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Important information

• Government Actions:

  Government Action: BBB reports on known government actions involving business’ marketplace conduct:

  Massachusetts Commissioner of Banks v Monterey Financial Services LLC
  

  The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
  
  
  
  On April 13, 2022, Monterey Financial Services LLC entered into an Assurance of Discontinuance with the Massachusetts Attorney General's Office. The Assurance settles allegations that the business purchased and collected on leases for dogs. The business agreed to stop collecting on any active leases involving dogs in Massachusetts and transfer full ownership of the dogs to the consumers. The business agreed to cancel any outstanding amount owed on the leases, totaling approximately $700,000, pay $175,000 in restitution, and $50,000 in administrative penalties. The Assurance of Discontinuance was for settlement purposes only and Monterey denies that it engaged in any unlawful conduct or violated any law.
  
  
  
  On April 13, 2022, the business also entered into a Consent Order with the Massachusetts Commissioner of Banks Debt Collector Licensing. The Order settles allegations that the business engaged in debt collecting and servicing purported lease agreements, which the Division alleges are in fact retail installment sale agreements on behalf of unlicensed sales finance companies. The business agrees to Cease and Desist the allegations mentioned above, pay an administrative penalty in the amount of $75,000, and distribute $175,000 to affected consumers on a pro-rata basis. The business agreed to pay $35,000 to certain Massachusetts consumers that were charged payment convenience fees. The Consent Order was for settlement purposes only and Monterey denies that it engaged in any unlawful conduct or violated any law.
  
  
  
  This action is final.

  
  

  Click here for the Assurance of Discontinuance with the Massachusetts Attorney General's Office.

  
  

  Click here for the Consent Order with the Massachusetts Commissioner of Banks.

  Click here for details
• Government Actions:

  Government Action: BBB reports on known government actions involving business’ marketplace conduct:

  Connecticut Banking Commissioner v Monterey Financial Services LLC
  The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.
  
  
  
  On August 8, 2022, Monterey Financial Services LLC entered into a Consent Order with the Connecticut Banking Commissioner. The Oder settles allegations that the business received payments of principal and interest in connection with a small loan made to a Connecticut borrower without obtaining the required license. Under terms of the Order, the business was ordered to cease and desist from receiving payments of principal and interest in connection
  
  with small loans made to Connecticut borrowers without the required license and pay a civil penalty of $10,000. The Order was for settlement purposes only and should not be considered as an admission of guilt or finding of violation of the law.
  
  
  
  This action is final.

  Click here for details