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IN THE MATTER OF: RODEO ENTERPRISES, LLC ("Rodeo Enterprises") |
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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 Rodeo Enterprises 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, as a result of such investigation, the Commissioner alleges that Rodeo Enterprises, during the period of March 2009 through September 8, 2009, engaged in the business of cashing checks 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 Connecticut General Statutes;
WHEREAS, the Commissioner believes that the unlicensed check and money order cashing activity allegations would support initiation of enforcement proceedings against Rodeo Enterprises, including proceedings to issue a cease and desist order against Rodeo Enterprises 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 Rodeo Enterprises 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 Rodeo Enterprises acknowledge the possible consequences of formal administrative proceedings;
WHEREAS, Rodeo Enterprises 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, Rodeo Enterprises, through its 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, Rodeo Enterprises specifically assures the Commissioner that Rodeo Enterprises has not engaged in any unlicensed check cashing activity since September 8, 2009, and that the violation described herein shall not occur in the future.
NOW THEREFORE, the Commissioner and Rodeo Enterprises enter into this Settlement Agreement as follows:
| 1. | No later than ninety (90) days following the date this Settlement Agreement is executed by Rodeo Enterprises, Rodeo Enterprises 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 Six Thousand Dollars ($6,000) as a civil penalty; |
| 2. | Rodeo Enterprises shall not engage in the business of cashing checks, drafts or money orders for consideration, except as an incident to the conduct of any other lawful business where not more than fifty cents ($.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. | Upon entry of this Settlement Agreement, this matter will be resolved and the Commissioner will not take any future enforcement action against Rodeo Enterprises 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 Rodeo Enterprises based on the allegations contained herein if any representation made by Rodeo Enterprises in this Settlement Agreement are subsequently discovered to be untrue of if Rodeo Enterprises is not fully complying with any term or condition stated herein; |
| 4. | Nothing in this Settlement Agreement shall adversely affect the ability of Rodeo Enterprises to apply for or obtain a license to operate a check cashing general facility or limited facility from the Commissioner in the future; and |
| 5. | Notwithstanding paragraph 3 herein, execution of this Settlement Agreement is without prejudice to the right of the Commissioner to take enforcement action against Rodeo Enterprises for violating Agreement if the Commissioner determines that Rodeo Enterprises is not fully complying with any term or condition contained herein or if any representation made by Rodeo Enterprises 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 7th day of January 2010. ________/s/_________
Howard F. Pitkin
Banking Commissioner
I, Santos Lucero, state on behalf of Rodeo Enterprises, LLC, I have read the foregoing Settlement Agreement; that I know and fully understand its contents; that I am authorized to execute this Settlement Agreement on behalf of Rodeo Enterprises, LLC; that Rodeo Enterprises, LLC agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein; and that Rodeo Enterprises, LLC voluntarily agrees to enter into this Settlement Agreement, expressly waiving any right to a hearing on the matters described herein.
By: ________/s/_________
Name: Santos Lucero
Title: Manager Member
Rodeo Enterprises, LLC
State of: Connecticut
County of: New Haven
On this the 4th day of Jan 2010, before me, Lawrence A. Levinson, the undersigned officer, personally appeared Santos Lucero who acknowledged himself to be the Manager / Member of Rodeo Enterprises, LLC, a limited liability company, and that he, as such Manager / Member being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the company by himself as Manager / Member.
In witness whereof I hereunto set my hand.
________/s/_________
Commissioner Superior Court
Date Commission Expires: