Date: | 10/03/2023 |
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Organization: | Division of Banks |
Docket Number: | 2023-003 |
Location: | Boston, Massachusetts |
WHEREAS, Bill Me Later, Inc. (“Bill Me Later” or the “Company”), with its main office located at 9690 Deereco Road, 7th Floor, Timonium, Maryland 21093, has been advised of its rights to Notice and Hearing pursuant to Massachusetts General Laws (“M.G.L.”) 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 the Division of Banks (“Division”), dated October 3, 2023 whereby, solely for the purpose of settling this matter and without admitting, and otherwise denying, any allegations of fact, wrongdoing, or the existence of any violations of law, Bill Me Later agrees to the issuance of this CONSENT ORDER (“Consent Order”) by the Commissioner of Banks (“Commissioner”);
WHEREAS, a person or entity must register with the Commissioner prior to acting as a third party loan servicer in Massachusetts pursuant to M.G.L. chapter 93, section 24A;
WHEREAS, a person or entity acting as a third party loan servicer in Massachusetts must comply with the requirements of 209 Code of Massachusetts Regulations (“C.M.R.”) 18.00 et seq.;
WHEREAS, Bill Me Later is, and at all relevant times has been, a foreign company conducting business in the Commonwealth of Massachusetts with its main office located at 9690 Deereco Road, 7th Floor, Timonium, Maryland 21093;
WHEREAS, according to records maintained on file with the Division, and as recorded on the Nationwide Multi-State Licensing System and Registry (“NMLS”), on or about June 14, 2022, Bill Me Later submitted an application for a third party loan servicer registration with the Division (“the application”);
WHEREAS, during a review of the application, the Division became aware that Bill Me Later had engaged in the business of a third party loan servicer in Massachusetts without the appropriate registration; and
WHEREAS, the parties now seek to resolve by mutual agreement the matters identified above.