Bulletin 3176 - January 3, 2025

The Department of Banking News Bulletin

Bulletin # 3176 - Week Ending January 3, 2025

This Bulletin constitutes the only official notification you will receive from this office concerning any of the following applications. Any observations you may have are solicited. Any comments should be directed to Jorge L. Perez, Banking Commissioner. Written comments will be considered only if they are received within ten business days from the date of this bulletin.

CONSUMER CREDIT DIVISION ACTIVITY

Consent Order

On December 31, 2024, the Commissioner entered into a Consent Order with Zions Debt Holdings, LLC (NMLS # 1906874) ("Zions"), Orem, Utah. The Consent Order resolved allegations made by the Commissioner in a Temporary Order to Cease and Desist, Order to Make Restitution, Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (collectively, "Order and Notice") against Zions on August 21, 2024. The Order and Notice was the result of an investigation by the Consumer Credit Division, and alleged that Zions: (1) acted within this state as a consumer collection agency without a license, in violation of Section 36a-801(a) of the Connecticut General Statutes; (2) used false, deceptive or misleading representations in connection with the collection of a debt, including using a false representation or deceptive means to collect or attempt to collect a debt by holding itself out to Connecticut consumers as a consumer collection agency while unlicensed in Connecticut, in violation of subdivision (10) of Section 36a-809-11 of the Regulations of Connecticut State Agencies; and (3) made false statements in correspondence submitted to the Department during the Investigation, in violation of Section 36a-53a of the Connecticut General Statutes. As part of the Consent Order, Zions paid $20,000 as a civil penalty and $800 as back licensing fees.

Dated: Tuesday, January 7, 2025

Jorge L. Perez
Banking Commissioner