Commissioner alleges in the Order and Notice that: (1) Respondent failed to provide records requested during the examination or otherwise cooperate with the Commissioner in violation of Section 36a-17(e) of the Connecticut General Statutes, which constitutes sufficient grounds to revoke Respondent’s license to act as a mortgage broker in Connecticut pursuant to Section 36a-494(a)(1)(C) of the Connecticut General Statutes and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes, and forms the basis to issue an order to cease and desist against Respondent pursuant to Section 36a-52(a) of the Connecticut General Statutes, and to impose a civil penalty against Respondent pursuant to Section 36a-50(a) of the Connecticut General Statutes; and (2) Respondent’s conduct renders the Commissioner unable to determine that the financial responsibility, character and general fitness of Respondent are such 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, as required pursuant to Section 36a 489(a)(1) of Connecticut General Statutes, which constitutes sufficient grounds for the Commissioner to deny an application for such license and, in turn, constitutes sufficient grounds for the Commissioner to revoke Respondent’s license to act as a mortgage broker in Connecticut pursuant to Section 36a-494(a)(1) of the Connecticut General Statutes and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes. The Commissioner found that the public safety and welfare imperatively required emergency action to summarily suspend Respondent’s license to act as a mortgage broker in Connecticut and to issue a temporary order to cease and desist against Respondent. Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Order and Notice.

Consent Order

On September 8, 2023, the Commissioner entered into a Consent Order with Home Free Mortgage Incorporated (NMLS # 1152047) (“Home Free”), Virginia Beach, Virginia. The Commissioner alleged that Home Free failed to file with the Nationwide Multistate Licensing System and Registry the addition of a fictitious name at least thirty (30) calendar days prior to such change and failed to provide a bond rider or endorsement, or addendum, as applicable, to the surety bond on file with the Commissioner that reflects the fictitious name, in violation of Section 36a-490(b)(2) of the Connecticut General Statutes. As part of the Consent Order, Home Free paid $500 as a civil penalty.