Consent Order  UNISA, Inc. Consent Order

Date:	05/15/2020
Organization:	Division of Banks
Docket Number:	2020-004

WHEREAS, UNISA INC. (“Unisa” or “Company”) has been advised of its rights to Notice and Hearing pursuant to Massachusetts General Laws 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 May 15, 2020 whereby, solely for the purpose of settling this matter and without admitting any allegations of fact or the existence of any violations of law, Unisa 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 Massachusetts General Laws chapter 93, section 24A;

            WHEREAS, Massachusetts General Laws chapter 93, section 24A has been in effect since February 24, 2004;

            WHEREAS, a person or entity acting as a third party loan servicer in Massachusetts must comply with the requirements of 209 CMR 18.00 et seq;

            WHEREAS, Unisa has its main office located at 7400 E Arapahoe Road, Suite 10, Englewood, Colorado 80112;

            WHEREAS, Unisa engaged in the business of a third party loan servicer from at least March 29, 1993 through present in Massachusetts without a third party loan servicer registration;

            WHEREAS, on or about March 13, 2019, Unisa submitted an application for a third party loan servicer registration with the Division (the “Application”);

            WHEREAS, as a part of Unisa’s application, the Division became aware that the Company had engaged in the business of a third party loan servicer in Massachusetts without a third party loan servicer registration;

            WHEREAS, the parties now seek to resolve by mutual agreement the matters identified above.

ORDER

NOW COME the parties in the above-captioned matter, the Division and the Company, and stipulate and agree as follows:

1. The Company shall pay an administrative penalty to the Division in the amount of thirty thousand dollars ($30,000.00).  The penalty shall be paid in two (2) installments of fifteen thousand dollars ($15,000.00).  The first installment shall be due upon execution of this Consent Order.  The second installment shall be due within six (6) months of this Consent Order.  Each installment shall be payable by check to the "Commonwealth of Massachusetts," mailed to the Division of Banks, Attn: Consumer Finance Licensing Unit, 1000 Washington Street, 10th Floor, Boston, Massachusetts 02118
2. Unisa shall immediately cease and desist from engaging in any business activity that requires licensing or registration from the Division, prior to obtaining the appropriate license or approval from the Division including, but not limited to, acting as a third party loan servicer in Massachusetts as such business is described in Massachusetts General Laws chapter 93, section 24A.
3. Unisa shall establish, implement, and maintain adequate internal policies and procedures to ensure that the Company refrains from engaging in any business activity that requires licensing or registration from the Division, prior to obtaining the appropriate license or approval from the Division.
4. Nothing in this Consent Order shall be construed as permitting Unisa to violate any law, rule, regulation, or regulatory bulletin to which the Company is subject.
5. Failure to comply with the terms of this Consent Order shall constitute grounds for formal regulatory action pursuant to applicable provisions of the General Laws of the Commonwealth of Massachusetts including, but not limited to, revocation of any and all licenses and registrations issued by the Division or denial of any applications pending with the Division.
6. This Consent Order shall become effective immediately upon the date of its issuance.
7. The provisions of this Consent Order shall be binding upon Unisa and its respective subsidiaries, officers and directors, successors and assigns, and those persons in active participation with them, directly or indirectly, acting individually or through any corporate or other entity.
8. In consideration of this Consent Order, the Division agrees not to pursue any other remedial measures, sanctions, or penalties relative to this matter unless the Division is made aware of material information that is not addressed in this Consent Order, or if Unisa fails to comply with the terms of this Consent Order.
9. The provisions of this Consent Order shall not limit, estop, or otherwise prevent any other state agency or department from taking any other action under separate authority affecting the Company or any of its officers and directors, or their successors or assigns.
10. The provisions of this Consent Order shall remain effective and enforceable except to the extent that and until such time as the Commissioner or a court of competent jurisdiction modifies, terminates, suspends, or sets aside any provision of this Consent Order.
11. In accordance with the terms of the Consent Agreement entered into by Unisa and the Commissioner, Unisa has waived all rights of appeal that it may have relative to this Consent Order or any of its provisions.
12. This Consent Order and the Consent Agreement are the complete documents representing the resolution of this matter.  There are no other agreements between the Division and Unisa.

BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:

Dated at Boston, Massachusetts, this 15th day of May, 2020.

By:

Mary L. Gallagher

Commissioner of Banks