Home Crime Money transfer service faces revocation of license by Connecticut Department of Banking

Money transfer service faces revocation of license by Connecticut Department of Banking

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Money transfer service Century Union Services LLC may have its license revoked in Connecticut, according to state Department of Banking Commissioner Jorge L. Pérez. The commissioner, who issued a temporary cease-and-desist order against the Everett, Massachusetts, company in October, is asking Connecticut residents who may have used Century Union and did not receive the services they paid for to contact the agency.

Century Union maintains a license to engage in the business of money transmission in Connecticut from three locations: Bull Boi Meat Supermarket in Bridgeport, Bem Brasil Market in Danbury and Link Travel & Services in Hartford.

In his Oct. 24 filing, Pérez maintained that Century Union failed to transmit money or monetary value received from Connecticut consumers, and that it engaged in fraud, intentional misrepresentations or negligence.

“These actions will not be tolerated here in Connecticut,” the commissioner said. “I encourage anyone who may have had dealings with Century Union to come forward by contacting the insurance company which holds Century Union’s surety bond directly or the Department of Banking.”

As a licensee of the Department of Banking, Century Union is required to maintain a surety bond for which claims of loss can be filed. To ensure affected Connecticut consumers are made whole, the Banking Department will mail letters to identified affected residents with detailed instructions on how to file a claim with the insurance company, Capitol Indemnity Corp. Other consumers unknown to the Banking Department need not have contacted it prior to filing a claim.

A 10 a.m. hearing on the matter took place on Dec. 15 at the Banking Department’s Hartford office, but no Century Union representatives attended. Pérez’s office said the agency’s options now include issuing a permanent cease-and-desist order, revoking the company’s license and/or imposing a fine.

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