|2022.07.25 - BBT Default Judgment and Order.pdf (214.83 KB)||214.83 KB|
STATE OF VERMONT
DEPARTMENT OF FINANCIAL REGULATION
IN RE: BB&T Commercial ) docket no. 22-013-B
EQUIPMENT CAPITAL CORPORATION )
NMLS # 1650379 )
VT LICENSE # 1650379 CLL )
DEFAULT JUDGMENT AND ORDER
I.FINDINGS OF FACT
- Respondent BB&T Commercial Equipment Capital Corporation (“Respondent”) holds Vermont commercial lending license # 1650379 CLL.
- Respondent failed to renew license # 1650379 CLL by December 1, 2021, including by failing to pay the license renewal fee.
- On May 24, 2022, the Banking Division served upon Respondent the Petition for Revocation of License (“the Petition”) and Notice of Right to Request Hearing (“the Notice”) filed in the above-captioned matter.
- As of the effective date of this Default Judgment and Order, more than 30 days after service of the Petition and Notice, no answer, request for a hearing, or other defense to the Petition has been received by the Banking Division from Respondent.
- More than 10 days have passed since the Banking Division filed a motion for default judgment in the above-captioned matter and served the motion on Respondent.
II.CONCLUSIONS OF LAW
- Because Respondent failed to timely pay the license renewal fee and otherwise renew its license, revocation of Respondent’s Vermont commercial lending license is authorized pursuant to 8 V.S.A. § 2110(a)(1).
- Because no answer, request for a hearing, or other defense to the Petition has been received by the Banking Division from Respondent, and as more than 10 days have passed since the Insurance Division filed a motion for default judgment, the allegations contained in the Petition are treated as proven and a default judgment may be entered in the above-captioned matter pursuant to Sections 1.04(H) and (V) of the Vermont Department of Financial Regulation Administrative Procedures.
- Based on the findings of fact and conclusions of law set forth above, a default judgment is entered against Respondent, and it is hereby ordered that the Vermont commercial lending license # 1650379 CLL of Respondent BB&T Commercial Capital Corporation is revoked, effective immediately.
Dated at Montpelier, Vermont this 25th day of July 2022.
Kevin J. Gaffney
Commissioner of Financial Regulation
Vermont Department of Financial Regulation