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IN THE MATTER OF:

PRAXIS FINANCIAL
SOLUTIONS, INCORPORATED
NMLS # 934192

       ("Praxis Financial Solutions")
   
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CONSENT ORDER  

AND

ORDER WITHDRAWING
AUTOMATIC SUSPENSION
      

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, Praxis Financial Solutions is a corporation organized under the laws of the State of Illinois with an office located at 7301 North Lincoln Avenue, Suite 220, Lincolnwood, Illinois;

WHEREAS, on November 18, 2016, the Commissioner, acting pursuant to Section 36a-802(b), subsections (a) and (b) of Section 36a-51, and subsections (a) and (b) of Section 36a-52 of the Connecticut General Statutes, and Sections 36a-804(a), 36a-804(a)(3) and 36a-804(b) of the 2016 Supplement to the General Statutes, issued a Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke Consumer Collection Agency License, Notice of Intent to Issue Order to Cease and Desist, and Notice of Right to Hearing (collectively “Order and Notice”) against Praxis Financial Solutions, which Order and Notice is incorporated by reference;

WHEREAS, the Order and Notice alleged that Praxis Financial Solutions, in violation of Section 36a-802(a) of the Connecticut General Statutes, as amended by Public Act 16-65, failed to maintain a surety bond that runs concurrently with the period of the license granted to Praxis Financial Solutions to act within this state as a consumer collection agency from 7301 North Lincoln Avenue, Suite 220, Lincolnwood, Illinois;

WHEREAS, on November 25, 2016, Praxis Financial Solutions received the Order and Notice, and no request for a hearing was received by the Commissioner;

WHEREAS, on February 13, 2017, Praxis Financial Solutions filed with the Commissioner, through the Nationwide Multistate Licensing System and Registry (“NMLS”), a replacement bond numbered E064880 issued by Great American Insurance Company, effective October 15, 2016;

WHEREAS, Praxis Financial Solutions therefore did maintain a surety bond that runs concurrently with the period of the license granted to Praxis Financial Solutions to act within this state as a consumer collection agency from 7301 North Lincoln Avenue, Suite 220, Lincolnwood, Illinois, but failed to provide notice of such to the Commissioner;

WHEREAS, in February 2017, the Commissioner determined that Praxis Financial Solutions, despite being appropriately bonded, did not cease acting as a consumer collection agency in Connecticut after its license was automatically suspended on November 3, 2016;

WHEREAS, the Commissioner alleges that Praxis Financial Solutions thus acted as a consumer collection agency in Connecticut without the requisite license, in violation of Section 36a-801(a) of the Connecticut General Statutes;

WHEREAS, such allegations would constitute grounds for additional enforcement proceedings against Praxis Financial Solutions, including, without limitation, proceedings to issue a notice of intent to revoke or refuse to renew Praxis Financial Solutions’ consumer collection agency license pursuant to Section 36a-804 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, Praxis Financial Solutions agrees to voluntarily enter into the terms of this Consent Order and Order Withdrawing Automatic Suspension;

WHEREAS, Praxis Financial Solutions specifically assures the Commissioner that the violation alleged herein shall not occur in the future;

WHEREAS, Praxis Financial Solutions acknowledges that this Consent Order is a public record and is a reportable event for the purposes of NMLS, as applicable;

AND WHEREAS, Praxis Financial Solutions, through its execution of this Consent Order and Order Withdrawing Automatic Suspension, voluntarily agrees to waive its procedural rights, including a right to a hearing as it pertains to the allegations contained in the Order and Notice and set forth herein, and voluntarily waives the right to seek judicial review or otherwise challenge or contest the validity of this Consent Order and Order Withdrawing Automatic Suspension.


CONSENT TO ENTRY OF SANCTIONS

WHEREAS, Praxis Financial Solutions, through its execution of this Consent Order and Order Withdrawing Automatic Suspension, consents to the Commissioner’s imposition of the following sanctions:

1. Praxis Financial Solutions shall remit to the Department of Banking by wire transfer, cashier’s check, certified check or money order made payable to “Treasurer, State of Connecticut”, the sum of Five Thousand Dollars ($5,000) as a civil penalty, which may be paid in two equal installments of Two Thousand Five Hundred Dollars ($2,500), provide that the first installment is made by March 31, 2017, and the second installment is made by April 30, 2017; and
2.
Praxis Financial Solutions shall cease and desist from violating Section 36a-802 of the Connecticut General Statutes, as amended by Public Act 16-65, and agrees to maintain a surety bond that runs concurrently with the period of any consumer collection agency license issued to it under Part XII of Chapter 669 of the Connecticut General Statutes;

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 and Order Withdrawing Automatic Suspension by the Commissioner, this matter will be resolved and the Commissioner will not take any future enforcement action against Praxis Financial Solutions based upon the allegations contained herein or in the Order and Notice; provided that issuance of this Consent Order and Order Withdrawing Automatic Suspension is without prejudice to the right of the Commissioner to take enforcement action against Praxis Financial Solutions based upon a violation of this Consent Order and Order Withdrawing Automatic Suspension 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 Praxis Financial Solutions and reflected herein is subsequently discovered to be untrue.  For purposes of this paragraph, a violation of this Consent Order and Order Withdrawing Automatic Suspension shall be deemed to be a violation of an order of the Commissioner.
3. Subject to the foregoing, and so long as this Consent Order and Order Withdrawing Automatic Suspension is promptly disclosed by Praxis Financial Solutions on NMLS, as applicable, nothing in this Consent Order and Order Withdrawing Automatic Suspension shall adversely affect the ability of Praxis Financial Solutions to apply for or obtain a license or renewal license under Part XII of Chapter 669 of the Connecticut General Statutes in the future;
4.
The Notice of Automatic Suspension of the license of Praxis Financial Solutions to act as a consumer collection agency in this state from 7301 North Lincoln Avenue, Suite 220, Lincolnwood, Illinois, issued on November 18, 2016, is hereby WITHDRAWN; and
5.
This Consent Order and Order Withdrawing Automatic Suspension shall become final when issued.


Dated at Hartford, Connecticut
this 11th day of April 2017.                   ______/s/__________
                                                       Jorge L. Perez
                                                       Banking Commissioner

I, Ashor DeKelaita, state on behalf of Praxis Financial Solutions, Incorporated, that I have read the foregoing Consent Order and Order Withdrawing Automatic Suspension; that I know and fully understand its contents; that I am authorized to execute this Consent Order and Order Withdrawing Automatic Suspension on behalf of Praxis Financial Solutions, Incorporated; that Praxis Financial Solutions, Incorporated agrees freely and without threat or coercion of any kind to comply with the sanctions entered herein; and that Praxis Financial Solutions, Incorporated voluntarily agrees to enter into this Consent Order and Order Withdrawing Automatic Suspension, expressly waiving the procedural rights set forth herein as to the matters described herein.

                                                 By: ________/s/___________
                                                       Name:  Ashor DeKelaita
                                                       Title:  CEO
                                                       Praxis Financial Solutions, Incorporated


State of:  Illinois

County of:  Cook

On this the 23rd day of March 2017, before me, Riva Younan, the undersigned officer, personally appeared Ashor DeKelaita who acknowledged himself/herself to be the CEO of Praxis Financial Solutions, Incorporated, a corporation, and that he/she as such CEO, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself/herself as CEO.

In witness whereof I hereunto set my hand.


                                                     __________/s/___________
                                                     Notary Public:  
                                                     Date Commission Expires:  11/15/2020

Administrative Orders and Settlements