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IN THE MATTER OF: DUONG VAN LE ("Duong Van Le") |
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SETTLEMENT AGREEMENT |
WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part IV of Chapter 668, Sections 36a-580 to 36a-589, inclusive, of the Connecticut General Statutes, “Check Cashing Services”, and Sections 36a-585-1, 36a-588-1, 36a-588-3 and 36a-588-4 of the Regulations of Connecticut State Agencies;
WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking, conducted an investigation pursuant to Section 36a-17 of the Connecticut General Statutes into the activities of Duong Van Le to determine if he had violated, was violating or was about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;
WHEREAS, as a result of such investigation, the Commissioner alleges that Duong Van Le engaged in the business of cashing checks, drafts and money orders for consideration without obtaining the required license to operate a general facility or a limited facility, in violation of Section 36a-581(a) of the 2010 Supplement to the General Statutes;
WHEREAS, as a result of such investigation, the Commissioner alleges that Duong Van Le charged a sum exceeding two percent of the item for cashing checks, drafts or money orders drawn on a depository institution, in violation of Section 36a-585 of the Connecticut General Statutes and Section 36a-585-1 of the Regulation;
WHEREAS, the Commissioner believes that the above allegations would support initiation of enforcement proceedings against Duong Van Le, including proceedings to issue a cease and desist order against Duong Van Le pursuant to Sections 36a-587(b) and 36a-52(a) of the Connecticut General Statutes, and impose a civil penalty of up to one hundred thousand dollars ($100,000) per violation on Duong Van Le pursuant to Sections 36a-587(b) and 36a-50(a) of the Connecticut General Statutes;
WHEREAS, Section 4-177(c) of the Connecticut General Statutes and Section 36a-1-55(a) of the Regulations of Connecticut State Agencies provide that a contested case may be resolved by agreed settlement, unless precluded by law;
WHEREAS, both the Commissioner and Duong Van Le acknowledge the possible consequences of formal administrative proceedings;
WHEREAS, Duong Van Le voluntarily agrees to enter into this Settlement Agreement without admitting or denying any allegations set forth herein, and solely for the purpose of obviating the need for formal administrative proceedings concerning the allegations described above;
WHEREAS, Duong Van Le, through his execution of this Settlement Agreement, voluntarily agrees to waive any rights to a hearing upon the allegations contained in this Settlement Agreement, and waives the right to seek judicial review or otherwise challenge or contest the validity of this Settlement Agreement;
AND WHEREAS, Duong Van Le specifically assures the Commissioner that Duong Van Le has not engaged in any unlicensed check cashing activity since September 23, 2009, and that the violations described herein shall not occur in the future.
NOW THEREFORE, the Commissioner and Duong Van Le enter into this Settlement Agreement as follows:
| 1. | No later than ninety (90) days following the date this Settlement Agreement is executed by Duong Van Le, Duong Van Le shall remit to the Department of Banking, by cashier’s check, certified check or money order made payable to “Treasurer, State of Connecticut”, the sum of Three Thousand Dollars ($3,000) as a civil penalty; |
| 2. | Duong Van Le shall not engage in the business of cashing checks, drafts or money orders for consideration, except as an incident to the conduct of any other lawful business where not more than fifty cents ($.50) is charged for the cashing of such check, draft or money order, without obtaining a license to operate a check cashing general facility or limited facility for each location where such business is to be conducted; |
| 3. | Duong Van Le shall not engage in the business of cashing checks, drafts or money orders for consideration and charge a sum exceeding two percent of the item drawn on a depository institution, in violation of Section 36a-585 of the Connecticut General Statutes and Section 36a-585-1 of the Regulations; |
| 4. | Upon entry of this Settlement Agreement, this matter will be resolved and the Commissioner will not take any future enforcement action against Duong Van Le based upon the allegations contained herein; provided that entry of this Settlement Agreement is without prejudice to the right of the Commissioner to take enforcement action against Duong Van Le based on the allegations contained herein if any representation made by Duong Van Le in this Settlement Agreement are subsequently discovered to be untrue or if Duong Van Le is not fully complying with any term or condition stated herein; |
| 5. | Nothing in this Settlement Agreement shall adversely affect the ability of Duong Van Le to apply for or obtain a license to operate a check cashing general facility or limited facility from the Commissioner in the future; and |
| 6. | Notwithstanding paragraph 4 herein, execution of this Settlement Agreement is without prejudice to the right of the Commissioner to take enforcement action against Duong Van Le for violating this Settlement Agreement if the Commissioner determines that Duong Van Le is not fully complying with any term or condition contained herein or if any representation made by Duong Van Le and reflected herein is subsequently discovered to be untrue. For purposes of this paragraph, a violation of this Settlement Agreement shall be deemed to be a violation of an order of the Commissioner. |
IN WITNESS WHEREOF, the parties hereto have caused this Settlement Agreement to be executed by each of them or their duly authorized representatives on the dates hereinafter subscribed.
Dated at Hartford, Connecticut
this 19th day of April 2010. ________/s/_________
Howard F. Pitkin
Banking Commissioner
I, Duong Van Le d/b/a Elenis Market, state that I have read the foregoing Settlement Agreement; that I know and fully understand its contents; that I agree freely and without threat or coercion of any kind to comply with the terms and conditions stated herein; and that I voluntarily agree to enter into this Settlement Agreement, expressly waiving any right to a hearing on the matters described herein.
By: ________/s/_________
Duong Van Le d/b/a Elenis Market
State of: CT
County of: Hartford
On this the 29th day of March 2010, before me, Anna M. Posniak, the undersigned officer, personally appeared Duong Van Le, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument and acknowledged that he executed the same for the purposes therein contained.
In witness whereof I hereunto set my hand.
________/s/_________
Notary Public
Date Commission Expires: 06/30/2011