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WHEREAS, THE MONEY SOURCE INC. (The Money Source or the Corporation), a licensed mortgage lender and debt collector under Massachusetts General Laws chapter 255E, section 2 and chapter 93, section 24A, respectively, has been advised of its right to Notice and Hearing pursuant to General Laws chapter 255E, section 7(a) and chapter 93, section 24J, 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 October 3, 2017, 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 mortgage lender, debt collector, or loan servicer, The Money Source agrees to the issuance of this CONSENT ORDER (Consent Order) by the Commissioner of Banks (Commissioner);
WHEREAS, a compliance examination of The Money Source was conducted pursuant to General Laws chapter 255E, section 8 and chapter 93, section 24D as of December 8, 2016, 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 mortgage lender, debt collector, and loan servicer in the Commonwealth;
WHEREAS, the Report of Examination (Report) issued pursuant to the Division’s Examination, alleged non-compliance with applicable Massachusetts and federal statutes, rules, and regulations governing the conduct and licensing of those engaged in the business of a mortgage lender, debt collector, and loan servicer in the Commonwealth; 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 The Money Source, stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 3rd day of October, 2017
By: Terence A. McGinnis
Commissioner of Banks
Commonwealth of Massachusetts