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WHEREAS, IDEAL FINANCIAL SERVICES, INC., Springfield, Massachusetts ("Ideal" or the "Corporation"), a licensed motor vehicle sales finance company under Massachusetts General Laws chapter 255B, section 2, and 209 CMR 20.00 et seq. and a licensed small loan company under Massachusetts General Laws chapter 140, sections 96 to 114A, and 209 CMR 20.00 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 November 13, 2012, 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, and small loan company, Ideal agrees to the issuance of this CONSENT ORDER ("Order") by the Commissioner of Banks ("Commissioner");
WHEREAS, as of May 16, 2012, the Division’s examiners conducted an examination of Ideal’s books and records.
WHEREAS, the Division remains concerned about the Corporation’s ability to maintain the minimum financial requirements for holding a motor vehicle finance company, and small loan company license in Massachusetts.
NOW COME the parties in the above-captioned matter, the Division and Ideal, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 13th day of November, 2012
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts