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 days from the date of this bulletin.

CONSUMER CREDIT DIVISION ACTIVITY
Consent Orders

On October 28, 2015 the Commissioner entered into a Consent Order with Bridgepoint Mortgage, LLC (NMLS # 1009871) (“Bridgepoint Mortgage”), Clinton, Connecticut.  The Consent Order was based on an investigation by the Consumer Credit Division.  As a result of such investigation, on June 2, 2015, 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 Bridgepoint Mortgage.  The Commissioner alleged that Bridgepoint 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 and in violation of an order of the Commissioner.  As part of the Consent Order, Bridgepoint Mortgage paid $4,500 as a civil penalty.
Order to Cease and Desist and Order Imposing Civil Penalty

On November 9, 2015, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”) In the Matter of:  Portfolio Recovery Management Inc. (“Respondent”), Amherst, New York.  The basis of the Order was that Respondent acted within Connecticut as a consumer collection agency without a consumer collection agency license, in violation of Section 36a-801(a) of the Connecticut General Statutes.  Respondent was ordered to cease and desist from violating Section 36a 801(a) of the Connecticut General Statutes, and to pay a civil penalty in the amount of $100,000.

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 November 9, 2015, 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:  Practical Debt Relief Inc (“Respondent”), Davie, Florida.  The Notice was the result of an investigation by the Consumer Credit Division.  The Commissioner alleges that Respondent engaged in debt negotiation in this state without obtaining the required license, in violation of Section 36a-671(b) of the Connecticut General Statutes.  As part of the Order to Make Restitution, Respondent was ordered to repay identified Connecticut debtors in identified amounts plus interest, and to repay any other Connecticut debtor who entered into an agreement for debt negotiation services with Respondent on or after October 1, 2009, any fees paid by such Connecticut debtor to Respondent plus interest.  The Commissioner also found that public welfare required the issuance of a Temporary Order to Cease and Desist against Respondent.  Respondent was afforded an opportunity to request a hearing with regard to the allegation set forth in the Notice.