COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
DEBT COLLECTOR LICENSING
Docket No. 2009-013-CO
In the Matter of
WALKER ASSOCIATES, INC.
Debt Collector License No. DC0002
WHEREAS, WALKER ASSOCIATES INC., Boston, Massachusetts, ("Walker Associates" or the "Corporation"), a licensed debt collector under Massachusetts General Laws Massachusetts General Laws chapter 93, section 24 has been advised of its right to Notice and Hearing pursuant to General Laws chapter 93, section 24J, 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 December 4, 2009, 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 debt collector, Walker Associates agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");
WHEREAS, pursuant to General Laws chapter 93, section 24J, the Commissioner issued a FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST, Docket No. 2009-013 (the "Temporary Order"), against Walker Associates on May 15, 2009, based upon the Corporation's failure to notify the Division that Mr. Stephen F. Colohan, president and shareholder had been indicted of three felony counts as required pursuant to the Division's regulation 209 CMR 18.08(1)(b) and the Corporation's failure to maintain a good and sufficient surety bond as required pursuant to Massachusetts General Laws chapter 93, section 24A(a) and the Corporation's alleged failure to demonstrate the character, reputation, integrity, and general fitness that would warrant the belief that the business will be operated honestly, fairly, and soundly in the public interest in violation of Massachusetts General Laws chapter 93, sections 24B(a) and 24G(a), and the Division's regulation 209 CMR 18.03(2)(c).
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Temporary Order;
WHEREAS, in recognition of the Division and Walker Associates having reached the following mutual agreement under this Consent Order to fully resolve the matters raised by the Temporary Order, the Commissioner has terminated the Temporary Order on this 4th day of December, 2009.
NOW COME the parties in the above-captioned matter, the Division and Walker Associates, and stipulate and agree as follows:
- Immediately upon the execution of this Consent Order, Walker Associates will surrender the Corporation's Massachusetts debt collector license, license No: DC0002 by returning the original license certificate to the Division at One South Station, 3rd Floor, Boston, Massachusetts 02110.
- Immediately upon the execution of this Consent Order, Walker Associates will refrain from engaging in the debt collector business in Massachusetts, as that term is defined under Massachusetts General Laws chapter 93, section 24, and the Division's regulations 209 CMR 18.00 et seq. It is understood that a debt collector license is required for the collection of an account which was in default at the time it was obtained or purchased, pursuant to Massachusetts General Laws chapter 93, section 24 and in accordance with the Division's June 16, 2006 Industry Letter Concerning the Massachusetts Debt Collection Statutes, and its Applicablity to Debt Buyers, So Called.
- Walker Associates will refrain from submitting an application to obtain a license from the Commissioner for a period of thirty six (36) months from the effective date of this Consent Order.
- To the extent that Walker Associates, its owners, officers, and employees wish to resume business as a debt collector at the expiration of the 36-month term as set forth above, Walker Associates shall be required to submit a completed application to obtain the relevant license from the Commissioner. The Commissioner shall have all of the discretion set forth within General Laws chapter 93 and the Division's regulation 209 CMR 18.00 et seq. in determining whether to issue a license to Walker Associates to conduct the licensed business, provided however, that any such application shall not be denied solely on the basis of the Temporary Order.
- The provisions of this Consent Order shall not limit, estop, or otherwise prevent the Division, or any other state agency or department, from taking any other action affecting Walker Associates, its successors or assigns, fails to fully and promptly comply with the above provisions.
- This Consent Order shall become effective immediately upon the date of its issuance.
- The provisions of this Consent Order shall be binding upon Walker Associates, 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 Walker Associates and the Commissioner, Walker Associates has waived all rights of appeal that it may have relative to this Consent Order or any of its provisions.
- The provisions of this Consent Order shall remain effective and enforceable except to the extent that, and until such time as, any provisions of this Consent Order shall have been modified, terminated, suspended, or set aside by the Commissioner or upon an order of a court of competent jurisdiction.
- This Consent 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 Consent Order.
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 4th day of December, 2009
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts