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January 29, 2025

Hundreds of CT residents to share $1.3M from settlements with unlicensed lenders

Jorge Perez
By Michael Puffer

More than 900 Connecticut residents will receive a piece of a $1.3 million settlement from two small loan companies that operated without licenses in the state, Banking Commissioner Jorge Perez announced Tuesday.

Borrowers will be paid back for interest payments made above Connecticut’s statutory 12% cap on loans from unlicensed lenders, according to the department.  
“These enforcement actions underscore the need for proper oversight to protect Connecticut borrowers,” Perez said. “I am happy that we were able to obtain the paybacks these borrowers deserve.”

Perez credited his department’s consumer credit division, which oversaw the enforcement action. 

Oasis Financial, of Rosemont, Illinois, will repay more than $1 million to Connecticut borrowers, pay a $10,000 fine and $1,200 in back licensing fees, according to the banking department. Oasis, which provides loans as advances to legal settlements, made at least 2,613 small loans to Connecticut residents and advertised its services without a license, authorities said.

The investigation touched off after Oasis Legal Finance LLC, doing business as Oasis Financial, applied for a small loan license in September 2023, according to the department.
US Claims Capital LLC, of Boca Raton, Florida, was also engaged in lending connected to legal settlements, according to the department. It will pay back more than $219,000 to more than 160 borrowers, pay a $10,000 fine and $2,400 in back licensing fees, authorities said.

US Claims has subsequently become a licensed lender in Connecticut.

Attempts to reach representatives of Oasis and US Claims were not successful. 

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