Date: | 11/19/2018 |
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Organization: | Division of Banks |
Docket Number: | 2018-007 |
Location: | Tempe, Arizona |
WHEREAS, FREEDOM FINANCIAL ASSET MANAGEMENT LLC., (“Freedom Financial” or “Company”) has been advised of its rights 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 the Division of Banks (Division) dated November 19, 2018 whereby, solely for the purpose of settling this matter and without admitting any allegations of fact or the existence of any violations of law, Freedom Financial 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 Massachusetts General Laws 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 CMR 18.00 et seq.;
WHEREAS, Freedom Financial has its main office located at 2114 E Rio Salado Parkway, Tempe, Arizona 85281;
WHEREAS, on or about September 17, 2013 Freedom Financial applied for a third party loan servicer registration with the Division;
WHEREAS, on or about June 5, 2014 Freedom Financial’s third party loan servicer registration application was deemed Withdrawn – Application Abandoned;
WHEREAS, on or about July 30, 2018 Freedom Financial submitted an application for a third party loan servicer registration with the Division;
WHEREAS, currently the Company has no licenses or registrations with the Division.
WHEREAS, Freedom Financial has engaged in the business of a third party loan servicer from at least July 2014 through the present without a third party loan servicer registration;
WHEREAS, the parties now seek to resolve by mutual agreement the matters identified above.