The state Department of Banking and Santander Consumer USA have announced a $2.9 million settlement that will credit, waive or refund the accounts of 3,730 Connecticut consumers whose vehicles were repossessed.

Santander does not acknowledge wrongdoing, but in the consent order signed by both parties Tuesday, the Illinois-based financial services company agreed to pay a $100,000 fine.

The consent order alleges Santander failed to provide written itemized statements to consumers showing how the proceeds of the sale of their repossessed vehicle were disbursed within 30 days, as required by law. The department also alleges the company improperly charged convenience fees on payments made by credit or debit cards from Oct. 1, 2016, through Jan. 19.

In the consent order, Santander assured Department of Banking Commissioner Jorge Perez it ceased charging convenience fees after Jan. 19. Santander also said the alleged violations will not occur in the future.

“I am happy thousands of Connecticut consumers have seen relief as a result of our department's continued efforts to protect residents and ensure companies are following the law,” Perez said in a statement. “It is critical that we maintain our vigilance with a watchful eye so we can minimize risks to our consumers.”

The commissioner, through the Consumer Credit Division of the Department of Banking, conducted an examination of Santander's records between Aug. 5, 2016, through Oct. 24, 2016. As a result of the examination, the department claimed the company failed to accurately calculate the deficient balances on repossessed vehicles.

The consent order was signed by Perez and Raymond Scott, Santander's deputy general counsel.

No one from Santander responded to a request for comment Wednesday.

Matt Smith, a spokesperson for the Department of Banking, said Wednesday the agreement is “an example of how good common-sense regulations work.”