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WHEREAS, HG INTERNATIONAL CO. INC. D/B/A CHANG EXPRESS, Somerville, Massachusetts (Chang Express or the Corporation), 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 October 12, 2016, 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, Chang Express agrees to the issuance of this CONSENT ORDER (Order) by the Commissioner of Banks (Commissioner);
WHEREAS, the Division has jurisdiction over the licensing and regulation of persons and entities engaged in the business of a foreign transmittal agency in Massachusetts pursuant to Massachusetts General Laws chapter 169, and its implementing regulation 209 CMR 45.00 et seq;
WHEREAS, an examination of Chang Express was conducted pursuant to General Laws chapter 169, section 10, as of April 27, 2015 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 foreign transmittal agency in the Commonwealth;
WHEREAS, the Report of Examination (the Report) issued pursuant to the Division’s examination of Chang Express alleged substantial non-compliance with applicable state and federal statutes, rules, and regulations governing the conduct of those engaged in the business of foreign transmittal agency in the Commonwealth;
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Report; and
NOW COME the parties in the above-captioned matter, the Division and Chang Express, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 12th day of October, 2016
By: Terence A. McGinnis
Commissioner of Banks
Commonwealth of Massachusetts