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BB&T Commercial Equipment Capital Corporation Default Judgment and Order

Order
BB&T -22-013-B
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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

 

  1. Respondent BB&T Commercial Equipment Capital Corporation (“Respondent”) holds Vermont commercial lending license # 1650379 CLL.
  2. Respondent failed to renew license # 1650379 CLL by December 1, 2021, including by failing to pay the license renewal fee.
  3. 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.
  4. 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.
  5. 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

 

  1. 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).
  2. 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.

III.ORDER

 

  1. 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.

                                               

 

By: ________________________________

      Kevin J. Gaffney                                     

      Commissioner of Financial Regulation

      Vermont Department of Financial Regulation