|Organization:||Division of Banks|
Consent Order A & S Collection Associates
A & S Collection Associates, Williamstown, VT- Consent Order
COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
DEBT COLLECTOR LICENSING
Docket No. 2008-019
In the Matter of
A & S COLLECTION ASSOCIATES, INC. and
RONALD L. SALDI, JR., Individually
Debt Collector License No. DC0338
WHEREAS, A & S Collection Associates, Inc., located at Williamstown, Vermont and with a Massachusetts office located at 5230 Washington Street in West Roxbury, Massachusetts, ("A & S Collection" or the "Corporation"), a licensed debt collector under Massachusetts General Laws chapter 93 section 24A, and Ronald L. Saldi, Jr., the President and sole owner of A & S Collection, have been advised of their right to Notice and Hearing pursuant to General Laws chapter 93, sections 24I and 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 19, 2008, 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, A & S Collection and Ronald L. Saldi, Jr. agree to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");
WHEREAS, A & S Collection failed to notify the Commissioner that: a) the Attorney General of the state of Vermont filed a consumer fraud lawsuit against the Corporation in August 2005; and b) the Corporation had entered into a Stipulation and Consent Decree on March 8, 2006 to settle the consumer fraud lawsuit filed against the Corporation, in violation of the Divisionâ€™s regulation 209 CMR 18.08(1)(d).
WHEREAS, A & S Collection failed to disclose the above-referenced regulatory actions in a license renewal application received by the Division on July 5, 2006 and signed by Ronald L. Saldi, Jr. on June 28, 2006 as an authorized officer of the Corporation, certifying under the pains and penalties of perjury that all statements contained therein were true.
WHEREAS, A & S Collection failed to disclose the above-referenced regulatory actions in a license renewal application received by the Division on August 1, 2007 and signed by Ronald L. Saldi, Jr. on July 16, 2007 as an authorized officer of the Corporation, certifying under the pains and penalties of perjury that all statements contained therein were true.
NOW COME the parties in the above-captioned matter, the Division, A & S Collection, and Ronald L. Saldi, Jr., stipulate and agree as follows:
- Ronald L. Saldi, Jr. shall cease any and all participation in the business activities of A & S Collection, whether as an officer, director, shareholder, employee, independent contractor, or in any other capacity.
- A & S Collection shall not employ Ronald L. Saldi, Jr. or permit Ronald L. Saldi Jr. to act as an agent of, or operate on behalf of A & S Collection in any capacity.
- A & S Collection shall submit to the Division for approval all required information relating to the proposed change of control of the Corporation. The Division will investigate the change of control of the Corporation as if A & S Collection were a new applicant for a license, pursuant to the Divisionâ€™s regulation 209 CMR 18.08(2)(a).
- Within five (5) days of the effective date of this Consent Order, A & S Collection shall submit to the Division an accurate and up-to-date list of the names and titles of the Corporationâ€™s current control persons and officers and directors and shall thereafter timely notify the Division of any changes in personnel or ownership, as required pursuant to 209 CMR 18.08(2). For the purposes of this Consent Order, control persons are defined as senior officers and directors, including, the positions of chief executive and or operating officer, president, executive or senior vice president, secretary, treasurer, or positions with similar responsibilities.
- Nothing in this Order shall be construed as permitting A & S Collection and/or Ronald L. Saldi, Jr. to violate any law, rule, regulation, or regulatory bulletin to which they are subject.
- Failure to comply with the terms of this Consent Order shall constitute grounds for license suspension and/or revocation pursuant to applicable provisions of the General Laws of the Commonwealth of Massachusetts.
- This Consent Order shall become effective immediately upon the date of its issuance.
- The provisions of this Consent Order shall be binding upon Ronald L. Saldi, Jr. and A & S Collection, its officers, directors, employees, successors and assigns, and those persons in active participation with it, directly or indirectly, acting individually or through any corporate or other entity.
- The provisions of this Consent Order shall not limit, estop, or otherwise prevent any other state or federal agency or department, from taking any other action affecting A & S Collection and/or Ronald L. Saldi, Jr.
- 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 between the Division and Ronald L. Saldi, Jr. and A & S Collection.
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 8th day of January, 2009.
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts