DOB: The Receivable Management Services Corporation - Order Accepting Surrender

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IN THE MATTER OF:

THE RECEIVABLE MANAGEMENT
SERVICES CORPORATION
d/b/a RMS

      ("Respondent")

   
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ORDER ACCEPTING SURRENDER        

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-809-17, inclusive, of the Regulations of Connecticut State Agencies) (“Regulations”);
 
WHEREAS, Respondent is a Delaware corporation with an office at 1000 Circle 75 Parkway, Suite 2000, Atlanta, Georgia (“Atlanta Office”) that is licensed to act as a consumer collection agency in Connecticut from the Atlanta Office for the October 1, 2011 through September 30, 2013 renewal period;
 
WHEREAS, the Commissioner, through the Consumer Credit Division (“Division”) of the Department of Banking, conducted an investigation pursuant to Section 36a-17(a) of the Connecticut General Statutes into the activities of Respondent to determine if it had violated, was violating or was about to violate the provisions of the Connecticut General Statutes or Regulations within the jurisdiction of the Commissioner;
 
WHEREAS, as a result of such investigation, on June 19, 2013, the Commissioner, acting pursuant to Sections 36a-802(b), 36a-52(b), 36a-804(a), 36a-804(a)(3), subsections (a) and (b) of Section 36a-51, 36a-804(b) and 36a-52(a) of the Connecticut General Statutes, issued a Notice of Automatic Suspension, Temporary Order to Cease and Desist, Notice of Intent to Revoke Consumer Collection Agency License, Notice of Intent to Issue Order to Cease and Desist and Notice of Right to Hearing (collectively “Notice”) against Respondent, which Notice is incorporated herein by reference;
 
WHEREAS, the Notice alleged that Respondent’s failure to maintain a surety bond that runs concurrently with the period of its consumer collection agency license would constitute sufficient grounds for the Commissioner to deny an application for such license pursuant to Section 36a-802(a) of the Connecticut General Statutes and constitutes a violation of Section 36a-802(a) of the Connecticut General Statutes, both of which constitute sufficient grounds for the Commissioner to revoke Respondent’s license to act as a consumer collection agency in Connecticut from the Atlanta Office pursuant to Sections 36a-804(a) and 36a-804(a)(3) and subsections (a) and (b) of Section 36a-51 of the Connecticut General Statutes, and forms a basis to issue an order to cease and desist against Respondent pursuant to Sections 36a-804(b) and 36a-52(a) of the Connecticut General Statutes;
 
WHEREAS, the Notice also stated that, pursuant to Section 36a-802(b) of the Connecticut General Statutes, on June 5, 2013, Respondent’s license to act as a consumer collection agency in Connecticut from the Atlanta Office was automatically suspended, pending proceedings for revocation;
 
WHEREAS, on June 20, 2013, the Notice was mailed by certified mail, return receipt requested, to Respondent (Certified Mail No. 70123050000216929799);
 
WHEREAS, on July 2, 2013, Respondent’s authorized agent provided evidence to the Division that under cover of a letter dated June 14, 2013, Respondent surrendered its consumer collection agency license in Connecticut for the Atlanta Office to the Commissioner, which license was received by the Commissioner on June 18, 2013;

AND WHEREAS, Section 36a-51(c) of the Connecticut General Statutes provides, in pertinent part, that “[a]ny licensee may surrender any license issued by the commissioner under any provision of the general statutes by surrendering the license to the commissioner in person or by registered or certified mail . . . .”

NOW THEREFORE, the Commissioner ORDERS the following:

1. The surrender of the license of The Receivable Management Services Corporation d/b/a RMS to act as a consumer collection agency in Connecticut from 1000 Circle 75 Parkway, Suite 2000, Atlanta, Georgia, was effective on June 18, 2013;
2. Upon issuance of this Order Accepting Surrender, this matter will be resolved and the Commissioner will not take any future enforcement action against The Receivable Management Services Corporation d/b/a RMS upon any allegation contained in the Notice and set forth herein;
3. This Order Accepting Surrender shall become final when issued.


Issued at Hartford, Connecticut
this 8th day of July 2013.                  ________/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner




This Order was mailed by certified mail,
return receipt requested, to Respondent
and Respondent’s agent
on July 9, 2013.


The Receivable Management               Certified Mail No. 7012 1010 0001 7317 4872
  Services Corporation d/b/a RMS
Attention:  Gregory Harmer, Vice President
335 Madison Avenue, 27th Floor
New York, NY 10017

The Receivable Management               Certified Mail No. 7012 1010 0001 7317 4889
  Services Corporation d/b/a RMS
c/o Cornerstone Support, Inc.
Attention:  Denise Robbins
70 Mansell Court, Suite 250
Roswell, GA 30076


Administrative Orders and Settlements