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WHEREAS, WESTLAKE SERVICES, LLC d/b/a WESTLAKE FINANCIAL SERVICES, Los Angeles, California (Westlake or the Company), 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 20, 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, Westlake agrees to the issuance of this CONSENT ORDER (Order) by the Commissioner of Banks (Commissioner);
WHEREAS, an examination of Westlake was conducted pursuant to General Laws chapter 255B, section 3 as of February 18, 2015 to assess the Company’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 Westlake 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;
WHEREAS, Westlake entered into an Assurance of Discontinuance (the AOD) with the Massachusetts Attorney General’s Office on March 15, 2016 for settlement purposes only, and without admitting any fact or non-compliance with any state or federal law, rule, or regulation, to resolve allegations that it had purchased motor vehicle retail installment contracts (RICs) with annual percentage rates (APRs) in excess of the 21% limit established by General Laws chapter 255B, section 14 because it did not consider debt cancellation coverage (GAP) premiums as a finance charge for the purposes of this limit; 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 Westlake, and stipulate and agree as follows:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.
Dated at Boston, Massachusetts, this 20th day of December, 2016