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Branch Activity

On March 19, 2013, the Commissioner entered into a Consent Order with LYC Mortgage, LLC (NMLS # 1443) (“LYC Mortgage”), Wellesley Hills, Massachusetts.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, on December 11, 2012, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing against LYC Mortgage.  The Commissioner alleged that LYC Mortgage failed to timely file certain annual information required by standard mortgage call reports in violation of Section 36a-534b(c)(3) of the 2012 Supplement to the General Statutes and/or Section 36a 534b(c)(3) of the 2012 Supplement to the General Statutes, as amended by Public Act 12 96.  As part of the Consent Order, LYC Mortgage paid $2,500 as a civil penalty.

On March 22, 2013, the Commissioner entered into a Consent Order with New View Mortgage Corp. (NMLS # 287189) (“New View Mortgage”), Woodbury, New York.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, on December 17, 2012, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing against New View Mortgage.  The Commissioner alleged that New View Mortgage failed to timely file certain annual information required by standard mortgage call reports in violation of Section 36a-534b(c)(3) of the 2012 Supplement to the General Statutes and/or Section 36a-534b(c)(3) of the 2012 Supplement to the General Statutes, as amended by Public Act 12-96.  As part of the Consent Order, New View Mortgage paid $2,500 as a civil penalty.

On March 22, 2013, the Commissioner issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) in the Matter of:  Ryan Mortgage, LLC (NMLS # 88226) (“Respondent”), Marlborough, Connecticut.  The Notice was the result of an investigation by the Consumer Credit Division.  The Notice alleges that Respondent failed to timely file certain annual information required on the Nationwide Mortgage Licensing System and Registry, in violation of Section 36a-534b(c)(3) of the 2012 Supplement to the General Statutes in effect prior to October 1, 2012, and Section 36a-534b(c)(3) of the Connecticut General Statutes.  Respondent was afforded an opportunity to request a hearing on the allegations set forth in the Notice.

On April 12, 2013, the Commissioner issued a Temporary Order to Cease and Desist, Order of Summary Suspension, Notice of Intent to Revoke Money Transmission License, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) in the Matter of:  Global Money Remittance, Inc. (“Global”) and InterTransfers, Inc. d/b/a InterTransfers (“InterTransfers”) (collectively, “Respondents”), both of Miami, Florida.  The Notice was the result of an investigation by the Consumer Credit Division.  The Notice alleges that Global failed to:  transmit money or monetary value received from purchasers constituting an unsafe or unsound practice within the meaning of Section 36a-596(16) of the Connecticut General Statutes, demonstrate that Global’s business will be conducted honestly, fairly, equitably, carefully and efficiently within the purposes and intent of Sections 36a-595 to 36a-610, inclusive, of the Connecticut General Statutes, and in a manner commanding the confidence and trust of the community; and notify the Commissioner, in writing, no later than one business day after the issuance of a regulatory action by another state agency in violation of Section 36a-598(e) of the Connecticut General Statutes.  The Notice also alleges that InterTransfers failed to:  demonstrate that InterTransfers’ business will be conducted honestly, fairly, equitably, carefully and efficiently within the purposes and intent of Sections 36a-595 to 36a-610, inclusive, of the Connecticut General Statutes, and in a manner commanding the confidence and trust of the community; and notify the Commissioner, in writing, no later than one business day after the issuance of a regulatory action by another state agency in violation of Section 36a-598(e) of the Connecticut General Statutes.  The Commissioner also found that the public safety and welfare imperatively required emergency action to summarily suspend each Respondent’s license to engage in the business of money transmission in this state and required the issuance of a Temporary Order to Cease and Desist against each Respondent.  Respondents were afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice.

       Dated:  Tuesday, April 23, 2013