DOB: Approved Credit Solutions LLC - CO

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

IN THE MATTER OF:

APPROVED CREDIT SOLUTIONS LLC

      ("Approved Credit Solutions")  

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

*
*
*
*
*
*
*
*
*
*

CONSENT ORDER        

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, Approved Credit Solutions is an Indiana limited liability company with an office at 107 N State Road 135, Suite 301, Greenwood, Indiana.  At all times relevant hereto, Approved Credit Solutions was not licensed to act as a consumer collection agency in Connecticut under Part XII of Chapter 669, Sections 36a-800, et seq., of the Connecticut General Statutes nor was it exempt from such licensure;
 
WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking, conducted an investigation pursuant to Section 36a-17(a) of the Connecticut General Statutes into the activities of Approved Credit Solutions 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, on March 31, 2014, as a result of such investigation, the Commissioner, acting pursuant to Sections 36a-804(b), 36a-52(a) and 36a-50(a) of the Connecticut General Statutes, issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing against Approved Credit Solutions (“Notice”), which Notice is incorporated by reference herein;
 
WHEREAS, on April 1, 2014, the Notice was sent by certified mail, return receipt requested, to Approved Credit Solutions (Certified Mail Nos. 70121010000173173363 and 70121010000173173387) and its Registered Agent (Certified Mail No. 70121010000173173370);
 
WHEREAS, on April 4, 2014, Approved Credit Solutions received the Notice, and on April 15, 2014, Approved Credit Solutions requested a hearing on the Notice, which hearing is currently scheduled for July 16, 2014;
 
WHEREAS, the Commissioner alleged in the Notice that Approved Credit Solutions acted as a consumer collection agency in Connecticut without the required license, in violation of Section 36a-801(a) of the Connecticut General Statutes in effect prior to October 1, 2013;
 
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, both the Commissioner and Approved Credit Solutions acknowledge the possible consequences of formal administrative proceedings, and Approved Credit Solutions voluntarily agrees to consent to the entry of the sanction 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 allegation contained in the Notice and set forth herein;
 
WHEREAS, by letter dated February 25, 2013, Approved Credit Solutions represented that it had ceased collection activity in Connecticut;
 
WHEREAS, Approved Credit Solutions specifically assures the Commissioner that the violation described herein shall not occur in the future;
 
WHEREAS, on March 26, 2013, Approved Credit Solutions filed an application with the Commissioner for a license to act as a consumer collection agency in Connecticut, which licensed was issued on May 29, 2014;
 
AND WHEREAS, Approved Credit Solutions, through its execution of this Consent Order, voluntarily agrees to waive its procedural rights, including a right to a hearing as it pertains to the allegation set forth in the Notice and set forth herein, and voluntarily waives its right to seek judicial review or otherwise challenge or contest the validity of this Consent Order.


CONSENT TO ENTRY OF SANCTION

WHEREAS, Approved Credit Solutions, through its execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanction:

No later than the date this Consent Order is executed by Approved Credit Solutions, Approved Credit Solutions shall remit to the Department of Banking by cashier’s check, certified check or money order made payable to “Treasurer, State of Connecticut”, the sum of Three Thousand Dollars ($3,000) as a civil penalty.

CONSENT ORDER

NOW THEREFORE, the Commissioner enters the following:

1.The Sanction set forth above be and is 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 Approved Credit Solutions based upon the allegation contained in the Notice and as set forth herein; provided that issuance of this Consent Order is without prejudice to the right of the Commissioner to take enforcement action against Approved Credit Solutions 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 Approved Credit Solutions and reflected herein is subsequently discovered to be untrue;
3.Nothing in the issuance of this Consent Order shall adversely affect the ability of Approved Credit Solutions to apply for or obtain an original license or renewal licenses under Part XII of Chapter 669, Sections 36a-800 et seq., of the Connecticut General Statutes; and
4.This Consent Order shall become final when issued.


Issued at Hartford, Connecticut
this 1st day of July 2014.                 _______/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner


I, Derrick Christy, state on behalf of Approved Credit Solutions LLC, 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 Approved Credit Solutions LLC; that Approved Credit Solutions LLC agrees freely and without threat or coercion of any kind to comply with the sanction entered and terms and conditions ordered herein; and that Approved Credit Solutions LLC 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:  Derrick Christy 
                                                  Title:  Managing Member
                                                  Approved Credit Solutions LLC

State of:  Indiana

County of:  Johnson


On this the 27th day of June 2014, before me, Kelly Dillon, the undersigned officer, personally appeared Derrick Christy who acknowledged himself/herself to be the Managing Member of Approved Credit Solutions LLC, a member managed/manager managed limited liability company, and that he/she as such Managing Member, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the limited liability company by himself/herself as Managing Member.

In witness whereof I hereunto set my hand.


                                                       _________/s/_________
                                                       Notary Public  
                                                       Date Commission Expires:  February 22, 2017



Administrative Orders and Settlements