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.
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.
Jorge L. Perez
Banking Commissioner
Banking Commissioner