The Massachusetts Division of Banks has issued a cease and desist order to a debt collector that has been accused of operating in the state for more than six years without a license, in violation of state law.
A copy of the order, issued against Full Circle Financial Services, can be accessed by clicking here.
The collector obtained a license from the Division of Banks in 2010, but the license expired in 2012 and was terminated in 2013.
During a separate examination of a licensee, the Division became aware that the collector engaged in unlicensed collection activity on behalf of the licensee in Massachusetts between April 2015 and July 2021.
Based on the results of its examination, the collector has been ordered to immediately cease collecting debts on any accounts in Massachusetts until it obtains the proper license to do so. The collector has also been ordered to provide a complete record of all funds collected from Massachusetts consumers from January 2019 through November 3, 2022, as well as a breakdown of the accounts from individuals in Massachusetts from whom it is attempting to collect.
The collector can request a hearing to contest the allegations being made by the Division of Banks. it has 30 days from November 3 to request a hearing. If it does not do so, it will have been deemed to have consented to the issuance of the Cease Directive issued by the Division of Banks. If a hearing is requested, it will be held no more than 30 days after the Division of Banks receives the request from the collector.
