The State Organization Index provides an alphabetical listing of government organizations, including commissions, departments, and bureaus.
Top-requested sites to log in to services provided by the state
WHEREAS, CONDOR CAPITAL CORP., (Condor Capital or the Corporation) a licensed motor vehicle sales finance company under Massachusetts General Laws chapter 255B, section 2, has been advised of its 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 April 9, 2015 whereby, solely for the purpose of settling this matter, Condor Capital agrees 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 motor vehicle sales finance company in Massachusetts pursuant to Massachusetts General Laws chapter 255B, section 2.
WHEREAS, Condor Capital is, and at all relevant times has been, a foreign corporation conducting business in the Commonwealth with its main office located at 165 Oser Avenue, Hauppauge, New York.
WHEREAS, Stephen Baron is, according to the Division’s records, 100% percent owner of Condor Capital.
WHEREAS, on April 23, 2014, the Superintendent of Financial Services of the State of New York (NYDFS) filed a civil complaint against both Condor Capital and Stephen Baron, in the District Court for the Southern District of New York, Case #: 1:14−cv−02863−CM (Complaint) pursuant to 12 U.S.C. §5552 for violations of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the New York Financial Services Law, and the New York Banking Law. The Complaint alleged that Condor Capital wrongfully retained customers’ positive credit balances, initiated steps to conceal positive credit balances from regulators, and failed to protect the confidentiality of consumers’ personal and financial information.
WHEREAS, on May 13, 2014, the Division issued an Order to Cease and Desist, Order to Show Cause and Notice of Intent to Revoke Motor Vehicle Sales Finance License (Order and Notice), Docket No. 2014-010 OTSC against Condor Capital as a result of concerns raised through the NYDFS’s Complaint.
WHEREAS, on May 27, 2014, August 27, 2014 and November 26, 2014, Condor Capital through counsel requested an extension of the Division to reply to the Order and Notice pending the resolution of the NYDFS case.
WHEREAS, on December 18, 2014, Condor Capital and Stephen Baron executed a Consent incorporated herein, for the purpose of settling the matters alleged in the NYDFS Complaint.
WHEREAS, on December 22, 2014, a Final Consent Judgment (Consent Judgment) incorporated herein, was entered by the Court in the NYDFS civil matter against Condor Capital and Stephen Baron. Condor Capital and Stephen Baron admitted to concealing from its customers and regulators the fact that thousands of Condor’s customers had refundable positive credit balances (i.e., money owed by Condor to a customer as a result of an overpayment of the customer’s account), failing to refund positive credit balances to customers, failing to protect the private and confidential personal and financial information of its customers, and applying a daily interest rate calculated based on a 360-day year, to a 365-day year thereby resulting in an annual percentage rate in excess of the one-eighth of one percent tolerance permitted under Truth in Lending Act (TILA) and Regulation Z.
WHEREAS, the Consent Judgment entered by the District Court for the Southern District of New York required Condor Capital, Stephen Baron and a court appointed receiver to engage in certain corrective action as detailed in the Consent Judgment.
WHEREAS, in recognition of the Division and Condor Capital having reached the following mutual agreement under this Consent Order to resolve the matters raised by the Order and Notice, the Commissioner has terminated the Order and Notice on this 9th day of April, 2015.
NOW COME the parties in the above-captioned matter, the Division, Condor Capital, and Stephen Baron and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 9th day of April 2015.
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts