Massachusetts Shuts Down Debt Collector For Failure To Comply With Regulations

A Chicago-based debt collection agency, ATG Credit, has been ordered to cease operations in Massachusetts due to its failure to comply with state regulations. The Massachusetts Division of Banks issued a cease and desist order, requiring ATG Credit to immediately stop collecting debts from Massachusetts consumers. This action follows ATG Credit’s refusal to cooperate with a regulatory examination by the Division of Banks. 

The Division of Banks stated that ATG Credit ignored repeated requests to examine its records and accounts, including failing to respond to over a dozen letters, calls, and emails. The company also missed scheduled online meetings with bank examiners. When the company CEO indicated that they did not want to undergo the examination, the Division of Banks informed them that the only alternative was to surrender their debt collection license. ATG Credit has held a license since 2008, but did not surrender it.