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WHEREAS, FRANKLIN COLLECTION SERVICE, INC., Tupelo, Mississippi (Franklin Collection or the Corporation), a licensed debt collector under Massachusetts General Laws chapter 93, section 24A and 209 CMR 18.00 et seq., has 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 14, 2015, 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 debt collector, Franklin Collection agrees to the issuance of this CONSENT ORDER (Order) by the Commissioner of Banks (Commissioner);
WHEREAS, on October 13, 2010 the Commissioner and Franklin Collection entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER, Docket No. 2010-346 (2010 Consent Order), for the purpose of settling the matters raised during a 2009 Examination of Franklin Collection’s books and records.
WHEREAS, an examination of Franklin Collection was conducted pursuant to General Laws chapter 93, section 24D as of March 31, 2014 to assess the Corporation’s level of compliance with applicable Massachusetts and federal statutes, rules and regulations governing the conduct of those engaged in the business of a debt collector in the Commonwealth, as well as to assess the Corporation’s compliance with the 2010 Consent Order;
WHEREAS, the Report of Examination (the Report) issued pursuant to the Division’s 2014 examination of Franklin Collection alleged substantial non-compliance with applicable state and federal statutes, rules, and regulations governing the conduct of those engaged in the business of a debt collector in the Commonwealth, as well as failure to comply with certain provisions set forth in 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WHEREAS, by mutual agreement of the Corporation and the Division, the 2010 Consent Order is hereby superseded and replaced by this Order.
NOW COME the parties in the above-captioned matter, the Division and Franklin Collection, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 14th day of April, 2015.
David J. Cotney
Commissioner of Banks