Date: | 12/31/2024 |
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Organization: | Division of Banks |
Docket Number: | 2024-012 |
Location: | Boston, Massachusetts |
Whereas, Harbor Finance Company, Inc., Abington, Massachusetts (Harbor Finance or the Corporation), a licensed motor vehicle sales finance company under Massachusetts General Laws (M.G.L.) 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 December 31, 2024 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, Harbor Finance agrees to the issuance of this Consent Order (Consent Order) by the Commissioner of Banks (Commissioner);
Whereas, an examination of Harbor Finance was conducted pursuant to General Laws chapter 255B, section 3 as of February 20, 2024 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 motor vehicle sales finance business in the Commonwealth;
Whereas, the Report of Examination (the Report) issued pursuant to the Division’s examination of Harbor Finance alleged substantial non-compliance with applicable state and federal statutes, rules, and regulations governing the conduct of those engaged in the motor vehicle sales finance business; and
Whereas, during a telephone call with Division representatives on December 19, 2024, Harbor Finance indicated its intention to cease conducting motor vehicle sales finance activities in Massachusetts; and stated it will surrender its Massachusetts motor vehicle sales finance company license;
Whereas, the parties now seek to resolve by mutual agreement the matters identified in the Report.