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Temporary Order to Cease and Desist

Temporary Order to Cease and Desist  AAA Plus Check Cashing, LLC and Mary E. Donald and Elliott O. May

Date: 07/14/2014
Organization: Division of Banks
Docket Number: 2014-013
Location: Medford, MA (AAA), Acton, MA (M. Donald), and Weston, MA (E. May)
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AAA Plus Check Cashing, LLC, Medford, MA and Mary E. Donald and Elliott O. May - Temporary Cease and Desist

COMMONWEALTH OF MASSACHUSETTS

Suffolk, SS.

COMMISSIONER OF BANKS
CHECK CASHER LICENSING
Docket No. 2014-013

FINDINGS OF FACT AND
TEMPORARY ORDER TO
CEASE AND DESIST

In the Matter of

AAA PLUS CHECK CASHING, LLC
Medford, Massachusetts
Check Casher License No: CC928653

and

MARY E. DONALD
Acton, Massachusetts

and

ELLIOTT O. MAY
Weston, Massachusetts

The Commissioner of Banks (Commissioner) having determined that AAA PLUS CHECK CASHING, LLC, (AAA Plus or the Company) located at 360 Salem Street, Medford, Massachusetts,  MARY E. DONALD (Mary Donald) and ELLIOTT O. MAY (Elliott May) have engaged in, or are engaged in, or are about to engage in, acts or practices constituting violations of Massachusetts General Laws chapter 169A, and applicable regulations found at 209 CMR 45.00 et seq., hereby issues the following FINDINGS OF FACT AND TEMPORARY ORDER TO CEASE AND DESIST (Temporary Order) pursuant to Massachusetts General Laws chapter 169A, section 9(b).

FINDINGS OF FACT

  1. The Division of Banks (Division), through the Commissioner, has jurisdiction over the licensing and regulation of persons and entities engaged in the check cashing business in Massachusetts pursuant to Massachusetts General Laws chapter 169A, section 2 and applicable regulations found at 209 CMR 45.00 et seq., which are administered by the Commissioner. 
  2. AAA Plus is, and at all relevant times has been, a corporation conducting business in the Commonwealth of Massachusetts.  AAA Plus’ main office is located at 360 Salem Street, Medford, Massachusetts.
  3. AAA Plus is licensed by the Commissioner as a check casher under Massachusetts General Laws chapter 169A, section 2.  According to records maintained on file with the Division and the Nationwide Multi-State Licensing System (NMLS), the Commissioner issued AAA Plus a license to engage in the business of a check casher at 360 Salem Street, Medford, Massachusetts on January 11, 2013 with license number CC928653.
  4. According to the Division’s records, Mary E. Donald is the 100% percent owner of AAA Plus.
  5. According to the Division’s records, Elliott May is the Branch Manager and the designated Compliance Officer of AAA Plus.
  6. AAA Plus is a check casher as defined by the Bank Secrecy Act (BSA) and its implementing regulation at 31 C.F.R. Chapter X.  AAA Plus is also required to register as a money services business with the Department of Treasury’s Financial Crimes and Enforcement Network (FinCEN) and is obligated to comply with all applicable BSA programmatic, recordkeeping, and reporting requirements.
  7. Pursuant to Massachusetts General Laws chapter 169A, section 10, the Division is authorized to inspect the books, accounts, records, and files of check cashers transacting business in Massachusetts to determine compliance with the provisions of Massachusetts General Laws or any rule, or regulation issued thereunder, and with any law, rule, or regulation applicable to the conduct of the business of a check casher.
  8. On or about April 10, 2014,  the Division commenced an examination of the books, accounts, papers, records, and files maintained by AAA Plus to evaluate the Company's compliance with the laws, regulations, and regulatory bulletins applicable to the conduct of the check cashing business in Massachusetts (2014 examination).
  9. The Division's Report of Examination (Report), which was issued to AAA Plus on the effective date of this Temporary Order, presented the findings of the 2014 examination and alleged significant failures to comply with applicable state and federal laws, rules, regulations, and regulatory bulletins governing the conduct of those engaged in the business of a check casher in Massachusetts.

    A. Failure to Demonstrate the Financial Responsibility, Character, Reputation, Integrity and General Fitness to Maintain a Check Casher License

  10. The Division’s regulation 209 CMR 45.04 establishes the application procedure for those entities that wish to engage in the check cashing business. 
  11. The Division’s regulation 209 CMR 45.04(2)(c) states in part:

    Character and Fitness. An Applicant shall submit information demonstrating that the Applicant:

    1. possesses the character, reputation, integrity, and fitness to engage in the business of a casher of checks in an honest, fair, sound and efficient manner;
    2. does not have an adverse credit history as determined by the Commissioner in a current credit report; and
    3. does not have a criminal record as set out in M.G.L. c. 169, § 3 second paragraph, clause (b).
  12. The Division’s regulation 209 CMR 45.05 establishes the licensing standards for check cashers and 209 CMR 45.05(2) states in part:

    (2) (a) The Commissioner may deny an application to engage in the business of check cashing, if the Commissioner upon review of the application and other relevant information, determines that the Applicant has not satisfied the requirements of M.G.L. c. 169A or 209 CMR 45.04.

    (b) The Commissioner may also deny such an application or the renewal thereof if the Applicant has:

    1. violated any provisions of M.G.L. c. 169A or 209 CMR 45.00;
    2. violated or engaged in a pattern of violations of any state or federal law applicable to the conduct of a business of a casher of checks or any rule, regulation or administrative order or directive promulgated thereunder;
    3. conducted or will conduct its business in an unsafe or unsound manner; and
    4. engaged in conduct which has resulted in the suspension or revocation of its license to engage in the business of a casher of checks or any other business by any licensing authority of any other state.

    i. Failure to Maintain Minimum Net Worth Requirements

  13. The Division’s Regulation 209 CMR 45.04(2)(a) states: 

    An Applicant shall demonstrate and provide the Commissioner with evidence of its financial responsibility and submit a sworn statement which states that the Applicant meets the following requirements. An Applicant shall demonstrate and maintain a net worth of not less than $25,000 and maintain adequate liquidity for the nature and volume of the Applicant's business.

  14. During the 2014 examination, the Division’s examiners reviewed the Company’s internal financial statements prepared as of December 31, 2013, which revealed that AAA Plus maintained an adjusted net worth of $6,120. 

    ii. Failure to Maintain Adequate Liquidity

  15. The Division’s Regulation 209 CMR 45.14(7) states: 

    Grounds for license revocation under M.G.L. c. 169A, § 8 and the issuance of cease and desist orders under M.G.L. c. 169A, § 9 shall include, but are not limited to, the following prohibited acts and practices by Licensees:

    (7) failing to maintain adequate liquidity for the nature and volume of the Licensee's business.

  16. During the 2014 examination, the Division’s examiners determined that AAA Plus has consistently failed to maintain adequate liquidity for the nature and volume of its check cashing business.
  17. Books and records reviewed by the Division’s examiners during the 2014 examination revealed that the Company does not maintain enough cash on hand to manage its daily volume.  AAA Plus instead routinely issues money orders to Massachusetts consumers who wish to cash large dollar value checks instead of paying out cash.
  18. The Division’s examiners review of AAA Plus’ April 2014 bank statement revealed that the Company’s operating account had incurred overdraft fees of $150.00.  The March 2014 bank statements revealed that AAA Plus maintained a negative daily balance on at least five occasions and on at least three additional occasions the Company’s Automated Clearing House (ACH) debits to Western Union’s Money Order services were reversed due to insufficient funds.
  19. On or about April 10, 2014, AAA Plus’ relationship with Western Union was terminated.
  20. Upon information and belief, as of the date of this Temporary Order, the Company does not currently have the ability to issue money orders.

    iii. Failure to Provide Audited Financial Statements

  21. The Division’s regulation 209 CMR 45.04(2)(b)(3) states, in part:

    An Applicant for a license shall submit financial statements audited by an independent certified public accountant within 120 days of the close of its fiscal year. If audited financial statements were not prepared, an Applicant shall submit financial statements reviewed by an independent certified public accountant within 120 days of the close of its fiscal year.

  22. Upon information and belief, the Company’s fiscal year ends as of December 31. 
  23. As of the date of this Temporary Order, the Company has failed to provide audited or reviewed financial statements for 2013.

    B. Unlicensed Check Cashing Activity

  24. Massachusetts General Laws chapter 169A, section 2 states in part:

    No person or entity shall engage in cashing checks, drafts or money orders for a consideration in excess of one dollar per item without first obtaining a license from the commissioner.

  25. The Division’s Regulation 209 CMR 45.03 states, in part:

    No person or entity shall engage in cashing checks, drafts or money orders for a consideration in excess of $1.00 per item without first obtaining a license from the Commissioner.

  26. During the 2014 examination, the Division’s examiners reviewed transaction logs and supporting documentation maintained by the Company.  A review of AAA Plus’s books and records revealed that the Company had been engaged check cashing activity prior to obtaining a check casher license from the Division.
  27. Books and records reviewed by the Division’s examiners indicated that on numerous occasions, AAA Plus cashed consumer checks for a fee in excess of one dollar prior to obtaining licensure.  For example, the Division’s review of one transaction which occurred on November 23, 2012, indicated that the Company cashed a check in the amount of $21,250 and charged the consumer a fee of $250.
  28. According to the Division’s records, AAA Plus filed an application for a check casher license on July 26, 2012 and that application was not approved until January 11, 2013. 

    C. Failure to File Currency Transaction Reports (CTRs).

  29. The BSA’s implementing regulation at 31 CFR §1010.311, states in part:

    Each financial institution other than a casino shall file a report of each deposit, withdrawal, exchange of currency or other payment or transfer, by, through, or to such financial institution which involves a transaction in currency of more than $10,000.

  30. The BSA’s implementing regulation at 31 CFR §1010.306(a)(1), states in part:

    A report required by §1010.311 or §1021.311, shall be filed by the financial institution within 15 days following the day on which the reportable transaction occurred.

  31. During the 2014 examination, Elliott May the designated compliance officer of AAA Plus notified the Division’s examiners that he had no part in filing any Currency Transaction Reports (CTRs) and instead the store manager was responsible for filing all reports.
  32. During the 2014 examination, the Division’s examiners requested that the compliance officer, Elliott May, produce all CTRs filed and while Mr. May took several hours reviewing folders he was not able to produce any evidence that CTRs had been filed.  Upon independent review by the Division, it was discovered that AAA Plus filed three CTRs.
  33. The Division’s examiners review of the three CTR’s that were filed indicated that they were filed beyond the fifteen day timeframe.  In one transaction, a check was cashed on June 11, 2013 in the amount of $56,750, the corresponding CTR was filed on February 12, 2014, 246 days after the transaction was conducted.
  34. Based upon a review of AAA Plus’ transaction logs, the Division’s examiners determined that the Company had failed to file at least 39 CTRs.

    D. Failure to Develop, Implement and Maintain an Effective Anti-Money Laundering Program

  35. The BSA’s implementing regulation at 31 CFR §1022.210(a)–(b) states, in part:

    (a) Each money services business . . . shall develop, implement and maintain an effective anti-money laundering program . . . .  that is reasonably designed to prevent the money services business from being used to facilitate money laundering and the financing of terrorist activities.

    (b) The program shall be commensurate with the risks posed by the location and size of, and the nature and volume of the financial services provided by, the money services business.

  36. The BSA’s implementing regulation at 31 CFR §1022.210(d) requires all money services businesses including certain check cashers such as AAA Plus which is subject to the provisions of  BSA, to implement written anti-money laundering policies and procedures that, at a minimum: (1) incorporate policies and procedures and internal controls reasonably designed to assure compliance with this part, including requirements verifying customer identification, filing reports, creating and retaining records, and responding to law enforcement requests;  (2) designate a person to assure day to day compliance with the program; (3) provide for education and/or training of appropriate personnel, including training in the detection of suspicious transactions; and (4) provide for independent review to monitor and maintain an adequate program.

    i. Policies, Procedures and Internal Controls

    Failure to Comply with Written Policies and Procedures

  37. Books and Records reviewed by the Division’s examiners during the 2014 examination revealed that AAA Plus’ anti-money laundering program was deficient as the Company failed to implement and comply with effective internal controls; and effectuate integral policies and procedures related to reporting practices to ensure compliance with BSA requirements as more specifically enumerated in this Temporary Order and in the Report.
  38. The Division’s examiner determined that the failure to comply with its own policies and procedures resulted in AAA Plus’ failure to comply with basic reporting and indicates that the Company has weak internal controls, which are not sufficient to minimize any of the risks associated with money laundering. 
  39. Books and records reviewed by the Division’s examiners revealed that while Elliott May, the designated compliance officer, indicated to the Division’s examiners that CTRs had been filed, he was not able to provide paper copies evidencing any such filing and a review of the Company’s transaction logs revealed that AAA Plus had failed to file at least 39 CTRs.

    ii. Designated Compliance Officer

  40. The BSA’s implementing regulation at 31 CFR §1022.210(d)(2) states, in part:

    [The money services business’ anti-money laundering program shall] [d]esignate a person to assure day to day compliance with the program and this part.  The responsibilities of such person shall include assuring that:  (i) The money services business properly files reports, and creates and retains records, in accordance with applicable requirements of this part; (ii) The compliance program is updated as necessary to reflect current requirements of this part, and related guidance issued by the Department of the Treasury; and (iii) The money services business provides appropriate training and education in accordance with paragraph (d)(3) of this section.

  41. AAA Plus’ has designated a compliance officer, Elliott May; however, the 2014 examination revealed that the compliance officer failed to effectively perform the required duties necessary for that position.  Specifically, as explained in more detail in this Temporary Order and in the Report, the compliance officer failed to ensure that AAA Plus filed CTRs as required pursuant to 31 CFR 1010.311, and failed to file CTRs within 15 days of the transaction occurring as required pursuant to 31 CFR §1010.306(a)(1).  Elliott May instead determined that it would be more appropriate to delegate his duties to the store manager of AAA Plus and notified the Division’s examiners that he had no part in filing CTRs.
  42. Elliot May’s failure to ensure that CTRs were filed demonstrates a serious failure to comply with federal anti-money laundering regulations.

    iii. Education and Training

  43. The BSA’s implementing regulation at 31 CFR §1022.210(d)(3) states:

    [The money services business’ anti-money laundering program shall] [p]rovide education and/or training of appropriate personnel concerning their responsibilities under the program, including training in the detection of suspicious transactions to the extent that the money services business is required to report such transactions under this part.

  44. AAA Plus’s compliance program indicates that the Company trains its personnel annually.  Additionally, the compliance program notes that the Company’s training consists of utilizing its compliance manual and FinCEN’s money services business materials to effectuate training and thereafter the company administers a compliance quiz.  However, the 2014 examination revealed that, in practice, the training program evidently did not effectively ensure that all personnel were adequately trained to file required reports as specifically explained in this Temporary Order and in the Report. 

    iv. Independent Review

  45. The BSA’s implementing regulation at 31 CFR §1022.210(d)(4) states:

    [The money services business’ anti-money laundering program shall] [p]rovide for independent review to monitor and maintain an adequate program. The scope and frequency of the review shall be commensurate with the risk of the financial services provided by the money services business. Such review may be conducted by an officer or employee of the money services business so long as the reviewer is not the person designated in paragraph (d)(2) of this section.

  46. Books and records reviewed by the Division’s examiners during the 2014 examination revealed that AAA Plus failed to ensure that an independent review was conducted in accordance with the requirements of 31 CFR §1022.210(d)(4).  The Company had previously relied on a review performed by its bank as its independent review; however, the review was insufficient and did not uncover any of the deficiencies identified by the Division’s examiners during the 2014 examination.

    E. Failure to Notify the Division of a Significant Event

  47. The Division’s regulation 209 CMR 45.12(2)(a) states in part:

    30 days prior to any proposed change in control occurs in the ownership of a Licensee, or among the officers, partners or directors of a Licensee, a notice shall forthwith be filed with the Commissioner who may thereupon cause such investigation to be made as he deems necessary, as if it were a new license.

  48. According to the Division’s records, on or about July 26, 2012, AAA Plus filed an application for a check casher license.  The license application indicated that AAA Plus was solely owned by Mary Donald.
  49. During the 2014 examination, the Division’s examiners review of the Company’s internal financial statements as of December 31, 2013, identified both Elliott May and Mary Donald as owners of the Company.
  50. Upon inquiry as to the ownership structure, Elliott May notified the Division’s examiners that he owned forty (40) percent  of the Company and Mary Donald owned sixty (60) percent of the Company and further notified the Division’s examiner that the change in the ownership structure had occurred “a while ago,” however he could not remember an exact date. 
  51. The Division has never received any notice regarding the change in ownership and therefore the Division has been unable to conduct any investigation necessary pursuant to the provisions of 209 CMR 45.12(2)(a) to adequately evaluate the change in control.

    F. Failure to Maintain Adequate Books and Records.

  52. The Division’s Regulation, 209 CMR 45.10(1) states, in part:

    Each Licensee shall keep and use within the Commonwealth its books, records and accounts in a manner which will allow the Commissioner to determine whether the Licensee is complying with the provisions of M.G.L. c. 169A and 209 CMR 45.00 and applicable state and federal laws and regulations.

  53. On or about March 20, 2014, the examiner sent a pre-examination request to the Company, requesting multiple documents including AAA Plus’ bank statements.
  54. Upon arrival on-site, the Division’s examiner requested the Company’s bank statements on numerous occasions and the Company was unable to produce the statements.
  55. On or about May 8, 2014, the Division issued a 24-hour demand letter requesting the bank statements.
  56. Upon receipt of the 24-hour demand letter, AAA Plus produced the bank statements.

    G. Failure to Disclose License Type and Number

  57. The Division’s regulation 209 CMR 45.13 states:

    A Licensee shall disclose the type and number of its license(s) to all patrons as required under M.G.L. c. 169A and 209 CMR 45.00. A Licensee shall also disclose the type and number of its license(s) in all advertisements used in the Commonwealth which advertise or refer to the licensee's business of cashing of checks, drafts or money orders.

  58. The Division’s regulation 209 CMR 45.14(3) states:

    Grounds for license revocation under M.G.L. c. 169A, § 8 and the issuance of cease and desist orders under M.G.L. c. 169A, § 9 shall include, but are not limited to, the following prohibited acts and practices by Licensees:

    (3) failing to disclose the type and number of its license(s) in all advertisements.

  59. A review of AAA Plus’ website, www.aaa-check-cashing.com revealed that the Company failed to disclose its license type and number.

    H. Failure to Disclose Appropriate Fees

  60. The Division’s regulation 209 CMR 45.14(9) states:

    Grounds for license revocation under M.G.L. c. 169A, § 8 and the issuance of cease and desist orders under M.G.L. c. 169A, § 9 shall include, but are not limited to, the following prohibited acts and practices by Licensees:

    (9) accepting any fees or charges which were not disclosed in accordance with M.G.L. c. 169A or 209 CMR 45.00.

  61. During the Division’s review of the website maintained by AAA Plus, the Company indicated that it charged “one low flat fee no matter how big the check.”  However, during the 2014 examination, the examiner noted that the Company actually has a separate fee schedule outlining different amounts for different types of checks which is posted on-site.  Based upon information and belief the Company in practice relied on the fee schedule posted on-site.

    I. Other Violations

  62. In addition to the violations specifically set forth in this Temporary Order, a Report prepared as of April 10, 2014 and to be provided to AAA Plus in conjunction with the issuance of this Temporary Order, describes other violations observed during the 2014 examination.

    CONCLUSIONS OF LAW

  63. Based on the information contained in Paragraphs 1 through 62, AAA Plus has failed to demonstrate the financial responsibility, character, reputation, integrity, and general fitness that would warrant the belief that the business will operated honestly, fairly, and soundly in the public interest in violation of Massachusetts General Laws chapter 169A, section 3, and the Division’s regulations 209 CMR 45.04 and 209 CMR 45.05.
  64. Based on the information contained in Paragraphs 1 through 62, AAA Plus has failed to maintain the minimum net worth required to maintain a check casher license in the Commonwealth, in violation of the Division’s regulation 209 CMR 45.04(2)(a).
  65. Based on the information contained in Paragraphs 1 through 62, AAA Plus has failed to maintain adequate liquidity for the nature and volume of the Company’s business in violation of the Division’s regulations at 209 CMR 45.04(2)(a) and 209 45.14(7).
  66. Based on the information contained in Paragraphs 1 through 62, AAA Plus failed to submit audited  or reviewed financial statements to the Division, for review in violation of the Division’s regulation 209 CMR 45.04(2)(b)(3).
  67. Based upon the information contained in Paragraphs 1 through 62, by cashing checks, for a consideration in excess of one dollar per item prior to  obtaining a license from the Division, AAA Plus violated Massachusetts General Laws chapter 169A, section 2 and the Division’s regulation 209 CMR 45.03.
  68. Based upon the information contained in Paragraphs 1 through 62, AAA Plus failed to file at least 39 CTRs, in violation of 31 CFR §1010.311.
  69. Based upon the information contained in Paragraphs 1 through 62, AAA Plus failed to file at least three CTRs within fifteen days of the date of the transaction, in violation of 31 CFR §1010.31(a)(1).
  70. Based upon the information contained in Paragraphs 1 though 62, AAA Plus failed to implement and maintain an effective anti-money laundering program commensurate with the risks posed by the location and size of, and nature and volume of the financial services provided by the Company, in violation of 31 CFR §1022.210.
  71. Based upon the information contained in Paragraphs 1 though 62, AAA Plus failed to implement effective internal controls and effectuate integral policies, and procedures to ensure compliance with The Bank Secrecy Act’s requirements, in violation of 31 CFR 1022.210(d).
  72. Based upon the information contained in Paragraphs 1 though 62, AAA Plus’ designated compliance officer failed to effectively perform the duties required to ensure compliance with The Bank Secrecy Act’s requirements, in violation of 31 CFR §1022.210(d)(2).
  73. Based upon the information contained in Paragraphs 1 though 62, AAA Plus failed to ensure that the appropriate personnel had received the education and/or training required to ensure compliance with the Bank Secrecy Act’s requirements in violation of 31 CFR §1022.210(d)(3).
  74. Based upon the information contained in Paragraphs 1 though 62, AAA Plus failed to provide for a appropriate independent review to monitor and maintain an adequate anti money laundering program as required, to ensure compliance with The Bank Secrecy Act’s requirements in violation of 31 CFR §1022.210(d)(4).
  75. Based on the information contained in Paragraphs 1 through 62, AAA Plus failed to notify the Division of the Company’s change in ownership, in violation of the Division’s regulation 209 CMR 45.12(2)(a). 
  76. Based on the information contained in Paragraphs 1 through 62, AAA Plus failed to maintain adequate books and records to ensure compliance, in violation of the Division’s regulation 209 CMR 45.10(1).
  77. Based on the information contained in Paragraphs 1 through 62, AAA Plus failed to disclose the Company’s license type and number on its website, in violation of the Division’s regulations 209 CMR 45.13 and 209 CMR 45.14(3).
  78. Based on the information contained in Paragraphs 1 through 62, AAA Plus engaged in a prohibited act and/or practice by disclosing fees on the Company’s website that were inconsistent with those fees posted on-site, in violation of the Division’s regulation 209 CMR 45.14(9).
  79. Based upon the information contained in Paragraphs 1 through 62, the public interest will be harmed by delay in issuing an Order to Cease and Desist under General Laws chapter 169A, section 9 because, upon information and belief, AAA Plus has failed to maintain the required net worth and liquidity necessary to cash checks for Massachusetts consumers.  As of the date of this Temporary Order, AAA Plus has also failed to demonstrate that the Company has an effective Anti-Money Laundering program, and it is unknown the extent of harm caused to Massachusetts consumers. 
  80. Based on the information contained in Paragraphs 1 through 62, had the facts and conditions found therein existed at the time of AAA Plus’ original check casher license application for license number CC928654, the Commissioner would have been warranted in refusing to issue such license.
  81. Based upon the information contained in Paragraphs 1 through 62, the Commissioner has determined that:
    1. AAA Plus has engaged, or is about to engage in, acts or practices which warrant the belief that the Company is not operating honestly, fairly, soundly and efficiently in the public interest in violation of standards governing the licensing and conduct of a check casher including, but not limited to, the provisions under General Laws chapter 169A and the Division’s regulations at 209 CMR 45.00 et seq.
    2. The public interest will be irreparably harmed by delay in issuing an ORDER TO CEASE AND DESIST against AAA Plus.

      ORDER TO CEASE AND DESIST

      After taking into consideration the FINDINGS OF FACT and CONCLUSIONS OF LAW stated herein, it is hereby:

  82. ORDERED that AAA Plus, any and all officers, directors, employees, independent contractors, or agents operating on behalf of AAA Plus, and their successors or assigns, shall immediately cease engaging directly or indirectly in the business of a check casher in Massachusetts, as defined in General Laws chapter 169A, section 1, except as otherwise expressly permitted by the terms of this Temporary Order or by the Commissioner.
  83. IT IS FURTHER ORDERED that Mary Donald shall immediately cease engaging in the check cashing business as defined in General Laws chapter 169A, section 1 and furthermore is prohibited from taking an ownership position in an entity licensed under General Laws chapter 169A and from participating, in any manner, in the responsibilities or duties of a control person of such an entity. 
  84. IT IS FURTHER ORDERED that Elliott May shall immediately cease engaging in the check cashing business as defined in General Laws chapter 169A, section 1 and furthermore is prohibited from taking an ownership position in an entity licensed under General Laws chapter 169A and from participating, in any manner, in the responsibilities or duties of a control person of such an entity. 
  85. IT IS FURTHER ORDERED that AAA Plus shall post, in a clear and conspicuous manner, in its office and within the immediate area of the business location a notice which contains the following statement:  If you have an unresolved complaint you may contact the Division of Banks by calling the Division's Consumer Assistance Unit at (800) 495-2265 ext. 501 within Massachusetts, outside of Massachusetts call (617) 956-1500 ext. 501, or by sending a written complaint to the Division of Banks, 1000 Washington Street, 10th Floor, Boston, MA 02118.
  86. IT IS FURTHER ORDERED that AAA Plus shall immediately secure all records, files, and documents (Records) relative to the Company’s check cashing business.  AAA Plus is prohibited from destroying, altering, and/or modifying any of the referenced Records.  The Records shall be available to the Commissioner in their entirety upon request.
  87. IT IS FURTHER ORDERED that AAA Plus shall, within five (5) days of the effective date of this Temporary Order, provide the Division with a complete record of all checks cashed, including the dollar amount of the checks cashed and the fees charged by the Company to consumers during the period from July 26, 2012, through the effective date of this Temporary Order.
  88. IT IS FURTHER ORDERED that AAA Plus, shall reimburse all fees collected by the Company for unlicensed check cashing activity.  Reimbursements shall be made to each person on a per transaction basis in an amount equal to the entire portion of the fee retained by the Company for such transaction.  A record shall be provided to the Division of the names and addresses of all individuals whom the Company charged a fee for the purpose of cashing a check, the total fees charged on each transaction, and check numbers of payments issued by the Company to evidence reimbursements made to consumers, and the amount reimbursed to each individual.
  89. IT IS FURTHER ORDERED that this Temporary Order shall become effective immediately and shall remain in effect unless set aside, limited or suspended by the Commissioner or upon court order after review pursuant to General Laws chapter 30A.
  90. IT IS FURTHER ORDERED that a hearing will be scheduled on this matter to determine whether or not such Temporary Order shall become permanent and final only upon receipt of a written request for such a hearing from the Licensee within twenty (20) days of the effective date of this Temporary Order.  If no hearing is requested within this twenty (20) day period, this Temporary Order shall become permanent and final until it is modified or vacated by the Commissioner.

BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS.

Dated at Boston, Massachusetts, this 15th day of July, 2014

David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts

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