Date: | 12/31/2024 |
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Organization: | Division of Banks |
Docket Number: | 2024-007 |
Location: | Boston, Massachusetts |
Whereas, Robinhood Credit, Inc. (“Robinhood Credit” or the “Corporation”), with its main office located at 85 Willow Rd, Menlo Park, CA 94025, has been advised of its rights to Notice and Hearing pursuant to Massachusetts General Laws (“M.G.L.”) chapter 30A, section 10, and having waived those rights, entered into a Stipulation and Consent to the issuance of a Consent Order (“Consent Agreement”) with the Division of Banks (“Division”), dated December 31, 2024, whereby, solely for the purpose of settling this matter and without admitting, and otherwise denying, any allegations of fact, or the existence of any violations of law, Robinhood Credit agrees to the issuance of this Consent Order (“Consent Order”) by the Commissioner of Banks (“Commissioner”);
Whereas, a person or entity must register with the Commissioner prior to acting as a third party loan servicer in Massachusetts pursuant to M.G.L. chapter 93, section 24A;
Whereas, a person or entity acting as a third party loan servicer in Massachusetts must comply with the requirements of 209 Code of Massachusetts Regulations (“C.M.R.”) 18.00 et seq.;
Whereas, Robinhood Credit is, and at all relevant times has been, a foreign corporation conducting business in the Commonwealth of Massachusetts with its main office located at 85 Willow Rd, Menlo Park, CA 94025;
Whereas, according to records maintained on file with the Division, and as recorded on the Nationwide Multi-State Licensing System and Registry (“NMLS”), on or about January 4, 2024, Robinhood Credit submitted an application for a third party loan servicer registration with the Division (“the application”);
Whereas, during a review of the application, the Division became aware that Robinhood Credit had engaged in the business of a third party loan servicer in Massachusetts without the appropriate registration; and
Whereas, the parties now seek to resolve by mutual agreement the matters identified above.