|Organization:||Division of Banks|
WHEREAS Ismael N. Rajab and Pearl of Africa Store (“Pearl of Africa” or “Store”), located at 465A Main Street, Waltham, having been advised of its right to Notice and Hearing pursuant to General Laws chapter 169, 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 March 1, 2018 2018, 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, Ismael N. Rajab and Pearl of Africa agree to the issuance of this CONSENT ORDER (“Consent Order” or “Order” ) by the Commissioner of Banks (“Commissioner”);
WHEREAS, Pearl of Africa has been an authorized foreign transmittal agent location of MoneyGram since August 23, 2013. As an authorized agent of MoneyGram, Pearl of Africa is only authorized to transmit consumer funds using MoneyGram and in its own name.
WHEREAS, on October 24, 2017, pursuant to General Laws chapter 169, section 1 the Commissioner issued a CEASE DIRECTIVE, (the “Cease Directive”), against Ismael N. Rajab and Pearl of Africa, alleging that they transmitted money on behalf of consumers outside of its MoneyGram agent capacity, using and electronic mobile application, and charged a fee without appropriate license or authorization;
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Cease Directive;
WHEREAS, without this Consent Order constituting an admission by Ismael N. Rajab or Pearl of Africa of any allegations made or implied by the provisions of the Cease Directive; solely for the purpose of settlement of all alleged violations without protracted administrative proceedings and judicial review, Ismael N. Rajab and Pearl of Africa hereby waive their 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, Ismael N. Rajab and Pearl of Africa having reached the following mutual agreement under this Consent Order to fully resolve the matters raised by the Cease Directive, the Commissioner has terminated the Cease Directive on this 1st day of March 2018.