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WHEREAS, GEOFF GRAY CORPORATION, Salem, New Hampshire ("GGC" or the "Corporation"), a licensed motor vehicle sales finance company under Massachusetts General Laws chapter 255B, section 2, 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 May 5, 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 motor vehicle sales finance company, GGC agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");
WHEREAS, an examination of GGC commenced pursuant to General Laws chapter 255B, section 3, on January 19, 2010, to assess the Corporation's level of compliance with applicable Massachusetts statutes and the Division's regulations governing the conduct of those engaged in the business of a motor vehicle sales finance company in the Commonwealth;
WHEREAS, the Report of Examination/Inspection (the "Report") issued pursuant to the Division's examination/inspection of GGC alleged non-compliance with applicable state and federal statutes, rules, and regulations governing the conduct of those engaged in the business of a motor vehicle sales finance company in Massachusetts and required that GGC respond to the Report and take certain corrective action;
WHEREAS, GGC applied for renewal of its motor vehicle sales finance company license on October 29, 2010;
WHEREAS, after reviewing the financial information submitted with GGC's application for renewal, the Division became concerned with GGC's ability to maintain the minimum financial requirements for holding a motor vehicle sales finance company license in Massachusetts;
WHEREAS, the Division determined that a thorough review of the Corporation's renewal application would require further information from GGC;
WHEREAS, on January 10, 2011, January 11, 2011, January 14, 2011, and January 19, 2011, the Division's examiners conducted onsite reviews of GGCs books and records to assess GGC's response to the 2010 examination/inspection and to conduct further analysis of the Corporation's financial records;
WHEREAS, the Division's review revealed significant weaknesses in the Corporation's internal controls regarding financial records and reporting which prevented the Division from assessing the Corporation's true financial condition;
WHEREAS, the Division has serious concerns regarding the Corporation's ability to demonstrate the minimum financial responsibility requirements for holding a motor vehicle finance company license in Massachusetts.
NOW COME the parties in the above-captioned matter, the Division and GGC, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 5th day of May, 2011
By: David J. Cotney
Commissioner of Banks