|Organization:||Division of Banks|
|Docket Number:||2012-015 CO|
Consent Order Doubles Building Society, LLC, dba Small Financial Organization
Table of Contents
Doubles Building Society, LLC, dba Small Financial Organization, Worcester, MA - Consent Order
COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
Docket No. 2012-015 CO
In the Matter of
DOUBLES BUILDING SOCIETY, LLC
d/b/a SMALL FINANCIAL ORGANIZATION
Foreign Transmittal Agency License No.: FT5741
WHEREAS, Doubles Building Society, LLC, d/b/a Small Financial Organization, Worcester, Massachusetts ("Doubles Building Society" or the "Company"), 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 June 29, 2012, 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, Doubles Building Society agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");
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. 2009-114 (the "Temporary Order"), against Doubles Building Society on July 2, 2009, as a result of Doubles Building Society’s alleged failure to demonstrate and maintain the financial responsibility, 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, on April 28, 2010 the Commissioner and Doubles Building Society entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER ("2010 Consent Order") for the purpose of settling the matters raised by the Temporary Order;
WHEREAS, an examination/inspection of Doubles Building Society was conducted pursuant to General Laws chapter 169, section 10, as of February 17, 2011 (the "2011 examination/inspection") to assess the Company’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, as well as to assess the Company’s compliance with the 2010 Consent Order;
WHEREAS, the Report of Examination/Inspection (the "Report") issued pursuant to the Division’s examination/inspection of Doubles Building Society as of February 17, 2011 alleged substantial non-compliance with applicable state and federal statutes, rules, and regulations governing the conduct of those engaged in the business of a foreign transmittal agency in Massachusetts;
WHEREAS, the Division has considered the findings presented in the Report and has determined that the Company is not in full compliance with the provisions of the 2010 Consent Order;
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Report; and
WHEREAS, by mutual agreement of the Company and the Division, the 2010 Consent Order is hereby superseded and replaced by this Consent Order.
NOW COME the parties in the above-captioned matter, the Division and Doubles Building Society, and stipulate and agree as follows:
- Immediately upon the execution of this Consent Order, Doubles Building Society will refrain from engaging in the foreign transmittal business in Massachusetts, as that term is defined under Massachusetts General Laws chapter 169, the Division’s regulations 209 CMR 44.00 et seq.
- Immediately upon the execution of this Consent Order, Doubles Building Society will surrender its Massachusetts foreign transmittal agency license, FT5741 by returning the original license certificate to the Division at 1000 Washington Street, 10th Floor, Boston, Massachusetts 02118-6400.
- Doubles Building Society will refrain from submitting an application to obtain a license from the Commissioner for a period of thirty-six (36) months from the effective date of this Consent Order.
- To the extent that Doubles Building Society wishes to resume business as a foreign transmittal agency at the expiration of the 36-month term as set forth above, Doubles Building Society shall be required to submit a completed application to obtain the relevant license from the Commissioner. The Commissioner shall have all of the discretion set forth within General Laws chapter 169 and the Division's regulation 209 CMR 44.00 et seq. in determining whether to issue a license to Doubles Building Society to conduct the licensed business.
- Within thirty (30) days of the effective date of this Consent Order, Doubles Building Society shall submit payment in full of the amount owed for the costs of the Division’s February 17, 2011 examination/inspection. The payment shall be made payable to the "Commonwealth of Massachusetts", and mailed to the Office of the Commissioner of Banks, Attn: Non-Depository Institution Supervision, 1000 Washington Street, 10th Floor, Boston, Massachusetts 02118-6400.
- The provisions of this Consent Order shall not limit, estop, or otherwise prevent the Division, or any other state agency or department, from taking any other action affecting Doubles Building Society, its successors or assigns, fails to fully and promptly comply with the above provisions.
- This Consent Order shall become effective immediately upon the date of its issuance.
- The provisions of this Consent Order shall be binding upon Doubles Building Society, its officers and directors, their successors and assigns, and those persons in active participation with it, directly or indirectly, acting individually or through any corporate or other entity.
- In accordance with the terms of the Consent Agreement entered by Doubles Building Society and the Commissioner, Doubles Building Society has waived all rights of appeal that it may have relative to this Consent Order or any of its provisions.
- The provisions of this Consent Order shall remain effective and enforceable except to the extent that, and until such time as, any provisions of this Consent Order shall have been modified, terminated, suspended, or set aside by the Commissioner or upon an order of a court of competent jurisdiction.
- This Consent Order and the Consent Agreement are the complete documents representing the resolution of this matter. There are no other agreements, promises, representations, or warranties other than those set forth in this Consent Order.
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 29th day of June, 2012
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts