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Maine Bureau of Consumer Credit Protection Orders Sigue Corp. to Cease Money Transmission Activities
March 22, 2024
Augusta, Maine - Today, the Maine Bureau of Consumer Credit Protection ordered Sigue Corp. to cease engaging in money transmission activities in Maine as the company can no longer responsibly serve customers due to its self-reported declining financial position. Thirty-nine states, Puerto Rico, and the District of Columbia coordinated to issue this consent order.
Sigue is a state-regulated money transmission company licensed in Maine and 48 other states (NMLS ID 915912). Over the past several months, Sigue experienced significant financial deterioration. The company failed to complete multiple money orders and transmissions and to maintain adequate net worth and permissible investments to cover outstanding liabilities, both failures constitute violations of Maine law.
"Sigue has reported that only 14 transactions in Maine appear to be affected" said Linda Conti, the Superintendent of Consumer Credit Protection. We will reach out and make every effort to assist affected consumers as needed and the Bureau is prepared to make bond claims if required to protect Maine consumers. We appreciate that this was a coordinated effort among the states. The Money Transmitters Regulatory Association (MTRA) and the Conference of State Bank Supervisors (CSBS) assisted the states with acting quickly to protect consumer funds. This coordinated effort means consumers are protected across state lines and will experience a similar remedy regardless of their location.
The consent order requires the company to preserve and provide access to all books and records, including information on impacted customers. States will use the company's signed declarations to file bond claims on behalf of impacted customers. The state surety bond claim process is designed to help make impacted consumers whole.
Consumers with questions about money transmission matters can obtain information and assistance from the Bureau by visiting the agency's website https://www.maine.gov/pfr/consumercredit/index.shtml, calling 800-332-8529 or TTY Maine Relay 711, or e-mailing CCP.PFR@maine.gov
Contact: Edward Myslik, Principal Examiner
(207) 624-8527
Sigue Corp. Failed to Satisfy Outstanding Money Transmission Liabilities, Violating State Law