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WHEREAS, AAA PLUS CHECK CASHING, LLC (AAA Plus or the Company) a licensed check casher under Massachusetts General Laws chapter 169A, section 2, MARY E. DONALD, co-owner of AAA Plus, and ELLIOTT O. MAY, co-owner of AAA Plus, Branch Manager and Compliance Officer, have been advised of their right to Notice and Hearing pursuant to Massachusetts General Laws chapter 30A, section 10, 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 August 13, 2014 whereby, solely for the purpose of settling this matter, AAA Plus, Mary E. Donald and Elliott O. May agree to the issuance of this CONSENT ORDER (Consent Order) by the Commissioner of Banks (Commissioner);
WHEREAS, the Division, through the Commissioner, has jurisdiction over the licensing and regulation of persons and entities engaged in the business of a check casher in Massachusetts pursuant to Massachusetts General Laws chapter 169A, section 2 and its implementing regulation 209 CMR 45.00 et seq.;
WHEREAS, AAA Plus, at all relevant times, has been a Company conducting business in the Commonwealth with its main office located at 360 Salem Street, Medford, Massachusetts;
WHEREAS, Mary E. Donald, according to the Division’s record is the 100% owner of AAA Plus;
WHEREAS, Elliott O. May, at all relevant times, was the Branch Manager and designated Compliance Officer of AAA Plus;
WHEREAS, on August 6, 2014, the Division was provided a copy of the operating agreement entered into on January 1, 2013 stating that Mary E. Donald owns sixty (60%) of the Company and Elliott O. May owns forty (40%) of the Company.
WHEREAS, on April 10, 2014 pursuant to Massachusetts General Laws chapter 169A, section 10, the Division commenced an examination of the books, accounts, papers, records, and files maintained by AAA Plus to evaluate the Company’s compliance with Massachusetts and federal statutes and regulations governing the conduct of the check casher business in Massachusetts (2014 examination);
WHEREAS, the Division's Report of Examination (Report) which was issued to AAA Plus on July 15, 2014, presented the findings of the 2014 examination and alleged failures to comply with applicable state and federal statutes, rules, and regulations governing the conduct of those engaged in the business of a check casher in Massachusetts;
WHEREAS, on, July 15, 2014, based on the findings of the 2014 examination, the Division issued a FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST (Temporary Order), Docket No. 2014-013 against AAA Plus, Mary E. Donald and Elliott O. May;
WHEREAS, in recognition of the Division and AAA Plus having reached the following mutual agreement under this Consent Order to resolve the matters raised by the Temporary Order, the Commissioner has terminated the Temporary Order on this 13th day of August, 2014.
NOW COME the parties in the above-captioned matter, the Division, AAA Plus, Mary E. Donald and Elliott O. May, stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 13th day of August, 2014
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts