After taking into consideration the FINDINGS OF FACT and CONCLUSIONS OF LAW stated herein, it is hereby:
Global Money has engaged, or is about to engage in, acts or practices which warrant the belief that the Corporation is not operating honestly, fairly, soundly and efficiently in the public interest in violation of standards governing the licensing and conduct of a foreign transmittal agency including, but not limited to, the provisions under General Laws chapter 169 and the Division’s regulations at 209 CMR 44.00 et seq.
The public interest will be irreparably harmed by delay in issuing an ORDER TO CEASE AND DESIST against Global Money.
ORDERED that Global Money, any and all officers, directors, employees, independent contractors, or agents operating on behalf of Global Money, and their successors or assigns, shall immediately cease engaging directly or indirectly in the business of a foreign transmittal agency in Massachusetts, as defined in General Laws chapter 169, section 1, except as otherwise expressly permitted by the terms of this Temporary Order or by the Commissioner.
IT IS FURTHER ORDERED that Global Money shall notify all independent contractors, or agents operating on behalf of Global Money to immediately cease engaging directly or indirectly in the business of a foreign transmittal agency on behalf of Global Money.
IT IS FURTHER ORDERED that Global Money shall immediately secure all records, files, and documents (Records) relative to the Corporation’s foreign transmittal agency. Global Money is prohibited from destroying, altering, and/or modifying any of the referenced Records. The provisions of this Paragraph require Global Money to ensure that all agents operating on behalf of Global Money are directed to preserve all Records pursuant to the provisions of this Paragraph. The Records shall be available to the Commissioner in their entirety upon request.
IT IS FURTHER ORDERED that Global Money shall immediately process and remit all transmittal orders for funds received from Massachusetts consumers with no loss to the consumer. It being understood that "no loss to the consumer" shall mean that if the Corporation is unable to remit funds collected for transmittal, the consumer shall be entitled to a refund of all funds and any fees collected by Global Money. Global Money shall submit a detailed record to evidence compliance of this Paragraph in conjunction with the Report submitted to the Division as outlined in Paragraph 30 of this Temporary Order. Evidence of compliance shall include but not be limited to: receipts confirming the transmittal of funds; check numbers of payments issued by the Corporation to evidence reimbursements made to consumers, and the amount reimbursed to each individual.
IT IS FURTHER ORDERED that within two (2) days of the effective date of this Temporary Order Global Money shall submit to the Commissioner:
A detailed record, prepared as of the date of submission, of the Corporation’s accounting of the number and amount of Massachusetts transactions as of March 1, 2013 through the date of submission, of all transmittal orders for funds received from Massachusetts consumers. The report submitted to the Division shall include:
Transactions that were processed, including those transactions that were paid out, cancelled, voided, and/or reissued through another licensed money transmitter or remain unresolved. If the transactions were processed through another money transmitter, the Corporation shall submit receipts of all transactions processed through the money transmitter.
The Corporation’s record shall also include the names and addresses of all Massachusetts consumers from whom funds were collected for transmission. Additionally, the record shall include the dollar amount of all transmittal orders for funds received from Massachusetts consumers and a detailed list of any fees collected by the Corporation for the transmissions.
A detailed record, prepared as of the date of submission, of an accounting of any monetary damages caused to any Massachusetts consumers or any intended recipient of monies or monetary value received for transmission as a result of Global Money’s failure to remit funds, including but not limited to, any late charges incurred or penalties imposed on accounts.
IT IS FURTHER ORDERED that within five (5) days of the effective date of this Temporary Order, Global Money shall reimburse all fees collected by the Corporation for any transaction in which the Corporation received funds which were not transmitted within seven days following receipt thereof as required by Massachusetts General Laws chapter 169, section 8. 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 Corporation for such transaction. A record shall be provided to the Division of the names and addresses of all individuals whom the Corporation charged a fee, the total fees charged on each transaction, and check numbers of payments issued by the Corporation to evidence reimbursements made to consumers, and the amount reimbursed to each individual.
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.
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 Global Money 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 10th day of April, 2013
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts