Department of Commerce and Consumer Affairs

DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS

DIVISION OF FINANCIAL INSTITUTIONS

DAVID Y. IGE
GOVERNOR

CATHERINE P. AWAKUNI COLÓN
DIRECTOR

IRIS K. IKEDA

COMMISSIONER OF FINANCIAL INSTITUTIONS

FOR IMMEDIATE RELEASE
February 3, 2020

DCCA Suspends Money Transmitter License for U.S. Equity Advantage, Inc. DBA AutoPayPlus

Honolulu – The Department of Commerce and Consumer Affairs, Division of Financial Institutions (DFI) suspended the license to do business in Hawaii as a money transmitter for U.S. Equity Advantage, Inc. DBA AutoPayPlus.  The suspension means that the company is prohibited from accepting payments from consumers and prohibited from making payments to lenders on behalf of consumers.

AutoPayPlus, which provides money transmitter services, collects funds from consumers every 2 weeks and makes loan payments on their behalf monthly, with an “extra” loan payment generally at the end of the year. Lenders include automobile dealers, student loan companies and mortgage lenders.

DFI suspended AutoPayPlus’s license when the company failed to renew its license for 2020.  The company has approximately 400 customers in Hawaii and transmits $155,000 monthly.

“Consumers utilizing the services of AutoPayPlus should take immediate action to ensure that scheduled payments and schedules are not disrupted and should contact the company or their lender to determine the current status of their account,” says Iris Ikeda, Commissioner of Financial Institutions.  “We will continue to actively monitor this situation for consumers who may be doing business with the company and encourage anyone to contact us for further assistance.”

For individuals doing business with AutoPayPlus, DFI recommends the following:

• Contact AutoPayPlus through your online account or call their customer service number at 1-800-894-5000 to determine the current status of your account.
• If you are unable to confirm the balance in your AutoPayPlus account or that your loan is current, file a complaint with DFI. A complaint form can be found on DFI’s website at https://cca.hawaii.gov/dfi/file-a-complaint/.
• Contact your lender to verify the status of your loan.

If consumers have issues dealing with AutoPayPlus or require assistance, the Division of Financial Institutions can be reached at 808-586-2820 or at [email protected].

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The Hawaii Division of Financial Institutions (DFI) ensures the safety and soundness of state-chartered and state-licensed financial institutions, and ensures regulatory compliance by state-licensed financial institutions, escrow depositories, money transmitters, mortgage servicers, mortgage loan originators and mortgage loan originator companies, by fairly administering applicable statutes and rules, in order to protect the rights and funds of depositors, borrowers, consumers and other members of the public. Website: https://cca.hawaii.gov/dfi/. Twitter: @HawaiiDFI

Media Contact:

William Nhieu

Communications Officer

Department of Commerce and Consumer Affairs

Email: [email protected]

Phone: (808) 586-7582