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 Howard F. Pitkin, Banking Commissioner, at the above address.  Written comments will be considered only if they are received within ten days from the date of this bulletin.

CONSUMER CREDIT DIVISION ACTIVITY
Consent Orders

On July 28, 2014, the Commissioner entered into a Consent Order with Cardinal Financial Company, Limited Partnership d/b/a Sebonic Financial (“Cardinal Financial”), Charlotte, North Carolina.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, the Commissioner alleged that Cardinal Financial changed the address of a branch office specified on its most recent filing with the Nationwide Mortgage Licensing System and Registry (“NMLS”) and failed to file such change with NMLS at least 30 calendar days prior to such change, in violation of Section 36a-490(b) of the Connecticut General Statutes, and, in connection with such address change, failed to provide, directly to the Commissioner, a bond rider or endorsement or addendum, as applicable, to the surety bond on file with the Commissioner that reflects the address of the branch office, in violation of Section 36a-490(b) of the Connecticut General Statutes.  As part of the Consent Order, Cardinal Financial paid $500 as a civil penalty.

On July 28, 2014, the Commissioner entered into a Consent Order with PMAC Lending Services, Inc. (“PMAC Lending”), Chino 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 PMAC Lending changed the address of its branch office specified on its most recent filing with the Nationwide Mortgage Licensing System and Registry (“NMLS”) and failed to file such change with NMLS at least 30 calendar days prior to such change, in violation of Section 36a-490(b) of the Connecticut General Statutes.  As part of the Consent Order, PMAC Lending paid $500 as a civil penalty.

On July 31, 2014, the Commissioner entered into a Consent Order with American Equity Mortgage, Inc. (NMLS # 1899) (“American Equity Mortgage”), St. Louis, Missouri.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, on May 15, 2014, 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 American Equity Mortgage.  The Commissioner alleged that American Equity Mortgage failed to timely file certain annual information required by mortgage call reports, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes.  As part of the Consent Order, American Equity Mortgage paid $2,500 as a civil penalty.

On July 31, 2014, the Commissioner entered into a Consent Order with Landmark Mortgage LLC (NMLS # 104628) (“Landmark Mortgage”), Danbury, Connecticut.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, on May 15, 2014, 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 American Equity Mortgage.  The Commissioner alleged that Landmark Mortgage failed to file certain annual information required by mortgage call reports, in violation of Section 36a-534b(c)(3) of the Connecticut General Statutes.  As part of the Consent Order, Landmark Mortgage paid $2,500 as a civil penalty.

Order Accepting Surrender

On July 31, 2014, the Commissioner, acting pursuant to Section 36a-51(c) of the Connecticut General Statutes, as amended by Public Act 14-89, issued an Order Accepting Surrender (“Order”) of the consumer collection agency license of Central Credit Services, Inc., St. Charles, Missouri, following the issuance by the Commissioner on July 9, 2014, of a Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke Consumer Collection Agency License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing.  As part of the Order, the Commissioner accepted the surrender of the license for the office located at 500 Fountain Lakes Boulevard, Suite 130, St. Charles, Missouri, effective July 31, 2014, and imposed no additional terms and conditions.

Temporary Order to Cease and Desist, Order to Make Restitution, Notice of Intent
to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty

On July 31, 2014, the Commissioner issued a Temporary Order to Cease and Desist, Order to Make Restitution (“Order to Make Restitution”), Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively “Notice”) in the Matter of:  Mader Law Group, LLC (“Mader Law Group”), Tampa and West Palm Beach, Florida; American Financial Law Group, LLC (“American Financial Law”), Tampa, Florida; Meridian Law Group, LLC (“Meridian Law Group”), Mt. Pleasant, South Carolina, and Tampa, Florida; and Eric Andrew Mader, Esq. (“Mader”) (collectively “Respondents”).  The Notice was the result of an investigation by the Consumer Credit Division.  The Commissioner alleges that the Respondents engaged in debt negotiation in this state without obtaining the required license, in violation of Section 36a-671(b) of the Connecticut General Statutes in effect prior to October 1, 2011.  As part of the Order to Make Restitution, each Respondent was ordered to repay fees to identified Connecticut residents plus interest, and to repay any other Connecticut resident who entered into an agreement for debt negotiation services with such Respondent on and after October 1, 2009, any fees paid by such Connecticut resident to such Respondent plus interest.  The Commissioner also found that public welfare required the issuance of a Temporary Order to Cease and Desist against Respondents.  Respondents were afforded an opportunity to request a hearing with regard to the allegations set forth in the Notice.

 Dated:  Tuesday, August 12, 2014

 Howard F. Pitkin
 Banking Commissioner