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WHEREAS, Alpha Money Transfer, Inc., Nashua, New Hampshire ("Alpha Money" or the "Corporation"), a licensed foreign transmittal agency under Massachusetts General Laws chapter 169 has been advised of its right to Notice and Hearing pursuant to General Laws chapter 169, section 13, 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 February 28, 2011, 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 foreign transmittal agency, Alpha Money agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");
WHEREAS, an examination/inspection of Alpha Money was conducted pursuant to General Laws chapter 169, section 10, as of June 29, 2010 (the "2010 examination/inspection") to assess the Corporation's level of compliance with applicable state and federal laws, rules, regulations and regulatory bulletins governing the conduct of those engaged in the business of a foreign transmittal agency in the Commonwealth;
WHEREAS, the Report of Examination/Inspection (the "Report") issued pursuant to the Division's examination/inspection of Alpha Money as of June 29, 2010 alleged Alpha Money's failure to demonstrate and maintain the character, reputation, integrity, and general fitness that would warrant the belief that its foreign transmittal business will be operated honestly, fairly, and soundly in the public interest in violation of General Laws chapter 169, section 6 and the Division's regulation 209 CMR 44.03;
WHEREAS, pursuant to General Laws chapter 169, section 13(b), the Commissioner issued a FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST, Docket No. 2010-326 (the "Temporary Order"), against Alpha Money on September 14, 2010, based upon the findings of the 2010 examination/inspection;
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Temporary Order;
WHEREAS, without this Consent Order constituting an admission by Alpha Money of any allegations made or implied by the provisions of the Temporary Order; solely for the purpose of settlement of all alleged violations without protracted administrative proceedings and judicial review, Alpha Money hereby waives its right to complete the hearing process relative to this proceeding and affirms that it is willing to take all necessary action as set forth in this Consent Order; and
WHEREAS, in recognition of the Division and Alpha Money having reached the following mutual agreement under this Consent Order to fully resolve the matters raised by the Temporary Order, the Commissioner has terminated the Temporary Order on this 28th day of February 2011.
NOW COME the parties in the above-captioned matter, the Division and Alpha Money, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 28th day of February, 2011
By: David J. Cotney
Commissioner of Banks