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WHEREAS, RALPH CERUNDOLO d/b/a RECREATIONAL FINANCE COMPANY, Beverly, Massachusetts (Recreational Finance or the Company), a licensed motor vehicle sales finance company under Massachusetts General Laws chapter 255B, section 2 and 209 CMR 20.00 et seq. and a licensed retail installment sales and services finance company under Massachusetts General Laws chapter 255D, section 2 and 209 CMR 20.00 et seq. 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 October 8, 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 motor vehicle sales finance company, Recreational Finance agrees to the issuance of this CONSENT ORDER (Order) by the Commissioner of Banks (Commissioner);
WHEREAS, an examination of Recreational Finance was conducted pursuant to General Laws chapter 255B, section 3 and chapter 255D, section 3 as of December 3, 2012 and continuing through July 17, 2013 to assess the Company’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 and a retail installment sales and services finance company in the Commonwealth; and
WHEREAS, the Report of Examination (the Report) issued pursuant to the Division’s examination of Recreational Finance as of December 3, 2012 alleged substantial non-compliance with applicable state and federal statutes, rules, and regulations governing the conduct of those engaged in the business of a motor vehicle sales finance company and a retail installment sales and services finance company in Massachusetts.
NOW COME the parties in the above-captioned matter, the Division and Recreational Finance, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 8th day of October, 2014
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts