Regulatory Alerts2021-02-26
Added · Updated
Notice of Automatic Suspension, Intent to Revoke License, Cease and Desist, and Civil Penalty for Diversified Consumer Collection Consultants, Inc.
The Connecticut Banking Commissioner automatically suspended the consumer collection agency license of Diversified Consumer Collection Consultants, Inc. effective August 12, 2020, due to the cancellation of its required surety bond. The Commissioner intends to revoke the license, issue a cease and desist order, and impose civil penalties of up to $100,000 per violation for failing to maintain a $50,000 net worth, filing for bankruptcy without notice, using an out-of-state bank for debtor monies, charging excessive collection fees, and failing to pay examination fees. A hearing to contest these actions must be requested within fourteen days of receipt, with a remote hearing scheduled for April 20, 2021, if requested.
Topics
Share