The Department of Banking News Bulletin
Bulletin # 3158 - Week Ending August 30, 2024
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 directed to Jorge L. Perez, Banking Commissioner. Written comments will be considered only if they are received within ten business days from the date of this bulletin.
CONSUMER CREDIT DIVISION ACTIVITY
Temporary Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Issue Order to Cease and Desist and Notice of Intent to Impose Civil Penalty
On August 21, 2024, the Commissioner issued a Temporary Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Order and Notice”) in the matter of: Zions Debt Holdings, LLC (NMLS # 1906874) (“Respondent”), Orem, Utah. The Order and Notice was the result of an investigation by the Consumer Credit Division. The Commissioner alleges in the Order and Notice that: (1) Respondent’s acting within this state as a consumer collection agency without a consumer collection agency license constitutes violations of Section 36a 801(a) of the Connecticut General Statutes; (2) Respondent’s using false, deceptive or misleading representations in connection with the collection of a debt, including using a false representation or deceptive means to collect or attempt to collect a debt by holding itself out to Connecticut consumers as a consumer collection agency while unlicensed in Connecticut constitutes violations of subdivision (10) of Section 36a-809-11 of the Regulations of Connecticut State Agencies; and (3) Respondent’s making false statements in correspondence submitted to the Department during its investigation constitutes a violation of Section 36a-53a of the Connecticut General Statutes. The Commissioner found that the public welfare required immediate action to issue a Temporary Order to Cease and Desist against Respondent. Respondent was afforded an opportunity to request a hearing with regard to the allegations set forth in the Order and Notice.
Consent Order
On August 27, 2024, the Commissioner entered into a Consent Order with Insight Financial, LLC (NMLS # 2021417) (“Insight Financial”), Saint Petersburg, Florida. The Consent Order was based on an investigation by the Consumer Credit Division. As a result of such investigation, the Commissioner alleged that Insight Financial acted as a consumer collection agency in Connecticut without the required license in October 2021 and from March 2023 to February 2024, in violation of Section 36a-801(a) of the Connecticut General Statutes. As part of the Consent Order, Insight Financial paid $10,000 as a civil penalty and $800 as back licensing fees.
Dated: Tuesday, September 3, 2024
Jorge L. Perez
Banking Commissioner