WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part XII of Chapter 669, Sections 36a-800 to 36a-814, 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, Trident Asset Management is a Georgia limited liability company with an office located at 53 Perimeter Center East, Suite 440, Atlanta, Georgia;

WHEREAS, Orion Portfolio Services is a Georgia limited liability company with an office located at 53 Perimeter Center East, Suite 450, Atlanta, Georgia;

WHEREAS, OPS 9, L.L.C is a Georgia limited liability company with an office located at 53 Perimeter Center East, Suite 450, Atlanta, Georgia;

WHEREAS, Trident Asset Management was licensed to act as a consumer collection agency in Connecticut from January 20, 2011 through December 31, 2016;

WHEREAS, Trident Asset Management is not currently licensed to act as a consumer collection agency in Connecticut;

WHEREAS, on September 1, 2017, Trident Asset Management filed an application with the Commissioner on the Nationwide Multistate Licensing System and Registry (“NMLS”) to obtain a consumer collection agency license in Connecticut, which application is currently pending;

WHEREAS, Orion Portfolio Services and OPS 9 have never been licensed to act as consumer collection agencies 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 Respondents to determine if they had violated, were violating or were about to violate the provisions of the Connecticut General Statutes and Regulations within the jurisdiction of the Commissioner;

WHEREAS, as a result of the investigation, the Commissioner alleges that Orion Portfolio Services and OPS9 acted within this state as consumer collection agencies without the requisite licenses, in violation of Section 36a-801(a) of the Connecticut General Statutes, by acquiring Connecticut consumer debt that was either delinquent or in default at the time it was acquired and indirectly collecting on such debt through the use of other consumer collection agencies from at least February 2015 to September 2017;

WHEREAS, as a result of the investigation, the Commissioner alleges that Orion Portfolio Services utilized at least one other consumer collection agency that was not licensed in Connecticut, in violation of Section 36a-806(b) of the Connecticut General Statutes;

WHEREAS, as a result of the investigation, the Commissioner alleges that from at least January 1, 2017 to September 2017, Trident Asset Management acted within this state as a consumer collection agency without the requisite license by collecting on consumer debt owned by Orion Portfolio Services, in violation of Section 36a-801(a) of the Connecticut General Statutes;

WHEREAS, the Commissioner believes that such allegations would support the initiation of enforcement proceedings against Respondents, including, without limitation, proceedings to issue a cease and desist order against Respondents pursuant to Section 36a-804(b) of the Connecticut General Statutes and Section 36a-52(a) of the 2018 Supplement to the General Statutes, and impose a civil penalty of up to one hundred thousand dollars ($100,000) per violation upon Respondents pursuant to Section 36a-804(b) of the Connecticut General Statutes and Section 36a-50(a) of the 2018 Supplement to the 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, the Commissioner and each Respondent acknowledge the possible consequences of formal administrative proceedings, and each Respondent voluntarily agrees to consent to the entry of the sanctions imposed below solely for the purpose of obviating the need for formal administrative proceedings concerning the allegations set forth herein;

WHEREAS, the Commissioner and Respondents now desire to resolve the matters set forth herein;

WHEREAS, Trident Asset Management represents to the Commissioner that it has reviewed and updated its internal policies, procedures and controls for timely and accurately applying for licensure and renewal licensure on NMLS;

WHEREAS, Orion Portfolio Services and OPS 9 represent that they have written off all acquired delinquent or defaulted Connecticut consumer debt and ceased directly or indirectly collecting on such debt;

WHEREAS, each Respondent specifically assures the Commissioner that the violations alleged herein shall not occur in the future;

WHEREAS, each Respondent acknowledges that this Consent Order is a public record and is a reportable event for purposes of the regulatory disclosure questions on NMLS, as applicable;

AND WHEREAS, each Respondent, through its execution of this Consent Order, voluntarily agrees to waive its procedural rights, including a right to a notice and an opportunity for a hearing as it pertains to the allegations 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, Respondents, through their execution of this Consent Order, consent to the Commissioner’s entry of a Consent Order imposing the following sanctions:

CONSENT ORDER

NOW THEREFORE, the Commissioner enters the following:

Issued at Hartford, Connecticut
this 30th day of May 2018.                                  ______/s/__________
                                                                      Jorge L. Perez
                                                                      Banking Commissioner

I, Scot Groghan, state on behalf of Trident Asset Management, L.L.C. d/b/a Trident AM. L.L.C., 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 Trident Asset Management, L.L.C. d/b/a Trident AM. L.L.C.; that Trident Asset Management, L.L.C. d/b/a Trident AM. L.L.C., agrees freely and without threat or coercion of any kind to comply with the sanctions entered herein; and that Trident Asset Management, L.L.C. d/b/a Trident AM. L.L.C., voluntarily agrees to enter into this Consent Order, expressly waiving the procedural rights set forth herein as to the matters described herein.

                                                             By: ________/s/___________
                                                                   Name:  Scot Groghan
                                                                   Title:  Counsel
                                                                   Trident Asset Management, L.L.C.
                                                                   d/b/a Trident AM. L.L.C.