Consent Order  AAA Plus Check Cashing, LLC and Mary E. Donald, individually and Elliott O. May, Individually

Date:	08/13/2014
Organization:	Division of Banks
Docket Number:	2014-013-CO

AAA Plus Check Cashing, LLC and Mary E. Donald, individually and Elliott O. May, Individually - Consent Order

COMMONWEALTH OF MASSACHUSETTS

Suffolk, SS.

COMMISSIONER OF BANKS
CHECK CASHER LICENSING
Docket No. 2014-013-CO

CONSENT ORDER

In the Matter of

AAA PLUS CHECK CASHING, LLC
Check Casher License No.: CC928653

and

MARY E. DONALD, Individually

and

ELLIOTT O. MAY, Individually

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.

ORDER

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:

1. AAA Plus and any and all officers, directors, employees, or managers or their successors or assigns operating on behalf of AAA Plus, will cease engaging in the activity of a Check Casher in Massachusetts, as those terms are defined under General Laws chapter 169A, section 1.
2. AAA Plus’ check casher license is hereby revoked.
3. AAA Plus and any and all officers, directors, employees, or managers or their successors or assigns operating on behalf of AAA Plus, will be prohibited from submitting an application to obtain a check casher license or any other license from the Division at any time in the future.
4. Mary E. Donald is prohibited from taking an ownership position in an entity licensed under General Laws chapter 169A and from participating, in any manner, in the responsibilities or duties of a control person of such an entity.  For the purposes of this Consent Order, “control” shall be defined as the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise.
5. Elliott O. May is prohibited from taking an ownership position in an entity licensed under General Laws chapter 169A and from participating, in any manner, in the responsibilities or duties of a control person of such an entity.  For the purposes of this Consent Order, “control” shall be defined as the power, directly or indirectly, to direct the management or policies of a company, whether through ownership of securities, by contract, or otherwise.
6. AAA Plus must reimburse all fees collected by the Company for unlicensed check cashing activity. Evidence of the reimbursements issued pursuant to this Subsection of the Consent Order must be submitted within forty-five (45) days after the execution of the Consent Order. Evidence of the reimbursements must include the consumers' names, the amounts of the reimbursements, the dates of the reimbursements, and either copies of the cashed refund checks or copies of certified mail receipts to illustrate the borrowers' receipt of the reimbursements, as appropriate.
7. Within ninety (90) days of the effective date of this Consent Order, AAA Plus shall submit to the Division, full payment owed for the costs of the Division’s 2014 Examination of AAA Plus. The payment shall be made payable to the “Commonwealth of Massachusetts” and mailed to Division of Banks, Commonwealth of Massachusetts, P.O. Box 3952, Boston, Massachusetts 02241-3952.
8. The provisions of this Consent Order shall not limit, estop, or otherwise prevent any other state agency or department, from taking any other action affecting AAA Plus, Mary E. Donald and/or Elliott O. May, and/or any of its officers, directors, or managers.
9. This Consent Order shall become effective immediately upon the date of its issuance.
10. The provisions of this Consent Order shall be binding upon AAA Plus, Mary E. Donald and Elliott O. May and its directors, officers, employees, agents, and their successors and assigns.
11. In accordance with the terms of the Consent Agreement entered by Mary E. Donald and Elliott O. May, and the Commissioner, AAA Plus, Mary E. Donald and Elliot O. May have waived all rights of appeal that they may have.
12. 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.
13. This Consent Order and the Consent Agreement are the complete documents representing the resolution of this matter.  There are no other agreements, promises, representations, or warranties other than those set forth in this Consent Order.

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