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WHEREAS, BRAZ TRANSFERS, INC., Saugus, Massachusetts ("Braz Transfers" 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 July 6th, 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, Braz Transfers agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");
Commissioner of Banks ("Commissioner");
WHEREAS, an examination/inspection of Braz Transfers was conducted pursuant to General Laws chapter 169, section 10, as of November 30, 2009 (the "2009 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 Braz Transfers as of November 30, 2009 alleged Braz Transfer's failure to comply with applicable state and federal laws, rules, regulations, and regulatory guidelines governing the conduct of two of the Corporation's authorized agents engaged in the foreign transmittal business in the Commonwealth maintaining foreign transmittal agency license numbers FT6343 and FT5534;
WHEREAS, on December 22, 2010, 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. 2010-375 (the "Temporary Order"), on against two authorized agents of Braz Transfers maintaining foreign transmittal license numbers FT6343 and FT5534;
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Temporary Order and the Report;
WHEREAS, Braz Transfers cooperated fully with the Division in responding to questions relevant to the examination by conferring with the Division on several dates and is willing to take affirmative steps to address the matters addressed in the Report and this Consent Order;
WHEREAS, without this Consent Order constituting an admission by Braz Transfers 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, Braz Transfers 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 Braz Transfers 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 6th day of July 2011.
NOW COME the parties in the above-captioned matter, the Division and Braz Transfers, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 6th day of July, 2011
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts