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The Commissioner of Banks (Commissioner) having determined that DELBERT SERVICES CORPORATION and JOHN P. REDDAM, (collectively, Delbert Services or the Corporation), located at 7125 Pollock Drive, Las Vegas, Nevada have engaged, are engaged in, or are about to engage in, acts or practices constituting violations of Massachusetts General Laws chapter 93, sections 24 through 28, inclusive, Massachusetts General Laws chapter 140, sections 96 through 114A, inclusive and applicable regulations found at 209 CMR 18.00 et seq., 209 CMR 20.00 et seq., and 209 CMR 26.00 et seq., hereby issues the following TEMPORARY ORDER TO CEASE AND DESIST (Temporary Order) pursuant to General Laws chapter 93, section 24J.
A. FINDINGS OF FACT
A. Unfair or Deceptive Acts and Practices
Unfair methods of competition and unfair or deceptive acts or practices in the conduct of any trade or commerce are hereby declared unlawful.
The commissioner may reject an application for a [debt collector] license or an application for the renewal of a license if he is not satisfied that the financial responsibility, character, reputation, integrity and general fitness of the applicant and of the owners, partners or members thereof, if the applicant be a partnership or association, and of the officers and directors, if the applicant be a corporation, are such as to command the confidence of the public and to warrant the belief that the business for which the application for a license is filed will be operated lawfully, honestly and fairly.
(i) Collecting Debt on behalf of Unlicensed Entities
No person shall directly or indirectly engage in the business of making loans of six thousand dollars or less, if the amount to be paid on any such loan for interest and expenses exceeds in the aggregate an amount equivalent to twelve per cent per annum upon the sum loaned, without first obtaining from the commissioner of banks, in sections ninety-six to one hundred and fourteen, inclusive, called the commissioner, a license to carry on the said business in the town where the business is to be transacted.
Whoever, not being duly licensed as provided in section ninety-six on his own account or on account of any other person not so licensed, engages in or carries on, directly or indirectly, either separately or in connection with or as a part of any other business, the business of making loans or buying notes or furnishing endorsements or guarantees, to which sections ninety-six to one hundred and eleven, inclusive, apply, shall be punished by imprisonment in the state prison for not more than ten years or in a jail or house of correction for not more than two and one half years, or by a fine of not more than ten thousand dollars, or by both such fine and imprisonment. Any loan made or note purchased or endorsement or guarantee furnished by an unlicensed person in violation of said sections shall be void. [emphasis added].
(ii) Collecting Debt that Violates the Massachusetts Small Loans Act and Small Loan Rate Order
All persons subject, in whole or in part, to the provisions of M.G.L. c. 140, §§ 96 through 113, may charge, contract for, and receive the following maximum interest charges for loans not in excess of $6,000:
(a) 23% per annum of the unpaid balances of the amount financed calculated according to the actuarial method plus an administrative fee of $20 upon the granting of a loan. An administrative fee is not permitted to be assessed to a borrower more than once during any 12 month period.
B. Failure To Demonstrate the Financial Responsibility, Character, Reputation, Integrity, and General Fitness to Maintain a Debt Collector License
The commissioner may reject an application for a license or an application for the renewal of a license if he is not satisfied that the financial responsibility, character, reputation, integrity and general fitness of the applicant and of the owners, partners or members thereof, if the applicant be a partnership or association, and of the officers and directors, if the applicant be a corporation, are such as to command the confidence of the public and to warrant the belief that the business for which the application for a license is filed will be operated lawfully, honestly and fairly.
An applicant shall submit information demonstrating that the applicant possesses the character, reputation, integrity and fitness to engage in the business of a debt collector in an honest, fair, sound, and efficient manner.
B. CONCLUSIONS OF LAW
C. ORDER TO CEASE AND DESIST
After taking into consideration the FINDINGS OF FACT and CONCLUSIONS OF LAW stated herein, it is hereby:
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 4th day of April, 2013
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts