Regulatory Alerts2020-03-27
Added · Updated
Consent Order Regarding Paycor, Inc. Violation of Connecticut Money Transmission Act
Paycor, Inc. must pay a $60,000 civil penalty and cease unlicensed money transmission activities in Connecticut following an investigation into violations of the Money Transmission Act. The order resolves allegations that Paycor operated without a license from at least July 16, 2015, despite receiving a formal opinion letter requiring licensure. Paycor has transferred its Connecticut payment activities to a compliant third-party entity and must ensure all future state activities are performed by licensed entities. The Consent Order becomes final upon issuance and prohibits Paycor from denying the allegations or creating the impression that the order lacks a factual basis.