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WHEREAS, NAVIENT SOLUTIONS, INC. (“Navient Solutions”), formerly known as SALLIE MAE, INC. and NAVIENT CREDIT FINANCE CORPORATION (“Navient Credit Finance”), formerly known as SLM EDUCATION CREDIT FINANCE CORPORATION, Reston, Virginia (collectively, the “Corporations”) have been advised of their rights to Notice and Hearing pursuant to General Laws chapter 30A, 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 24, 2014, 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 small loan company and/or a third party loan servicer, the Corporations agree to the issuance of this CONSENT ORDER (“Consent Order”) by the Commissioner of Banks (“Commissioner”);
WHEREAS, Navient Solutions is a licensed small loan company under General Laws chapter 140, section 96 and 209 CMR 20.00 et seq. and a registered third party loan servicer under General Laws chapter 93, sections 24 to 28 and 209 CMR 18.00 et seq.; and Navient Credit Finance is a licensed small loan company under General Laws chapter 140 and 209 CMR 20.00 et seq.;
WHEREAS, Navient Solutions has submitted a request to surrender its Massachusetts small loan license but will continue to maintain its registration as a third party loan servicer at this time;
WHEREAS, Navient Credit Finance owns certain loans falling within the scope of General Laws chapter 140, section 96 et seq. and 209 CMR 26.00 et seq. (“Small Loans”) and Navient Solutions currently services those Small Loans and certain other Small Loans under General Laws chapter 93, sections 24 to 28 and 209 CMR 18.00 et seq., but in no case was either Corporation the original lender;
WHEREAS, an examination of the Corporations was conducted pursuant to General Laws chapter 140, sections 96 to 114A, as of April 11, 2011 to assess the Corporations’ level of compliance with applicable Massachusetts and federal laws and the Division’s regulations governing the conduct of those engaged in the business of a small loan company and third party loan servicer in Massachusetts; and
WHEREAS, the Report of Examination (the “Report”) was issued on July 1, 2013 and alleged continued non-compliance with applicable state statutes, rules, and regulations governing the conduct of those engaged in the business of a small loan company in Massachusetts as originally cited in the Reports of Examination issued on February 17, 2009.
NOW COME the parties in the above-captioned matter, the Division and the Corporations, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 24th day of October, 2014
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts