Movers & Shakers July 15, 2010

Agency settles with Department of Finance

The Idaho Department of Finance announced a settlement Wednesday in which Utah-based Federal Recovery Acceptance, Inc., doing business as Paramount Acceptance, agreed to pay $55,000 in penalties, attorney fees, and investigative expenses as a sanction for conducting unlicensed collection activity in Idaho.

Paramount Acceptance provides services to Idaho fitness clubs, including receipt of money from the fitness clubs' members that then is paid to the fitness clubs in the form of monthly club dues, and collecting on delinquent payments. "That type of business activity requires a license under the Idaho Collection Agency Act," Finance Department Director Gavin Gee said.

The Department became aware of Paramount Acceptance's unlicensed activity in Idaho through a complaint it received from an Idaho consumer from whom the company was collecting. "Paramount Acceptance and the department have entered into a consent order to resolve the case, which includes the company's agreement to immediately obtain the appropriate Idaho license and maintain compliance with Idaho law," Gee said.

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