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The Commissioner of Banks ("Commissioner") having determined that one foreign transmittal agent location operated by NEW AGE FINANCIAL SERVICES, INC. D/B/A SOUTH EXCHANGE MONEY TRANSFERS ("New Age Financial" or the "Corporation") under license number FT4152 has engaged in, or is engaged in, or is about to engage in, acts or practices constituting violations of Massachusetts General Laws chapter 169, and applicable regulations found at 209 CMR 44.00 et seq., hereby issues the following ORDER TO CEASE AND DESIST pursuant to Massachusetts General Laws chapter 169, section 13(b).
FINDINGS OF FACT
A. Failure to Transmit Funds
All money received for transmission to a foreign country by any licensee shall be forwarded to the person to whom the same is directed within seven days following receipt thereof...
Grounds for license revocation under M.G.L. c. 169, § 12 and the issuance of cease and desist orders under M.G.L. c. 169, § 13 shall include, but are not limited to, the following prohibited acts and practices by Licensees:
(5) failing to forward all money received for transmission to a foreign country to the person to whom the same is directed within seven days following receipt thereof.
B. Failure to Establish Adequate and Appropriate Supervision Over Authorized Agents to Ensure Compliance with State Law
The commissioner may suspend or revoke any license issued pursuant to this chapter if he finds that: (a) the licensee has violated any provision of this chapter or any rule or regulation adopted hereunder or any other law applicable to the conduct of such business; or (b) any fact or condition exists which, if it had existed at the time of the original application for such license, would have warranted the commissioner to refuse to issue such license.
C. Failure to Notify the Division of the Closing of a Location
Licensees shall obtain the Commissioner's written prior approval of any change in or closing of a Massachusetts location. Written application to the Commissioner shall be made prior to any such change or closing and shall contain such other information as the Commissioner may require.
Conclusions of Law
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 22nd day of September, 2011
David J. Cotney
Commissioner of Banks
Commonwealth of Massachusetts(Temporary Order terminated upon entering of Consent Order on December 20, 2012)