In accordance with Governor Lamont's emergency declaration, employees and the public are asked to observe social distancing measures to ensure communal safety and to slow the spread of the novel coronavirus (COVID-19). People are asked to work from home and telecommute wherever possible. Adhering to these instructions, the Department of Banking has closed its offices to the public. However, agency staff will continue to provide services to consumers and industry through telework. When contacting the Department, please use electronic communication whenever possible. Agency staff will continue to check voicemails during this time. Consumers are encouraged to use our online form for complaints. If you are unsure where to send an inquiry, you may send it to Department.Banking@ct.gov and it will be routed appropriately. Thank you for your patience during this time.

The Department of Banking News Bulletin 

Bulletin # 2893 - Week Ending August 2, 2019

 

This bulletin constitutes the only official notification you will receive from this office concerning any of the following applications.  Any observations you may have are solicited.  Any comments should be in writing to Jorge L. Perez, Banking Commissioner, Department of Banking, 260 Constitution Plaza, Hartford, CT 06103-1800.  Written comments will be considered only if they are received within ten business days from the date of this bulletin.

 

CONSUMER CREDIT DIVISION ACTIVITY

Consent Order
 
On July 19, 2019, the Commissioner entered into a Consent Order with AvidXchange, Inc.(NMLS # 1494826) (“Avid”), a Delaware Corporation with its main office located in Charlotte, North Carolina. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that Avid engaged an entity to perform certain functions that the Commissioner concluded constitute money transmission activities for customers in Connecticut that never obtained or maintained a main office license to engage in the business of money transmission in this state, in violation of Section 36a-597(a) of the Connecticut General Statutes. As a result of such investigation, the Commissioner further alleged that Avid’s engagement of an entity to perform such functions constituting money transmission activities in this state, which entity did not obtain and maintain a money transmission license, caused Avid to be engaged in unsafe or unsound practices, in violation of Section 36a-608(a) of the Connecticut General Statutes. As part of the Consent Order, Avid paid a $10,000 civil penalty.
 

 
 

      Dated:  Tuesday, August 6, 2019

 

      Jorge L. Perez
      Banking Commissioner