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WHEREAS, STATE CAP AUTO FINANCE, INC., Westport, Massachusetts (State Cap 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 October 10, 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 motor vehicle sales finance company, State Cap agrees to the issuance of this CONSENT ORDER (Order) by the Commissioner of Banks (Commissioner);
WHEREAS, an examination of State Cap was conducted pursuant to General Laws chapter 255B, section 3 as of January 8, 2010, which identified certain deficiencies in the Corporation’s operations;
WHEREAS, State Cap failed to perform all the corrective action required in response to the 2010 examination; andWHEREAS, an examination of State Cap was conducted pursuant to General Laws chapter 255B, section 3 as of March 11, 2014 to assess the Corporation’s level of compliance with applicable Massachusetts and federal statutes, rules and regulations governing the conduct of those engaged in the business of a motor vehicle sales finance company in the Commonwealth;
WHEREAS, the Report of Examination (the Report) issued pursuant to the Division’s examination of State Cap 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 in the Commonwealth, including unfair or deceptive acts or practices; and
WHEREAS, the parties now seek to resolve by mutual agreement, the matters identified in the Report.
NOW COME the parties in the above-captioned matter, the Division and State Cap, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 10th day of October, 2016
By: Terence A. McGinnis
Commissioner of Banks
Commonwealth of Massachusetts