Regulatory Alerts2021-12-10
Added · Updated
Order of Summary Suspension and Temporary Order to Cease and Desist Against Yes Online Inc
The Connecticut Banking Commissioner summarily suspends the consumer collection agency license of Yes Online Inc d/b/a Dynamic Legal Recovery and issues a temporary order to cease and desist due to the entity's failure to cooperate with a regulatory examination. The order requires the respondent to immediately stop acting as a collection agency, except for winding down activities, and mandates 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 records, and notify clients of the suspension, while facing potential license revocation and civil penalties of up to $100,000 per violation.