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WHEREAS, U.S. MONEY EXPRESS CO., Chicago, Illinois (U.S. Money Express or the Corporation), a licensed foreign transmittal agency under Massachusetts General Laws chapter 169 has been advised of its right to Notice and Hearing pursuant to General Laws chapter 169, section 13, 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 June 11, 2014, 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 foreign transmittal agency, U.S. Money Express agrees to the issuance of this CONSENT ORDER (Order) by the Commissioner of Banks (Commissioner);
WHEREAS, an examination of U.S. Money Express was conducted pursuant to General Laws chapter 169, section 10, as of March 15, 2013 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 foreign transmittal agency in the Commonwealth; and
WHEREAS, the Report of Examination (the Report) issued pursuant to the Division’s examination of U.S. Money Express alleged non-compliance with applicable state statutes, rules, and regulations governing the conduct of those engaged in the business of foreign transmittal agency 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 U.S. Money Express, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 11th day of June, 2014
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts(Consent Order terminated on August 1, 2016)