Debt Relief Industry Sued or Sanctioned

CareOne Agrees to Pay Fine of 300K to Connecticut Department of Banking

Written by Steve Rhode

CareOne has entered a consent for sanctions against it for offering unlicensed debt negotiation services to Connecticut residents.

You would think that a company the size of CareOne would not have let that happened but there it is.

According to the State:

WHEREAS, on August 4, 2011, CareOne filed with the Commissioner an application to engage and offer to engage in debt negotiation in this state (“Application”), which Application is currently pending;

WHEREAS, on August 20, 2012, the Commissioner, through the Consumer Credit Division of the Department of Banking, conducted an examination pursuant to Section 36a-17(a) of the 2012 Supplement to the General Statutes into the activities of CareOne to determine if it had violated, was violating or was about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;

WHEREAS, as a result of such examination, the Commissioner alleges that CareOne engaged and offered to engage in debt negotiation in this state without the required license, in violation of Section 36a-671 of the Connecticut General Statutes and Section 36a-671 of the 2012 Supplement to the General Statutes;

CareOne has agreed to pay $300,000 in sanctions and get a licenses to offer services in Connecticut.

Upon issuance of this Consent Order by the Commissioner, a license to engage and offer to engage in debt negotiation in this state will be issued to CareOne and so long as CareOne complies with the terms of this Consent Order, nothing in the issuance of this Consent Order shall adversely affect the ability of CareOne to apply for or obtain renewal licenses under Part II of Chapter 669, Sections 36a-655 et seq., of the Connecticut General Statutes – Source


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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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