Regulators have fined two Florida finance companies after finding they operated in the state without proper licenses.
Connecticut banking regulators have fined two Florida-based finance companies and ordered customer reimbursements after finding they operated in the state without proper licenses.
The state Department of Banking said Castle Credit Co. Holdings LLC and Great American Finance Holdings LLC agreed to a consent order resolving allegations that Great American Finance engaged in sales finance and small loan activity in Connecticut for several years without required authorization, while Castle Credit failed to cooperate fully with regulators during an examination.
Both companies are owned by Green Leaf Enterprise Holdings LLC, a Florida-based company with its main office in Chicago, according to state regulators.
Under the order, the companies will jointly pay a $20,000 civil penalty, and Great American Finance must also pay $3,200 in back licensing fees and reimburse affected Connecticut borrowers for interest charged above the state’s 12% annual limit while the firm was unlicensed, the consent order said.
The companies also agreed to stop unlicensed activity and to provide records promptly to regulators upon request.
State banking officials said Great American Finance is no longer operating as a small loan or sales finance company in Connecticut. The companies did not admit or deny the findings but agreed to the sanctions to avoid formal enforcement proceedings, according to bank regulators.
