Consent Order  Maniflo Money Exchange

Date:	04/28/2009
Organization:	Division of Banks
Docket Number:	2009-006-CO
Location:	National City, CA

Maniflo Money Exchange, Inc., National City, CA - Consent Order

COMMONWEALTH OF MASSACHUSETTS

Suffolk, SS.

COMMISSIONER OF BANKS
FOREIGN TRANSMITTAL
AGENCY LICENSING
Docket No. 2009-006-CO

CONSENT ORDER

In the Matter of
MANIFLO MONEY EXCHANGE, INC.
National City, California

Foreign Transmittal Agency License No(s):
FT5380, FT5897, FT5898 and FT6019

WHEREAS, Maniflo Money Exchange, Inc., National City, California ("Maniflo Money Exchange" 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

April 28, 2009, 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, Maniflo Money Exchange agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");

WHEREAS, an examination/inspection of Maniflo Money Exchange was conducted pursuant to General Laws chapter 169, section 10, as of October 27, 2008 (the "2008 examination/inspection") to assess the Corporation's level of compliance with applicable state and federal laws, rules, regulations and regulatory bulletins governing the conduct of those engaged in the business of a foreign transmittal agency in the Commonwealth;

WHEREAS, the Report of Examination/Inspection (the "Report") issued pursuant to the Division's examination/inspection of Maniflo Money Exchange as of October 27, 2008 alleged Maniflo Money Exchange's failure to demonstrate and maintain the character, reputation, integrity, and general fitness that would warrant the belief that its foreign transmittal business will be operated honestly, fairly, and soundly in the public interest in violation of General Laws chapter 169, section 6 and the Division's regulation 209 CMR 44.03;

WHEREAS, pursuant to General Laws chapter 169, section 13(b), the Commissioner issued a FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST, Docket No. 2009-006 (the "Temporary Order"), against Maniflo Money Exchange on February 25, 2009, based upon the findings of the 2008 examination/inspection;

WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Temporary Order;

WHEREAS, without this Consent Order constituting an admission by Maniflo Money Exchange of any allegations made or implied by the provisions of the Temporary Order; solely for the purpose of settlement of all alleged violations without protracted administrative proceedings and judicial review, Maniflo Money Exchange hereby waives its right to complete the hearing process relative to this proceeding and affirms that it is willing to take all necessary action as set forth in this Consent Order; and

WHEREAS, in recognition of the Division and Maniflo Money Exchange having reached the following mutual agreement under this Consent Order to fully resolve the matters raised by the Temporary Order, the Commissioner has terminated the Temporary Order on this 28th day of April 2009.

ORDER

NOW COME the parties in the above-captioned matter, the Division and Maniflo Money Exchange, and stipulate and agree as follows:

1. Immediately upon the execution of this Consent Order, Maniflo Money Exchange will refrain from engaging in the foreign transmittal business in Massachusetts, as that term is defined under Massachusetts General Laws chapter 169, the Division's regulations 209 CMR 44.00 et seq.
2. Immediately upon the execution of this Consent Order, Maniflo Money Exchange will surrender the Corporation's Massachusetts foreign transmittal agency licenses, license No.(s): FT5380, FT5897, FT5898 and FT6019 by returning the original license certificates to the Division at One South Station, 3rd Floor, Boston, Massachusetts 02110.
3. Maniflo Money Exchange will refrain from submitting an application to obtain a license from the Commissioner for a period of twenty-four (24) months from the effective date of this Consent Order.
4. To the extent that Maniflo Money Exchange wishes to resume business as a foreign transmittal agency at the expiration of the 24-month term as set forth above, Maniflo Money Exchange shall be required to submit a completed application to obtain the relevant license from the Commissioner. The Commissioner shall have all of the discretion set forth within General Laws chapter 169 and the Division's regulation 209 CMR 44.00 et seq. in determining whether to issue a license to Maniflo Money Exchange to conduct the licensed business, provided however, that any such application shall not be denied solely on the basis of the Temporary Order.
5. Within thirty (30) days of the effective date of this Consent Order, Maniflo Money Exchange shall submit payment in full of the amount owed for the costs of the Division's October 27, 2008 examination/inspection. The payment shall be made payable to the "Commonwealth of Massachusetts", and mailed to the Office of the Commissioner of Banks , Attn: Non-Depository Institution Supervision, One South Station, 3 ^rd Floor, Boston, Massachusetts 02110.
6. The provisions of this Consent Order shall not limit, estop, or otherwise prevent the Division, or any other state agency or department, from taking any other action affecting Maniflo Money Exchange, its successors or assigns, fails to fully and promptly comply with the above provisions.
7. This Consent Order shall become effective immediately upon the date of its issuance.
8. The provisions of this Consent Order shall be binding upon Maniflo Money Exchange, its officers and directors, their successors and assigns, and those persons in active participation with it, directly or indirectly, acting individually or through any corporate or other entity.
9. In accordance with the terms of the Consent Agreement entered by Maniflo Money Exchange and the Commissioner, Maniflo Money Exchange has waived all rights of appeal that it may have relative to this Consent Order or any of its provisions.
10. The provisions of this Consent Order shall remain effective and enforceable except to the extent that, and until such time as, any provisions of this Consent Order shall have been modified, terminated, suspended, or set aside by the Commissioner or upon an order of a court of competent jurisdiction.
11. This Consent Order and the 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 Consent Order.

 

BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.

Dated at Boston, Massachusetts, this 28th day of April, 2009

By: Steven L. Antonakes
Commissioner of Banks
Commonwealth of Massachusetts