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The Commissioner of Banks ("Commissioner") is charged with the administration of Massachusetts General Laws chapter 140, sections 96 to 114 inclusive, and applicable regulations found at 209 CMR 20.00 et seq., and 209 CMR 26.00 et seq .,relating to the licensing and regulation of small loan companies.
Pursuant to the authority granted by Massachusetts General Laws chapter 140 sections 96 to 114, the Commissioner has investigated the activities of ECOMMISSION FINANCIAL SERVICES, INC., ("eCommission") and its subsidiary 3-CLICK ADVANCE ("3-Click") located at 5914 West Courtyard Drive, Suite 320, Austin, Texas, to determine if eCommission and 3-Click have engaged in the business of, or are about to engage in, acts or practices constituting violations of Massachusetts General Laws chapter 140, section 96 to 114. Based upon such investigation, the Division hereby issues the following CEASE DIRECTIVE ("Directive") as a result of the findings alleged herein.
A. FINDINGS OF FACT
No person shall directly or indirectly engage in the business of making loans of six thousand dollars or less, if the amount to be paid on any such loan for interest and expenses exceeds in the aggregate an amount equivalent to twelve per cent per annum upon the sum loaned, without first obtaining from the commissioner of banks, in sections ninety-six to one hundred and fourteen, inclusive, called the commissioner, a license to carry on the said business in the town where the business is to be transacted.
The provisions of this section and sections ninety-six A to one hundred and fourteen A, inclusive, shall apply only to loans made primarily for personal, family or household purpose.
Whoever, not being duly licensed as provided in section ninety-six on his own account or on account of any other person not so licensed, engages in or carries on, directly or indirectly, either separately or in connection with or as a part of any other business, the business of making loans or buying notes or furnishing endorsements or guarantees, to which sections ninety-six to one hundred and eleven, inclusive, apply, shall be punished by imprisonment in the state prison for not more than ten years or in a jail or house of correction for not more than two and one half years, or by a fine of not more than ten thousand dollars, or by both such fine and imprisonment. Any loan made or note purchased or endorsement or guarantee furnished by an unlicensed person in violation of said sections shall be void.
B. CEASE DIRECTIVE
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 26th day of May, 2011
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts