By the Division of Banks
COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
Docket No. 2014-016
In the Matter of
PRONTO TRANSFER, INC.
Foreign Transmittal Agency License # FT112149
WHEREAS, PRONTO TRANSFER, INC., Framingham, Massachusetts (Pronto or the Corporation), formerly a licensed foreign transmittal agency under Massachusetts General Laws chapter 169 has been advised of its right to Notice and Hearing pursuant to General Laws chapter 169, section 13, and having waived those rights, entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER (Consent Agreement) with representatives of the Division of Banks (Division) dated January 26, 2015, whereby, solely for the purpose of settling this matter, and without admitting any allegations or implications of fact or the existence of any violation of state or federal laws and regulations governing the conduct and operation of a foreign transmittal agency, Pronto agrees to the issuance of this CONSENT ORDER (Order) by the Commissioner of Banks (Commissioner);
WHEREAS, an examination of Pronto was conducted pursuant to General Laws chapter 169, section 10, as of July 10, 2013 to assess the Corporation’s level of compliance with applicable Massachusetts and federal statutes, rules and regulations governing the conduct of those engaged in the business of a foreign transmittal agency in the Commonwealth;
WHEREAS, the Report of Examination (the Report) issued pursuant to the Division’s examination of Pronto alleged substantial non-compliance with applicable state and federal statutes, rules, and regulations governing the conduct of those engaged in the business of foreign transmittal agency in the Commonwealth; and
WHEREAS, Pronto, at all relevant times, held foreign transmittal agency licenses under Massachusetts General Laws chapter 169, section 3 and voluntarily opted not to complete the renewal process relative to such licenses for the calendar year 2015.
WHEREAS, Pronto’s foreign transmittal agency licenses FT112149-100 and FT112149-101 were terminated for failure to renew as of January 1, 2015.
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Report.
NOW COME the parties in the above-captioned matter, the Division and Pronto, and stipulate and agree as follows:
- Pronto affirms that it has ceased all foreign transmiittal activity.
- Pronto must conduct a review of all transactions since the date of licensure to identify any transactions where the Corporation failed to file CTRs as required under 31 CFR 103.22. Pronto must immediately file CTRs for any transactions so identified.
- Immediately upon execution of this Order, Pronto must withdraw all pending foreign transmittal agency license applications for branch or agent office locations that have been filed with the Division.
- Pronto and any of its owners, officers, directors, or control persons will refrain from submitting an application to obtain a foreign transmittal agency license from the Commissioner for a period of twelve (12) months from the execution of this Order.
- To the extent that Pronto or any of its owners, officers, directors, or control persons or their successors or assigns, wish to apply for a license to resume business as a foreign transmittal agency at the end of the twelve (12) month term as set forth above, the Commissioner shall have all of the discretion set forth within General Laws chapter 169 and the Division's regulation 209 CMR 44.00 et seq. in determining whether to issue a license to Pronto to conduct the licensed business. Any such application shall not be denied on the basis of this Consent Order; however, applicants will be required to demonstrate to the Commissioner’s satisfaction that the deficiencies described in the Report have been addressed and will not recur.
- Nothing in this Order shall be construed as permitting Pronto to violate any law, rule, regulation, or regulatory bulletin to which the Corporation is subject.
- Within ninety (90) days of the effective date of this Consent Order, Pronto shall submit to the Division, full payment owed for the costs of the Division’s 2013 Examination of the Corporation. The payment shall be made payable to the “Commonwealth of Massachusetts” and mailed to Division of Banks, Commonwealth of Massachusetts, P.O. Box 3952, Boston, Massachusetts 02241-3952.
- This Order shall become effective immediately upon the date of its issuance.
- The provisions of this Order shall be shall remain effective and enforceable except to the extent that, and until such time as the Commissioner or a court of competent jurisdiction modifies, terminates, suspends, or sets aside any provision of this Consent Order.
- The provisions of this Order shall be binding upon Pronto, its officers and directors, their successors and assigns, and those persons in active participation with it, directly or indirectly, acting individually or through any corporate or other entity.
- In accordance with the terms of the Consent Agreement entered by Pronto and the Commissioner, Pronto has waived all rights of appeal that it may have relative to this Order or any of its provisions.
- This Order and the Consent Agreement are the complete documents representing the resolution of this matter. There are no other agreements, promises, representations, or warranties other than those set forth in this Order and the Consent Agreement.
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 26th day of January, 2015
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts