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WHEREAS, POAPAY LLC, Birmingham, Alabama (“PoaPay” 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 July 13, 2016, 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, PoaPay agrees to the issuance of this CONSENT ORDER (“Consent Order”) by the Commissioner of Banks (“Commissioner”);
WHEREAS, an examination/inspection of PoaPay was conducted pursuant to General Laws chapter 169, section 10, as of July 2, 2015 (the “2015 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 PoaPay as of July 2, 2015 alleged PoaPay’s failure to comply with applicable state and federal laws, rules, regulations, and regulatory guidelines governing the Corporation’s conduct as a foreign transmittal business maintaining foreign transmittal agency license number FT1071851;
WHEREAS, on April 28, 2016, pursuant to General Laws chapter 169, section 12 the Commissioner issued an ORDER TO SHOW CAUSE AND NOTICE OF RIGHT TO A HEARING, Docket No. 2016-001 (the “Order to Show Cause”), against PoaPay;
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Temporary Order and the Report;
WHEREAS, without this Consent Order constituting an admission by PoaPay 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, PoaPay 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 PoaPay having reached the following mutual agreement under this Consent Order to fully resolve the matters raised by the Order to Show Cause, the Commissioner has terminated the Order to Show Cause on this 13th day of July 2016.
NOW COME the parties in the above-captioned matter, the Division and PoaPay, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 13th day of July, 2016
By: David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts