Regulatory Alerts2024-08-09
Added · Updated
Order of Summary Suspension and Temporary Cease and Desist Against Kason Credit Corporation
The Banking Commissioner summarily suspends the Connecticut consumer collection agency license of Kason Credit Corporation d/b/a K.C.C and issues a temporary order to cease and desist due to the entity's failure to file required financial statements for fiscal years ending March 31, 2022, and March 31, 2023. The order mandates that the respondent immediately stop acting as a consumer collection agency, except for winding down activities, and requires the submission of detailed accountings of debtor accounts and trust funds to clients and the Division within fourteen days. Additionally, the respondent must remit all trust monies to clients within thirty days, secure all records, and place unearned fees in a separate escrow account. The Commissioner intends to revoke and refuse to renew the license, with a hearing scheduled for October 2, 2024, if requested within fourteen days of receipt.