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WHEREAS, INOFIN INC., Rockland, Massachusetts ("Inofin" 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 January 20, 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, Inofin agrees to the issuance of this CONSENT ORDER ("Order") by the Commissioner of Banks ("Commissioner");
WHEREAS, the Division, through the Commissioner, has jurisdiction over the licensing and regulation of persons and entities engaged in the business of a motor vehicle sales finance company in Massachusetts pursuant to Massachusetts General Laws chapter 255B, section 2;
WHEREAS, Inofin is, and at all relevant times, has been a corporation conducting business in the Commonwealth of Massachusetts. Inofin's main office is located at 55 Accord Park Drive, Unit D, Rockland, Massachusetts;
WHEREAS, on November 9, 2009, pursuant to the authority granted under Massachusetts General Laws chapter 255B, section 3, the Division commenced an examination/inspection of the books, accounts, papers, records, and files maintained by Inofin to evaluate the Corporation's compliance with the laws and regulations applicable to the conduct of a motor vehicle sales finance company business in Massachusetts (the "examination/inspection");
WHEREAS, during the examination/inspection of Inofin's books and records the Division became concerned with the Corporation's ability to meet the minimum financial requirements for holding a motor vehicle sales finance company license in Massachusetts;
WHEREAS, on or about June 8, 2010 and June 9, 2010, as a result of continuing concerns relative to the financial condition of the Corporation, the Division's supervisory management participated with the Division's examiners and continued an onsite review of Inofin's books and records;
WHEREAS, on June 18, 2010, the Commissioner entered into a Stipulation and Consent to the Issuance of a Consent Order with Inofin based on upon the Division's continued concerns relative to the financial condition of the Corporation;
WHEREAS, on December 30, 2010, the Division issued an Order to Cease and Desist, Order to Show Cause and Notice of Intent to Revoke ("Order and Notice"), against Inofin ("Order and Notice"), Docket No. 2010-228, based on Inofin's failure to comply with the terms of an executed Stipulation and Consent to the Issuance of a Consent Order entered into by the Division and Inofin on June 18, 2010;
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Order and Notice; and
WHEREAS, in recognition of the Division and Inofin having reached the following mutual agreement under this Consent Order to resolve the matters raised by the Order and Notice, the Commissioner has terminated the Order and Notice on this 20th day of January, 2011.
WHEREAS, this Order and Consent Agreement are the complete documents representing the resolution of this matter. There are no other agreements, promises, representations, or warranties other than those set forth in this Order, which replaces and supersedes the June 18, 2010 Stipulation and Consent to the Issuance of a Consent Order entered into by Inofin and the Commissioner.
NOW COME the parties in the above-captioned matter, the Division and Inofin, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 20th day of January, 2011
By: David J. Cotney
Acting Commissioner of Banks
Commonwealth of Massachusetts