Connecticut Forces Agency to Stop Collecting in State Over Licensing

Connecticut State Banking Commissioner Howard F. Pitkin Wednesday issued an order to cease and desist a collection agency his office says was not licensed to collect debt in the state.

Collection agency Cornerstone Credit Corporation and its President, Rene Gagnon, were the targets of the order. The order also says that Cornerstone may be fined up to $400,000 and Gagnon could be fined $200,000.

The state’s Department of Banking claims that Cornerstone was operating without a license in Connecticut for about three years. The order states that Cornerstone was properly licensed as a collection agency from November 1992 to September 30, 2005, but has not been licensed since. The department said that Cornerstone has continued to collect debt in the state regardless.

Cornerstone has the right to dispute the order which would be discussed in a hearing is set for October 7.

Pitkin told The Hartfold Courant that Gagnon is cooperating with the investigation.