DOB: Madison, Monroe & Associates P.A. - CO

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IN THE MATTER OF:

MADISON, MONROE &
ASSOCIATES P.A.

      ("Madison Monroe")

   
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CONSENT ORDER        

WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Sections 36a-671 to 36a-671e, inclusive, of the Connecticut General Statutes contained in Part II of Chapter 669 of the Connecticut General Statutes, “Debt Adjusters and Debt Negotiation”;
 
WHEREAS, Madison Monroe is a Florida corporation with a place of business at 1111 Park Centre Boulevard, Suite 206, Miami Gardens, Florida;
 
WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking, conducted an investigation of the activities of Madison Monroe, pursuant to Section 36a-17(a) of the 2012 Supplement to the General Statutes, to determine if Madison Monroe had violated, was violating or was about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;
 
WHEREAS, on June 5, 2012, the Commissioner, acting pursuant to Section 36a-52(b) of the Connecticut General Statutes, Section 36a-671a(b) of the 2012 Supplement to the General Statutes and Sections 36a-52(a) and 36a-50(a) of the Connecticut General Statutes, issued a Temporary Order to Cease and Desist (“Temporary Order”), Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively “Notice”) against Madison Monroe, which Notice is incorporated herein by reference;

WHEREAS, the Commissioner alleged in the Notice, with respect to the activity described therein, that Madison Monroe’s engaging in debt negotiation in this state without obtaining the required license constitutes a violation of Section 36a-671(b) of the Connecticut General Statutes, in effect prior to October 1, 2011;
 
WHEREAS, the Commissioner also alleged in the Notice, with respect to the activity described therein, that Madison Monroe’s failure to fully cooperate with the Commissioner during the course of an investigation constitutes a violation of Section 36a-17(d) of the 2012 Supplement to the General Statutes;
 
WHEREAS, as part of the Temporary Order, the Commissioner ordered, pursuant to Section 36a-52(b) of the Connecticut General Statutes, that among other things, Madison Monroe provide to the Director of the Consumer Credit Division a list of all Connecticut residents with whom it had entered into agreements for debt negotiation services to date where such agreements were entered into on and after October 1, 2009.  Such list was to include a copy of each agreement pursuant to which Madison Monroe provided or was providing debt negotiation services and each debtor’s name and address, and full itemization of each debtor’s payments made pursuant to the agreement, specifying the dates, amounts and to whom such payments were made;
 
WHEREAS, on June 6, 2012, the Notice was sent by certified mail, return receipt requested, to Madison Monroe (Certified Mail No. 70112000000247358437) and to Madison Monroe’s agent (Certified Mail No. 70112000000247358444);
 
WHEREAS, the Notice provided Madison Monroe 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 that Madison Monroe cease and desist from violating Section 36a-671(b) of the Connecticut General Statutes, in effect prior to October 1, 2011, and Section 36a-17(d) of the 2012 Supplement to the General Statutes, and may order a civil penalty in an amount not to exceed One Hundred Thousand Dollars ($100,000) per violation be imposed upon Madison Monroe;
 
WHEREAS, on June 8, 2012, Madison Monroe and its agent each received the Notice and no request for a hearing was received by the Commissioner;
 
WHEREAS, on August 21, 2012, the Commissioner issued an Order to Cease and Desist and Order Imposing Civil Penalty (“Order”), which is incorporated by reference herein;
 
WHEREAS, by email dated January 30, 2013, Madison Monroe’s counsel provided a list of Madison Monroe’s Connecticut clients, including the amount of fees paid by each Connecticut client, and Madison Monroe herein represents that such list comprises all Connecticut debtors who paid fees to Madison Monroe;
 
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 Madison Monroe now desire to resolve the matters alleged in the Notice and set forth herein;
 
WHEREAS, Madison Monroe voluntarily agrees to consent to the entry of the sanctions described below without admitting or denying any allegation contained in the Notice and set forth herein and solely for the purpose of obviating the need for further formal administrative proceedings concerning the allegations contained in the Notice and set forth herein and further judicial proceedings concerning the Order;
 
WHEREAS, Madison Monroe agrees that the Notice may be used in construing the terms of this Consent Order and agrees to the language of this Consent Order;
 
WHEREAS, in order to maximize the amount of refunds to Connecticut residents, the Commissioner has determined that no civil penalty will be imposed on Madison Monroe;
 
AND WHEREAS, Madison Monroe, through its execution of this Consent Order, 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, Madison Monroe, through its execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanctions:

1. Madison Monroe shall immediately cease and desist from violating Section 36a-671(b) of the Connecticut General Statutes in effect prior to October 1, 2011, and Section 36a-17(d) of the Connecticut General Statutes;
2. No later than the date this Consent Order is executed by Madison Monroe, Madison Monroe shall refund a total of Ten Thousand Dollars ($10,000) to the Connecticut residents listed in Exhibit A attached hereto.  Such payments are to be divided among such Connecticut residents who have not already received full refunds, calculated as a percentage of the $10,000.  The percentage for each Connecticut resident shall be calculated based on the numerator equal to the total fees paid by the Connecticut resident less any refunds paid to the Connecticut resident, and the denominator equal to the total fees received by Madison Monroe from all Connecticut residents listed in Exhibit A less all refunds already paid by Madison Monroe to all Connecticut residents.  Madison Monroe shall provide satisfactory evidence of such refunds to:  Carmine Costa, Division Director, Consumer Credit Division, Department of Banking, 260 Constitution Plaza, Hartford, Connecticut 06103-1800, or carmine.costa@ct.gov; and
3. Commencing on the date this Consent Order is executed by the Commissioner, Madison Monroe shall be PERMANENTLY BARRED from engaging or offering to engage in debt negotiation in this state in a manner requiring licensure pursuant to Sections 36a-671 to 36a-671e, inclusive, of the Connecticut General Statutes.


CONSENT ORDER

NOW THEREFORE, the Commissioner enters the following:

1. The sanctions set forth above be and are hereby entered;
2. Upon issuance of this Consent Order by the Commissioner, this matter will be resolved and the Commissioner will not take any future enforcement action against Madison Monroe based upon the allegations contained in the Notice and set forth herein; provided that issuance of this Consent Order is without prejudice to the right of the Commissioner to take enforcement action against Madison Monroe based upon a violation of this Consent Order or the matters underlying its entry, if the Commissioner determines that compliance with the terms herein is not being observed or if any representation made by Madison Monroe and reflected herein is subsequently discovered to be untrue;
3. This Consent Order shall become final when issued.



Issued at Hartford, Connecticut
this 5th day of April 2013.                 ________/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner



I, Rafael Ulloa, state on behalf of Madison, Monroe & Associates P.A., 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 Madison, Monroe & Associates P.A.; that Madison, Monroe & Associates P.A., agrees freely and without threat or coercion of any kind to comply with the provisions of this Consent Order; and that Madison, Monroe & Associates P.A., 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:  Rafael Ulloa
                                                     Title:  CEO
                                                     Madison, Monroe & Associates P.A.

State of:  Florida

County of:  Broward


On this the 19th day of March 2013, before me, ___________________________________, the undersigned officer, personally appeared ______________________, who acknowledged himself/herself to be the __________________________ of Madison, Monroe & Associates P.A., a corporation, and that he/she as such __________________________, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself/herself as __________________________.

In witness whereof I hereunto set my hand.


                                                       _________/s/_________
                                                       Notary Public  
                                                       Date Commission Expires:  Apr. 25, 2016


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