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DLLR News

 

Maryland Commissioner of Financial Regulation Reaches Settlement Agreement with Sunshine Financial Group

 

Sunshine Financial agrees to make restitution payments totaling $660,000

BALTIMORE, MD (September 13, 2011) – The Maryland Department of Labor’s (DLLR) Office of the Commissioner of Financial Regulation, announced a settlement agreement with Sunshine Financial Group, LLC, attorney J. Scott Morse and the State Collection Agency Licensing Board in response to allegations of improper collection of fees from Maryland consumers in debt collection cases filed in District Court. Under the terms of the settlement agreement, Sunshine Financial Group will provide refunds to Maryland consumers of all attorney’s fees and compound interest paid by consumers, and will forfeit those amounts in any judgments previously entered. The total amount of restitution involving refunds and forfeited amounts totals over $660,000. Under the agreement, Sunshine Financial Group will also dismiss 314 cases that it had previously filed in Maryland courts and will pay a fine of $20,000.

“Commissioner Mark Kaufman and the entire Office of the Commissioner of Financial Regulation work tirelessly to promote sound consumers protections in the financial services industry and to protect Marylanders from unscrupulous practices. This settlement is another victory for Maryland consumers,” said Maryland Labor Secretary Alexander M. Sanchez.

“We continue to move aggressively against improper collections activities that target our most vulnerable citizens,” said Commissioner of Financial Regulation Mark Kaufman. “This settlement will bring real relief to hundreds of Maryland consumers.”

The Settlement Agreement is available on the DLLR website (PDF document, 1.2MB, download Adobe Acrobat for free). The Office of the Commissioner of Financial Regulation licenses and regulates mortgage lenders, servicers and originators, as well as consumer debt collection agencies, check cashers, consumer finance companies and other financial intermediaries. In addition, the Office charters and supervises over 60 banks, credit unions and trust companies.

The Department of Labor, Licensing and Regulation protects and empowers Marylanders by safeguarding workers, protecting consumers, providing a safety net and cultivating a thriving workforce that can meet the demands of Maryland’s dynamic economy. Follow DLLR on Twitter (@MD_DLLR) and Facebook.