Regulatory Alerts2021-11-26
Added · Updated
Order to Make Restitution, Notice of Intent to Revoke and Refuse to Renew Consumer Collection Agency License, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty, and Notice of Right to Hearing
The Banking Commissioner of Connecticut alleges that HOVG, LLC d/b/a Bay Area Credit Service, LLC violated Connecticut consumer collection agency statutes and regulations by operating from an unlicensed location, failing to remit collected funds within sixty days, commingling client funds, collecting amounts in excess of authorized debts, contacting debtors before 8:00 a.m., and failing to maintain required accounting records and a minimum tangible net worth of $50,000. These alleged violations provide grounds for the Commissioner to revoke and refuse to renew the respondent's license, issue an order to make restitution and cease and desist, and impose civil penalties of up to $100,000 per violation. The document serves as a Notice of Right to Hearing regarding these enforcement actions.