On February 4, 2005, Texas Banking Commissioner Randall S. James entered into an Agreed Final Order (Order) with IPP of America, Inc. (IPP), 330 Passaic Avenue, Suite 1, Fairfield, New Jersey. The Order directs IPP to cease processing bill payments to creditors on behalf of consumers, a practice requiring a money transmission license in Texas. IPP is not currently licensed in Texas to engage in this type of business activity as required by Chapter 152 of the Texas Finance Code. IPP is based in New Jersey and has approximately 53 bill payment center locations in Texas.
IPP voluntarily discontinued accepting bill payments as of January 27, 2005, and has filed a license application with the Department. The Order requires that IPP pay a $15,000 administrative penalty for engaging in money transmissions in Texas without a proper license. Inquiries regarding Texas bill payments and money transmission transactions pertaining to IPP should be directed to:
Texas Department of Banking
Special Audits Division
2601 N. Lamar Blvd.
Austin, Texas 78705
Toll free phone (877) 276-5554
At the prompt menu, press “3” for Inquiries/Complaints,
then press “5” for the Currency Exchange/Transmission.