| * * * * * * * * * * * * * * * * * * * * * * * * IN THE MATTER OF: AMOS FINANCIAL LLC | * * * * * * * * * | CONSENT ORDER |
WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part XII of Chapter 669, Sections 36a-800 to 36a-812, inclusive, of the Connecticut General Statutes, “Consumer Collection Agencies”, and the regulations promulgated thereunder, Sections 36a-809-6 to 36a-809-17, inclusive, of the Regulations of Connecticut State Agencies (“Regulations”);
WHEREAS, Amos Financial is an Illinois limited liability company with an office at 3330 Skokie Valley Road, Suite 301, Highland Park, Illinois, that is not currently licensed to act as a consumer collection agency in Connecticut;
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 Amos Financial to determine if it had violated, was violating or was about to violate the provisions of the Connecticut General Statutes and Regulations within the jurisdiction of the Commissioner;
WHEREAS, as a result of such investigation, the Commissioner alleges that prior to January 10, 2015, Amos Financial acted within this state as a consumer collection agency without the requisite consumer collection agency licenses, in violation of Section 36a-801(a) of the then applicable Connecticut General Statutes;
WHEREAS, the Commissioner believes that such allegation would support the initiation of enforcement proceedings against Amos Financial, including proceedings to issue a cease and desist order against Amos Financial pursuant to Section 36a-804(b) of the Connecticut General Statutes, as amended by Public Act 15-235, and Section 36a-52(a) of the Connecticut General Statutes, and impose a civil penalty of up to one hundred thousand dollars ($100,000) per violation upon Amos Financial pursuant to Section 36a-804(b) of the Connecticut General Statutes, as amended, and Section 36a-50(a) of the Connecticut General Statutes;
WHEREAS, initiation of such enforcement proceedings would constitute a “contested case” within the meaning of Section 4-166(4) 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 consent order, unless precluded by law;
WHEREAS, both the Commissioner and Amos Financial acknowledge the possible consequences of formal administrative proceedings, and Amos Financial voluntarily agrees to consent to the entry of the sanctions imposed below without admitting or denying the allegation set forth herein, and solely for the purpose of obviating the need for formal administrative proceedings concerning the allegation set forth herein;
WHEREAS, Amos Financial specifically assures the Commissioner that the violation alleged herein shall not occur in the future;
WHEREAS, on June 9, 2015, Amos Financial filed a Main Office – Application for Consumer Collection Agency License with the Commissioner, which is currently pending;
AND WHEREAS, Amos Financial, through its execution of this Consent Order, voluntarily agrees to waive its procedural rights, including a right to notice and an opportunity for a hearing as it pertains to the allegation set forth herein, and voluntarily waives its right to seek judicial review or otherwise challenge or contest the validity of this Consent Order.
CONSENT TO ENTRY OF SANCTIONS
WHEREAS, Amos Financial, through its execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanctions:
| 1. | No later than the date this Consent Order is executed by Amos Financial, Amos Financial 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 Ten Thousand Dollars ($10,000) as a civil penalty; |
| 2. | Amos Financial shall immediately cease and desist from acting as consumer collection agency in Connecticut without a license, in violation of Section 36a-801(a) of the Connecticut General Statutes, as amended by Public Act 15-235. |
CONSENT ORDER
NOW THEREFORE, the Commissioner enters the following:
| 1. | The Sanctions set forth above be and are hereby entered; |
| 2. | Upon issuance of this Consent Order by the Commissioner, this matter will be resolved and the Commissioner will not take any future enforcement action against Amos Financial based upon the allegation contained herein; provided that issuance of this Consent Order is without prejudice to the right of the Commissioner to take enforcement action against Amos Financial based upon a violation of this Consent Order or the matters underlying its entry, if the Commissioner determines that compliance with the terms herein is not being observed or if any representation made by Amos Financial and reflected herein is subsequently discovered to be untrue; |
| 3. | Nothing in the issuance of this Consent Order shall adversely affect the ability of Amos Financial to apply for or obtain a license or renewal license under Part XII of Chapter 669, Sections 36a-800 to 36a-812 et seq., of the Connecticut General Statutes; and |
| 4. | This Consent Order shall become final when issued. |
Issued at Hartford, Connecticut
this 10th day of September 2015. _______/s/_________
Jorge L. Perez
Banking Commissioner
I, Brian C. Donegan, state on behalf of Amos Financial LLC, that I have read the foregoing Consent Order; that I know and fully understand its contents; that I am authorized to execute this Consent Order on behalf of Amos Financial LLC; that Amos Financial LLC agrees freely and without threat or coercion of any kind to comply with the sanctions entered and terms and conditions ordered herein; and that Amos Financial LLC voluntarily agrees to enter into this Consent Order, expressly waiving the procedural rights set forth herein as to the matters described herein.
________/s/___________
Name: Brian C. Donegan
Title: General Counsel
Amos Financial LLC
State of: Illinois
County of: Lake
On this the 8th day of September 2015, before me, John Carroll, the undersigned officer, personally appeared Brian C. Donegan who acknowledged himself to be the General Counsel of Amos Financial LLC, a member managed/manager managed limited liability company, and that he as such General Counsel, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the limited liability company by himself as General Counsel.
In witness whereof I hereunto set my hand.
_________/s/_________
Notary Public
Date Commission Expires: 9/24/2016