DOB: Regent Asset Management Solutions - Rev-Ref Ren

* * * * * * * * * * * * * * * * * * *

IN THE MATTER OF:

REGENT ASSET MANAGEMENT
SOLUTIONS NORTH AMERICA, LLC

    ("Respondent")

* * * * * * * * * * * * * * * * * * *

*
*
*
*
*
*
*
*
*
*

ORDER REVOKING AND REFUSING
TO RENEW CONSUMER COLLECTION
AGENCY LICENSE


I.  PRELIMINARY STATEMENT

WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part XII of Chapter 669, Sections 36a-800 to 36a-810, inclusive, of the Connecticut General Statutes, “Consumer Collection Agencies”, and the regulations promulgated thereunder (Sections 36a-809-6 to 36a-807-17, inclusive, of the Regulations of Connecticut State Agencies);
 
WHEREAS, the Commissioner, through the Consumer Credit Division (“Division”) of the Department of Banking, conducted an investigation of the activities of Respondent, pursuant to the authority granted by Section 36a-17 of the Connecticut General Statutes, to determine if Respondent had violated, was violating or was about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;
 
WHEREAS, on May 9, 2011, the Commissioner, acting pursuant to Section 36a-804(a) and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes, issued a Notice of Intent to Revoke and Refuse to Renew Consumer Collection Agency License and Notice of Right to Hearing (collectively “Notice”) against Respondent, which Notice is incorporated herein by reference;
 
WHEREAS, on May 10, 2011, the Notice was sent by registered mail, return receipt requested, to Respondent (Registered Mail No. RB028037941US), and its agent (Registered Mail No. RB028037938US);
 
WHEREAS, the Notice provided Respondent with the opportunity for a hearing and stated that if a hearing was not requested within 14 days of its receipt, the Commissioner would issue an order revoking and refusing to renew Respondent’s license to act as a consumer collection agency in Connecticut from 8665 West 96th Street, Suite 100, Overland Park, Kansas (“Overland Park Office”);
 
WHEREAS, on May 17, 2011, Respondent’s agent received the Notice, and on May 27, 2011, Respondent received the Notice and no request for a hearing has been received by the Commissioner;
 
WHEREAS, the Commissioner alleged in the Notice, with respect to the activity described therein, that Respondent’s failure to provide information requested by the Division to complete Respondent’s application for the renewal of its consumer collection agency license renders the Commissioner unable to determine that Respondent is in all respects properly qualified and that the granting of a consumer collection agency license to Respondent is not against the public interest, which constitutes grounds to deny an application for such license and, in turn, constitutes grounds for the Commissioner to revoke and refuse to renew Respondent’s license to act as a consumer collection agency in Connecticut from the Overland Park Office, pursuant to Section 36a-804(a) and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes.
 
WHEREAS, Section 36a-51(b) of the Connecticut General Statutes provides, in pertinent part, that “[i]f the licensee does not request a hearing within the time specified in the notice . . . , the commissioner shall . . . revoke or refuse to renew the license.  No such license shall be . . . revoked except in accordance with the provisions of chapter 54”;
 
AND WHEREAS, Section 36a-1-31(a) of the Regulations of Connecticut State Agencies provides, in pertinent part, that “[w]hen a party fails to request a hearing within the time specified in the notice, the allegations against the party may be deemed admitted.  Without further proceedings or notice to the party, the commissioner shall issue a final decision in accordance with section 4-180 of the Connecticut General Statutes and section 36a-1-52 of the Regulations of Connecticut State Agencies”.
 
 
II.  FINDINGS OF FACT AND CONCLUSIONS OF LAW

1.
The Commissioner finds that the matters asserted, as set forth in paragraphs 1 through 5, inclusive, of Section II of the Notice shall constitute findings of fact within the meaning of Section 4-180(c) of the Connecticut General Statutes, and that the conclusions as set forth in Section III of the Notice shall constitute conclusions of law within the meaning of Section 4-180(c) of the Connecticut General Statutes and Section 36a-1-52 of the Regulations of Connecticut State Agencies.
2.
The Commissioner finds that Respondent has engaged in acts or conduct which, pursuant to Section 36a-804(a) and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes, constitutes sufficient grounds to revoke and refuse to renew Respondent’s license to act as a consumer collection agency in Connecticut from the Overland Park Office.
3.
The Commissioner finds that the Notice was given in compliance with subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes and 4-177 of the Connecticut General Statutes.
 

III.  ORDER

Having read the record, I HEREBY ORDER, pursuant to Section 36a-804(a) and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes, that:

1.
The license of Regent Asset Management Solutions North America, LLC to act as a consumer collection agency in Connecticut from 8665 West 96th Street, Suite 100, Overland Park, Kansas, be and is hereby REVOKED;
2.
The license of Regent Asset Management Solutions North America, LLC to act as a consumer collection agency in Connecticut from 8665 West 96th Street, Suite 100, Overland Park, Kansas, NOT BE RENEWED; and
3.
This Order shall become effective when mailed.
 


Dated at Hartford, Connecticut
this 29th day of June 2011.                       ________/s/_________
                                                            Howard F. Pitkin
                                                            Banking Commissioner

 

This order was mailed by certified mail,
return receipt requested, to Respondent and its agent
on June 30, 2011.


Regent Asset Management          Certified Mail No. 70101870000136192956
Solutions North America, LLC
Attention:  Joy Chamlee
Cornerstone Support, Inc.
11111 Houze Road, Suite 200
Roswell, Georgia 30076

Regent Asset Management          Certified Mail No. 70101870000136192963
Solutions North America, LLC
P.O. Box 351448
Westminster, CO 80035


Administrative Orders and Settlements