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AI mortgage startup LoanSnap loses license to operate in Connecticut
The revocation comes after TechCrunch's exclusive reporting on how LoanSnap was inundated with lawsuits.
The department revealed Tuesday that its consumer credit division opened an investigation that found multiple violations of state law following that prior consent order. The revocation comes four months after TechCrunch’s exclusive reporting about how LoanSnap became inundated with lawsuits and was evicted from its California headquarters, all while its business cratered amid sky-high interest rates. Connecticut’s Department of Banking also says LoanSnap failed to craft new policies and procedures that it was supposed to implement as part of the May consent order, including making sure that unlicensed employees weren’t originating loans.
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