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The Division of Banks ("Division") has jurisdiction over the licensing and regulation of persons and entities engaged in the business of a motor vehicle sales finance company in Massachusetts pursuant to Massachusetts General Laws 255B, and its implementing regulation 209 CMR 20.00 et seq.
Pursuant to the authority granted by Massachusetts General Laws chapter 255B, section 6, the Division has investigated the activities of GRANITE FINANCIAL SERVICES ("Granite Financial") located at 189 Eastern Avenue, Malden, Massachusetts to determine if Granite Financial has engaged in the business of, or is about to engage in, acts or practices constituting violations of Massachusetts General Laws chapter 255B. Based upon such investigation, the Commissioner of Banks ("The Commissioner") hereby issues the following CEASE DIRECTIVE ("Cease Directive") as a result of the findings alleged herein.
No person, other than a bank as defined in section one of chapter one hundred and sixty-seven, a national banking association, federal savings bank, federal savings and loan association, federal credit union, or any bank, trust company, savings bank, savings and loan association or credit union organized under the laws of any other state of the United States, shall engage in the business of a sales finance company without first obtaining from the commissioner a license to carry on said business in the city or town where the business is to be transacted as provided herein.
"Sales finance company" ...(2) any person engaged, in whole or in part, in the business of purchasing retail installment contracts from one or more retail sellers...
Whoever violates any provision of this chapter or any rule or regulation made thereunder by the commissioner shall be punished by a fine of not more than five hundred dollars or by imprisonment for not more than six months, or both.
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 26th day of January, 2012
David J. Cotney
Commissioner of Banks