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WHEREAS, A.C.B. AMERICAN, INC., Covington, Kentucky ("A.C.B. American" or the "Corporation"), a licensed debt collector under Massachusetts General Laws chapter 93, section 24A, has been advised of its right to Notice and Hearing pursuant to General Laws chapter 93, section 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 7, 2010, 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.C.B. American agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");
WHEREAS, an examination/inspection of A.C.B. American was conducted pursuant to General Laws chapter 93, section 24D, as of July 28, 2009, to assess the Corporation's level of compliance with applicable Massachusetts statutes and the Division's regulations governing the conduct of those engaged in the business of a debt collector in the Commonwealth; and
WHEREAS, the Report of Examination/Inspection (the "Report") issued pursuant to the Division's examination/inspection of A.C.B. American as of July 28, 2009 alleged substantial non-compliance with certain applicable state and federal statutes, rules, and regulations governing the conduct of those engaged in the business of a debt collector in Massachusetts.
NOW COME the parties in the above-captioned matter, the Division and A.C.B. American, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 7th day of December, 2010
By: David J. Cotney
Acting Commissioner of Banks
Commonwealth of Massachusetts