WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part XII of Chapter 669, Sections 36a-800 to 36a-810, inclusive, of the Connecticut General Statutes, “Consumer Collection Agencies”, and the regulations promulgated thereunder (Sections 36a-809-6 to 36a-809-17, inclusive, of the Regulations of Connecticut State Agencies);

WHEREAS, American Credit Exchange is a Nevada corporation currently licensed as a consumer collection agency in Connecticut under Part XII of Chapter 669, Sections 36a-800 et seq. of the Connecticut General Statutes;

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

WHEREAS, as a result of the investigation, the Commissioner alleges that American Credit Exchange made a material misstatement in its 2009 application for renewal of its consumer collection agency license in Connecticut, in violation of Section 36a-804(a)(1) of the Connecticut General Statutes;

WHEREAS, the Commissioner believes that such allegation would support initiation of enforcement proceedings against American Credit Exchange, including proceedings to revoke American Credit Exchange’s consumer collection agency license pursuant to Section 36a-804(a) of the Connecticut General Statutes and subsections (a) and (b) of Section 36a-51 of the 2010 Supplement to the General Statutes, issue a cease and desist order against American Credit Exchange pursuant to Sections 36a-804(b) and 36a-52(a) of the Connecticut General Statutes, and impose a civil penalty of up to one hundred thousand dollars ($100,000) per violation against American Credit Exchange pursuant to Sections 36a-804(b) and 36a-50(a) of the Connecticut General Statutes;

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, both the Commissioner and American Credit Exchange acknowledge the possible consequences of formal administrative proceedings;

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

AND WHEREAS, American Credit Exchange, through its execution of this Settlement Agreement, voluntarily agrees to waive any rights to a hearing upon the allegation contained in this Settlement Agreement, and waives the right to seek judicial review or otherwise challenge or contest the validity of this Settlement Agreement.

NOW THEREFORE, the Commissioner and American Credit Exchange 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 8th day of November 2010.           ________/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner



I, Gary Fair, state on behalf of American Credit Exchange, 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 American Credit Exchange, Inc.; that American Credit Exchange, Inc., agrees freely and without threat or coercion of any kind to comply with the terms and conditions stated herein; and that American Credit Exchange, Inc., voluntarily agrees to enter into this Settlement Agreement, expressly waiving any right to a hearing on the matters described herein.                            

State of:  Nevada

County of:  Clark

On this the 2 day of November 2010, before me, Michael Davis, the undersigned officer, personally appeared Gary Fair who acknowledged himself to be the Vice President of American Credit Exchange, Inc., a corporation, and that he as such Vice 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 Vice President.

In witness whereof I hereunto set my hand.

Administrative Orders and Settlements