Regulatory Alerts2022-07-08
Added · Updated
Consent Order Imposing Sanctions on TrueAccord Corp.
TrueAccord Corp. must pay a $10,000 civil penalty and refund all amounts collected from Connecticut borrowers on small loans made by unlicensed lenders affiliated with federally recognized Native American tribes by July 1, 2022. The company is required to cease collecting payments on such non-compliant small loans and must implement policies to ensure trust accounts contain only reasonable funds for service charges. Additionally, TrueAccord must stop soliciting financial products in consumer communications unless the creditor is licensed and proper fee disclosures are made.
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