All debt adjuster activities in the state of Connecticut are performed only by bona fide non-profit organizations, licensed by the Department of Banking. There were 33 entities licensed to offer bona fide non-profit debt adjustment services on December 31, 2007. As of December 31, 2008, there were 32 licensed debt adjusters.
Consumer Collection Agencies
There were 893 consumer collection agency licenses in effect on December 31, 2007. As of December 31, 2008, 935 consumer collection agencies were licensed.
During 2008, 35 examinations of consumer collection agencies were conducted reviewing compliance with state statutes and regulations.
Money Transmitters and Issuers of Connecticut Payment Instruments
Connecticut issues licenses to persons or firms 1) engaged in the business of money transmission, or 2) engaged in the business of issuing money orders, traveler’s checks or other instruments for the payment of money. In some cases licensees may have a combination of both a license for Money Transmission and for Issuers of Connecticut Payment Instruments, allowing
the licensee to conduct different types of activities.
There were 54 money transmitter licenses in effect on December 31, 2007
December 31, 2008, there were 57 money transmitters and issuers of money orders and travelers checks licensed in Connecticut. Many retail businesses in Connecticut act as agents for these companies.
During 2008, one money transmitter examination was conducted reviewing both compliance with state statutes and federal statutes.
Persons or firms engaging in the business of cashing checks, drafts or money orders for consideration at a general facility or a limited facility must be licensed by the Department of Banking for each location where such business is conducted. In early 2004 the administration and regulation of the check cashing service industry was transferred from the Financial Institutions Division to the Consumer Credit Division.
There were 101 check casher licenses in effect on December 31, 2007. As of December 31, 2008, 112 check cashers were licensed to do business in Connecticut.
During 2008, 45 examinations were conducted reviewing compliance with both state and federal statutes and regulations.