Rhode Island Department of Business Regulation, Division of Banking · RI
In the Matter of Golden Financial Service Debt Settlement Corp. - Consent Agreement - (18BK005)
February 20, 2020
Summary
The Rhode Island Division of Banking entered a consent agreement with Golden Financial Services Debt Settlement Corp. for offering debt management services without a state license. The company has agreed to cease any such activity in Rhode Island and to refrain from advertising those services to Rhode Island residents. The agreement highlights the state's requirement that any entity providing debt management services must obtain a license from the Division.
STATE OF RHODE ISLAND AND PROVIDENCE PLANTATIONS DEPARTMENT OF BUSINESS REGULATION JOHN O. PASTORE COMPLEX 1511 PONTIAC AVENUE CRANSTON, RI 02920
IN THE MATTER OF : : GOLDEN FINANCIAL SERVICES : DBR CASE No. 18BK005 DEBT SETTLEMENT CORP. : : RESPONDENT. :
CONSENT AGREEMENT
It is hereby agreed by and between the Rhode Island Department of Business Regulation, Banking Division, and the above-named (“Respondent”) as follows:
R.I. Gen. Laws § 19-14-2(a) provides that “[n]o person shall engage within this state in the business of…(5) Providing debt-management services…without first obtaining a license or registration from the director or the director's designee.”
The Division has administrative power to enforce R.I. Gen. Laws § 19-14-2(a) and all related provisions pertaining to debt management services (including Chapter 19-14.8 “Uniform Debt Management Services Act’). See R.I. Gen. Laws §§ 9-14.8-32 and 19-14.8-33. See also R.I. Gen. Laws §§ 19-14-23 and 42-14-16.1.
Respondent Golden Financial Services Debt Settlement Corp. (“Golden”) is not licensed in Rhode Island to offer debt management services.
This matter pertains to certain content previously displayed on Golden’s website (https://goldenfs.org). On February 7, 2020, Golden made corrections to the website in response to requests by the Division. Prior to these corrections, the content in question purported to offer debt management services in Rhode Island.
Golden, by and through, its President, Paul Paquin, represented to the Division as follows:
A. Despite the website content, Golden has not provided any debt management services in Rhode Island.
B. Golden will not provide any debt management services in Rhode Island.
C. Golden will not advertise in any medium that it provides debt management services to Rhode Island residents.
D. Golden will provide a copy of this Agreement to any affiliated companies with which Golden has a referral relationship for debt management services.
CONSENTED AND AGREED TO BY:
Respondent:
Paul Paquin Signature Date: 2/18/2019
The Division:
Signature Date: 2/20/2020
Elizabeth Kelleher Dwyer Superintendent of Banking and Insurance
Source: https://dbr.ri.gov/documents/decisions/BK_Consent_Agreement-Golden_Financial_Services.pdf
Common questions
- What does "In the Matter of Golden Financial Service Debt Settlement Corp. - Consent Agreement - (18BK005)" cover?
- The Rhode Island Division of Banking entered a consent agreement with Golden Financial Services Debt Settlement Corp. for offering debt management…
- Which agency issued this update?
- This update was issued by Rhode Island Department of Business Regulation, Division of Banking.
- When was it published?
- It was published on February 20, 2020.
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