WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part II of Chapter 669, Sections 36a-655 to 36a-671d, inclusive, of the 2010 Supplement to the General Statutes, “Debt Adjusters and Debt Negotiation”, and Part XII of Chapter 669, Sections 36a-800 to 36a-810, inclusive, of the Connecticut General Statutes, “Consumer Collection Agencies”;

WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking, conducted an investigation pursuant to Section 36a-17 of the Connecticut General Statutes into the activities of Visual Credit to determine if it had violated, was violating or was about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;

WHEREAS, on February 20, 2009, the Commissioner, acting pursuant to Sections 36a-802, 36a-804(a)(3) and 36a-51(a) of the Connecticut General Statutes, issued Notice of Automatic Suspension, Notice of Intent to Revoke Consumer Collection Agency License and Notice of Right to Hearing (collectively “Notice”) against Visual Credit, which Notice is incorporated by reference herein;

WHEREAS, the Notice alleged that Visual Credit, in violation of Section 36a-802(a) of the Connecticut General Statutes, failed to maintain a surety bond;

WHEREAS, on March 3, 2009, Visual Credit received the Notice, and no request for a hearing was received by the Commissioner;

WHEREAS, the Commissioner’s belief that Respondent was licensed as a consumer collection agency was erroneous because Visual Credit was licensed as a debt adjuster;

WHEREAS, on March 6, 2009, Visual Credit specifically assured the Commissioner that Visual Credit has not done any business in Connecticut as of February 12, 2009;

WHEREAS, Section 4-177(c) of the Connecticut General Statutes and Section 36a-1-55(a) of the Regulations of Connecticut State Agencies provide that a contested case may be resolved by agreed settlement, unless precluded by law;

WHEREAS, Visual Credit agrees to voluntarily enter into this Settlement Agreement without admitting or denying any allegations contained in the Notice set forth herein, and solely for the purpose of obviating the need for formal administrative proceedings concerning the allegation described above;

WHEREAS, Visual Credit, through its execution of this Settlement Agreement, voluntarily agrees to waive any rights to a hearing upon the allegations contained in the Notice, and waives the right to seek judicial review or otherwise challenge or contest the validity of this Settlement Agreement;

AND WHEREAS, upon the entry of this Settlement Agreement, this matter will be resolved and the Commissioner will not take any future enforcement action against Visual Credit based upon the allegations contained in the Notice.

NOW THEREFORE, the Commissioner and Visual Credit enter into this Settlement Agreement as follows:

IN WITNESS WHEREOF, the parties hereto have caused this Settlement Agreement to be executed by each of them or their duly authorized representatives on the dates hereinafter subscribed.

Dated at Hartford, Connecticut
this 30th day of June 2010.                ________/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner



I, Thomas Osborne, state on behalf of Visual Credit Counseling, Inc., that I have read the foregoing Settlement Agreement; that I know and fully understand its contents; that I am authorized to execute this Settlement Agreement on behalf of Visual Credit Counseling, Inc.; and that Visual Credit Counseling, Inc. agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein.                                          

                                            By:  ________/s/_________
                                                   Name:  Thomas Osborne
                                                   Title:  President
                                                   Visual Credit Counseling, Inc.

State of:  AZ

County of:  Pima

On this the 7th day of June 2010, before me, Sharon Pairman, the undersigned officer, personally appeared Thomas Osborne, who acknowledged himself to be the President of Visual Credit Counseling, Inc., corporation, and that he, as such President, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the corporation by himself as President.

In witness whereof I hereunto set my hand.

                                         ________/s/_________
                                         Notary Public:  
                                         Date Commission Expires:  9-25-10

Administrative Orders and Settlements