Regulatory Alerts2021-05-21
Added · Updated
Order Revoking Consumer Collection Agency License and Imposing Civil Penalty
The Banking Commissioner revokes the consumer collection agency license of Diversified Consultants, Inc. for violations including failing to report bankruptcy and net worth decreases, using an out-of-state bank for debtor funds, charging excessive collection fees, and failing to cooperate with examinations. The order also mandates that the company cease and desist from further violations of specified Connecticut General Statutes. Additionally, a civil penalty of $500,000 is imposed on the respondent, payable to the State of Connecticut within thirty days of the order's mailing.
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