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The Commissioner of Banks (Commissioner) is charged with the administration of Massachusetts General Laws chapter 140, sections 96 through 114A, inclusive and applicable regulations found and 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 the Commissioner has reviewed information relative to the activities of GP INVESTORS, LLC (GP Investors or the Company) located at 12 Lennox Court, Sicklerville, New Jersey to determine if GP Investors has engaged in the business of, or is about to engage in, acts or practices constituting violations of Massachusetts General Laws chapter 140. Based upon such review, the Commissioner hereby issues the following CEASE ORDER as a result of the findings alleged herein.
A. FINDINGS OF FACT
I. Engaging in Unlicensed Activity and Violation of the Small Loan Rate Order
All persons subject, in whole or in part, to the provisions of M.G.L. c. 140, §§ 96 through 113, may charge, contract for, and receive the following maximum interest charges for loans not in excess of $6,000:
(a)23% per annum of the unpaid balances of the amount financed calculated according to the actuarial method plus an administrative fee of $20 upon the granting of a loan. An administrative fee is not permitted to be assessed to a borrower more than once during any 12 month period.
i. Investigation of Unlicensed Activity
II. Violation of the Massachusetts Criminal Usury Statute
1. whether the loan was paid in full, or if still open, whether it is current or allegedly in default,
2. whether the account was referred to a third party collection agency (if so, provide the name of the collection agency);
3. whether the loan (i.e., the debt) was sold to another party (if so, information or documents detailing the name of the party to whom it was sold); and
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 4th day of April, 2013
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts