The Department of Banking News Bulletin
Bulletin # 3164 - Week Ending October 11, 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
Consent Order
On October 10, 2024, the Commissioner entered into a Consent Order with Kason Credit Corporation d/b/a K.C.C (NMLS # 1414138) (“Kason”), Enfield, Connecticut. The Consent Order resolved allegations made by the Commissioner in an Order of Summary Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke and Refuse to Renew Consumer Collection Agency License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing against Kason issued on August 2, 2024 (“Order and Notice”). The Order and Notice was the result of an investigation by the Consumer Credit Division. The Order and Notice alleged that Kason: (1) failed to submit the required financial statements for the retention of its license to act as a consumer collection agency, which rendered the Commissioner unable to determine that the financial responsibility of Kason is such to warrant the belief that the business will be operated soundly and efficiently, in the public interest and consistent with the purposes of Sections 36a-800 to 36a-814, inclusive, as required pursuant to Section 36a-801(c)(2) of the Connecticut General Statute; and (2) failed to provide the information requested during the investigation, in violation of Section 36a-17(e) of the Connecticut General Statutes. As part of the Consent Order, among other items, Kason submitted financial statements prepared by a certified public accountant for the fiscal years ending March 31, 2022, March 31, 2023, and March 31, 2024, to the satisfaction of the Commissioner.
Dated: Tuesday, October 15, 2024
Jorge L. Perez
Banking Commissioner