WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part III of Chapter 668, Sections 36a-555 to 36a-573, inclusive, of the Connecticut General Statutes, “Small Loan Lenders”;

WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking, conducted an investigation of the activities of Respondent, pursuant to the authority granted by Section 36a-17(a) of the 2012 Supplement to the Connecticut General Statutes, to determine if it had violated, was violating or was about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;

WHEREAS, on June 20, 2012, the Commissioner, acting pursuant to Section 36a-573(c) of the 2012 Supplement to the General Statutes and Sections 36a-52(a) and 36a-50(a) of the Connecticut General Statutes, 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 (collectively “Notice”) against Respondent, which Notice is incorporated herein by reference;

WHEREAS, on June 21, 2012, the Notice was sent by certified mail, return receipt requested, to Respondent (Certified Mail Nos. 70112000000247358598 and 70112000000247358604) and Respondent’s attorney (Certified Mail No. 70112000000247358611);

WHEREAS, the Notice provided Respondent with the opportunity for a hearing and stated that if a hearing was not requested within 14 days of its receipt, the Commissioner would issue an order that Respondent cease and desist from violating Section 36a-555 of the Connecticut General Statutes and Section 36a-573(a) of the 2012 Supplement to the General Statutes and may order a civil penalty not to exceed One Hundred Thousand Dollars ($100,000) per violation be imposed upon Respondent;

WHEREAS, on June 25, 2012, the Notice was received by Respondent, and on July 10, 2012, the Notice was received by Respondent’s attorney and no request for a hearing has been received by the Commissioner;

WHEREAS, the Commissioner alleged in the Notice, with respect to the activity described therein, that Respondent’s offering and making at least one loan in Connecticut without obtaining the required license constitutes a violation of Section 36a-555 of the Connecticut General Statutes and forms the basis to issue an order to cease and desist pursuant to Section 36a-52(a) of the Connecticut General Statutes, and impose a civil penalty upon Respondent pursuant to Section 36a-50(a) of the Connecticut General Statutes;

WHEREAS, the Commissioner alleged in the Notice, with respect to the activity described therein, that Respondent’s charging a Connecticut resident an interest rate of greater than 12% on a loan in the amount of less than $15,000 constitutes a violation of Section 36a-573(a) of the 2012 Supplement to the General Statutes and forms the basis to issue an order to cease and desist pursuant to Section 36a-573(c) of the 2012 Supplement to the General Statutes and Section 36a-52(a) of the Connecticut General Statutes, and impose a civil penalty upon Respondent pursuant to Section 36a-573(c) of the 2012 Supplement to the General Statutes and Section 36a-50(a) of the Connecticut General Statutes;

WHEREAS, Section 36a-52(a) of the Connecticut General Statutes provides, in pertinent part, that “[i]f the person does not request a hearing within the time specified in the notice or fails to appear at the hearing, the commissioner shall issue an order to cease and desist against the person.  No such order shall be issued except in accordance with the provisions of chapter 54”;

WHEREAS, Section 36a-50(a)(2) of the Connecticut General Statutes provides, in pertinent part, that “[i]f such person does not request a hearing within the time specified in the notice or fails to appear at the hearing, the commissioner may, as the facts require, order that a civil penalty not exceeding one hundred thousand dollars per violation be imposed upon such person”;

WHEREAS, Section 36a-50(a)(3) of the Connecticut General Statutes provides that “[e]ach action undertaken by the commissioner under this subsection shall be in accordance with the provisions of chapter 54”;

AND WHEREAS, Section 36a-1-31(a) of the Regulations of Connecticut State Agencies provides, in pertinent part, that “[w]hen a party fails to request a hearing within the time specified in the notice, the allegations against the party may be deemed admitted.  Without further proceedings or notice to the party, the commissioner shall issue a final decision in accordance with section 4-180 of the Connecticut General Statutes and section 36a-1-52 of the Regulations of Connecticut State Agencies”.

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