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COMMONWEALTH OF MASSACHUSETTS
COMMISSIONER OF BANKS
MOTOR VEHICLE SALES FINANCE COMPANY LICENSING
Docket No. 2010-228
In the Matter of
Motor Vehicle Sales Finance Company License No. MV0147
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 June 18, 2010, 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, an examination of Inofin commenced pursuant to General Laws chapter 255B, section 3, on November 9, 2009, 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, during the examination and review of the Corporation's books and records the Division became concerned with Inofin's ability to maintain the minimum financial requirements for holding a motor vehicle sales finance company license in Massachusetts; and
WHEREAS, as of 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 Division examiners and continued an onsite review of Inofin'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 license in Massachusetts.
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 18th day of June, 2010
By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts