ATTORNEY GENERAL ANNOUNCES FINAL ORDER AGAINST TEXAS COMPANY AND ITS PRESIDENT FOR UNREGISTERED DEBT MANAGEMENT SERVICES

DENVER — Colorado Attorney General John Suthers announced today that his office has obtained a final agency order for civil penalties against Credit Solutions of America, LLC, a Dallas, Texas company, and Doug Van Arsdale, the company’s president, for unregistered and unlawful debt management practices in Colorado. Under the final order, Van Arsdale and his company are each liable for more than $5,000,000 in civil penalties, for a total of over $10,000,000.

In 2008, Credit Solutions of America, LLC registered in Colorado as a debt settlement services company. But the company failed to renew its registration in 2009, and in the meantime, the company continued to operate in Colorado, violating various provisions of the Colorado Debt Management Services Act. In addition to awarding the State over $10,000,000 in civil penalties against the company and its president, the final agency order also requires Van Arsdale and his company to pay $3,830,149 in restitution to the 2,683 Colorado consumers who contracted with the company for debt management services.

Debt management companies are required by law to register with the state. To learn more about the regulation of debt management companies, file a complaint, or view a list of registered debt management companies and their disciplinary history, visit the Office of the Attorney General online at www.coloradoattorneygeneral.gov/dm.

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