New Mexico Financial Institutions Division Regulatory Alert: Advantage Group

New Mexico Regulation and Licensing Department FINANCIAL INSTITUTIONS DIVISION Toney Anaya Building ▪ 2550 Cerrillos Road ▪ Santa Fe, New Mexico 87504 Mailing Address P.O. Box 25101 Santa Fe, NM 87504 Information (505) 476 -4500 ▪ Direct (505) 476-4885 ▪ Fax (505) 476 -4670 www.rld.state.nm.us/financialinstitutions Michelle Lujan Grisham Governor Marguerite Salazar Superintendent Claudia Armijo Deputy Superintendent Daniel Rubin General Counsel Christopher Moya Director of Financial Institutions Alcohol and Gaming Division (505) 476-4875 Boards and Commissions Division (505) 476-4600 Construction Industries Division (505) 476-4700 Financial Institutions Division (505) 476-4885 Manufactured Housing Division (505) 476-4770 Securities Division (505) 476-4580 Administrative Services Division (505) 476-4800 September 24, 2019 The purpose of this alert is to provide guidance to all customers-consumers of the Advantage Group (AKA: Albuquerque Collection Services; The Advantage Group; Advantage Network Systems; ACS, and AR Services). The Financial Institutions Division (Division) received complaints from the public which prompted a financial examination of the Advantage Group. These allegations are being actively investigated. The New Mexico Collection Agency Regulatory Act, §61-18A-1 NMSA 1978 et seq, specifically authorizes the Director of the Financial Institutions Division (FID) to deny/revoke a license under the Act if the applicant has violated any provision of the Act. The FID has filed a Notice of Contemplated Action to revoke the New Mexico collection agency license held by the Advantage Group. The FID encourages clients of the Advantage Group to contact us to report any irregular activities. Individual clients of the Advantage group are further recommended to consult legal counsel regarding their rights and obligations related to this matter, and may wish to consider alternate collection services, as well as contacting the bonding company for Advantage Group. The email for the bonding company is BSIclaims@travelers.com and the bond in question is #105150236. Should you have any questions or concerns, please contact FID Consumer Industry Manager, Juan Trevizo at (505) 476-4569 or via email at juan.trevizo@state.nm.us. Sincerely, Christopher Moya Director Financial Institutions Division REGULATORY ALERT