|Organization:||Division of Banks|
Cease Directive NK Market, Inc.
Table of Contents
NK Market, Inc., dba Post Road Pantry Convenience
COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
In the Matter of
NK MARKET, INC.
dba Post Road Pantry Convenience
WHEREAS the Commissioner of Banks (Commissioner), having determined that NK MARKET, INC. dba Post Road Pantry Convenience (NK Market or Corporation), located at 21 Boston Post Road, Marlborough, Massachusetts have engaged, or are engaged in, or are about to engage in, acts or practices constituting violations of Massachusetts General Laws chapter 169A and applicable regulations found at 209 CMR 45.00 et seq.,
The Commissioner hereby issues the following ORDER TO CEASE AND DESIST pursuant to General Laws chapter 169A, section 2.
FINDINGS OF FACT
- The Division of Banks (“Division”), through the Commissioner, has jurisdiction over the licensing and regulation of persons engaged in check cashing activity pursuant to Massachusetts General Laws chapter 169A, section 2.
- NK Market has never obtained a check casher license from the Commissioner pursuant to General Laws chapter 169A, section 3, to engage in the business of a casher of checks for consideration in excess of one dollar per item at 21 Boston Post Road, Marlborough, Massachusetts.
- On December 16, 2014 NK Market applied for a check casher license from the Commissioner.
- On July 9, 2015 NK Market voluntarily withdrew its application, and has not reapplied for or obtained a license with the Commissioner.
- On March 29, 2017 two Examiners for the Division entered NK Market.
- Without identifying themselves as Examiners, the two individuals presented an employee with a Money Gram money order to a NK Market employee.
- The NK Market employee charged $5 in fees to cash the money order, which was for $20.
- The Corporation has not implemented practices or procedures that would have prohibited the Corporation from charging consideration in excess of one dollar per item.
CONCLUSIONS OF LAW
- Based upon the information contained in paragraphs 2 through 8, NK Market is acting as a “casher of checks” as that term is defined by the Division’s regulation 209 CMR 45.02.
- Based upon the information contained in paragraphs 2 through 8, NK Market has unlawfully acted as a check casher for a consideration in excess of one dollar per transaction without a license from the Commissioner, in violation of General Laws chapter 169A, section 2.
- Based upon the information contained in paragraphs 2 through 8, the Commissioner has determined that NK Market has engaged, or is about to engage in, acts or practices which warrant the belief that the Corporation is not operating honestly, fairly, soundly, and efficiently in the public interest in violation of standards governing the licensing and conduct of a check casher including, but not limited to, the provisions under General Laws chapter 169A and the Division’s regulations at 209 CMR 45.00 et seq.
After taking into consideration the FINDINGS OF FACT and CONCLUSIONS OF LAW stated herein, it is hereby:
- NK Market shall immediately cease from engaging directly or indirectly in the business of cashing checks, drafts, or money orders for a consideration in excess of one dollar per item, or otherwise acting as a check casher, without a license from the Commissioner, in violation of General Laws chapter 169A, section 2.
- NK Market must submit a response within five (5) days of receipt of this Directive. The response submitted by NK Market must also include a signed copy of the enclosed affidavit, attesting that NK Market will immediately cease from acting as a check casher in Massachusetts.
- NK Market shall within five (5) days of the effective date of this Directive provide the Division with a complete accounting of all checks, drafts, and money orders cashed at its place of business January 1, 2016 through the effective date of this Directive.
- NK Market shall reimburse all persons for whom a check, draft, or money order was cashed at 21 Boston Post Road, Marlborough, Massachusetts without a license from the Commissioner. Reimbursements shall be made to each person on a per transaction basis in an amount equal to the total fee charged on the transaction less one dollar. A record shall be provided to the Division of the names and addresses of all individuals for whom the Corporation has cashed a check, draft, or money order for a consideration in excess of one dollar, the amount of each check, draft, or money order, the total fees charged on each transaction, check numbers of payments issued by the Corporation to evidence reimbursements made to consumers, and the amount reimbursed to each individual.
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 10th day of May, 2017
By: Terence A. McGinnis
Commissioner of Banks
Commonwealth of Massachusetts