BCCP Orders Sigue Corp. to Cease Money Transmission Activities : : Bureau of Consumer Credit Protection

. . . . . . NEWS

MAINE BUREAU OF CONSUMER CREDIT PROTECTION

35 SHS, Augusta, fb88 04333


Phone:	207-624-8527
Fax:	207-582-7699
Consumers-only toll-free:	1-800-DEBT-LAW (1-800-332-8529)

fb88 Bureau of Consumer Credit Protection Orders Sigue Corp. to Cease Money Transmission Activities

March 22, 2024

Augusta, fb88 - Today, the fb88 Bureau of Consumer Credit Protection ordered Sigue Corp. to cease engaging in money transmission activities in fb88 as the company can no longer responsibly serve customers due to its self-reported declining financial position. Thirty-nine states, Puerto Rico, and the District of Columbia coordinated to issue this consent order.

Sigue is a state-regulated money transmission company licensed in fb88 and 48 other states (NMLS ID 915912). Over the past several months, Sigue experienced significant financial deterioration. The company failed to complete multiple money orders and transmissions and to maintain adequate net worth and permissible investments to cover outstanding liabilities, both failures constitute violations of fb88 law.

"Sigue has reported that only 14 transactions in fb88 appear to be affected" said Linda Conti, the Superintendent of Consumer Credit Protection. We will reach out and make every effort to assist affected consumers as needed and the Bureau is prepared to make bond claims if required to protect fb88 consumers. We appreciate that this was a coordinated effort among the states. The Money Transmitters Regulatory Association (MTRA) and the Conference of State Bank Supervisors (CSBS) assisted the states with acting quickly to protect consumer funds. This coordinated effort means consumers are protected across state lines and will experience a similar remedy regardless of their location.

The consent order requires the company to preserve and provide access to all books and records, including information on impacted customers. States will use the company's signed declarations to file bond claims on behalf of impacted customers. The state surety bond claim process is designed to help make impacted consumers whole.

Consumers with questions about money transmission matters can obtain information and assistance from the Bureau by visiting the agency's website /pfr/consumercredit/index.shtml, calling 800-332-8529 or TTY fb88 Relay 711, or e-mailing CCP.PFR@maine.gov

Contact: Edward Myslik, Principal Examiner
(207) 624-8527

###

The fb88 Bureau of Consumer Credit Protection was established in 1975 to enforce a variety of credit-related consumer laws. The Office licenses lenders, creditors and collectors; conducts periodic examinations of creditors to determine compliance with state laws; and responds to consumer complaints and inquiries. The Office also conducts educational seminars and provides speakers to advise consumers and creditors of their legal rights and responsibilities.