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WHEREAS, SOURCE ONE FINANCIAL CORPORATION, Norwell, Massachusetts (Source One or the Corporation), a licensed motor vehicle sales finance company under Massachusetts General Laws chapter 255B, 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 December 5, 2013, 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, Source One agrees to the issuance of this CONSENT ORDER (Order) by the Commissioner of Banks (Commissioner);
WHEREAS, an examination of Source One was conducted pursuant to General Laws chapter 255B, section 3, as of June 11, 2012, to assess the Corporation’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 in the Commonwealth; and
WHEREAS, the Report of Examination (the Report) issued pursuant to the Division’s examination of Source One as of June 11, 2012 alleged substantial non-compliance with certain Massachusetts statutes, rules, and regulations governing the conduct of those engaged in the business of a motor vehicle sales finance company in Massachusetts.
WHEREAS, between the date of the Examination and the date of this Order, Source One has taken certain actions to address the Division’s concerns.
NOW COME the parties in the above-captioned matter, the Division and Source One, and stipulate and agree as follows:
Such response shall be confidential and not subject to disclosure, in accordance with Section 9 of this Order.
Any such progress reports shall be confidential and not subject to disclosure, in accordance with Section 9 of this Order.
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 5th day of December, 2013
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts