On March 24, 2017, the Massachusetts Commissioner of Banks (“Commissioner”) entered into a consent order with a licensed motor vehicle sales finance company, agreeing to refrain from further violations of Massachusetts state law governing the conduct of motor vehicle sales financing. The consent order came after the Commissioner examined the company and subsequently issued a report alleging substantial non-compliance with applicable Massachusetts and federal laws.
The consent order also requires the company to pay an administrative penalty of $90,000 for its improper use of starter interrupt devices, to refund to each consumer any amounts collected after the date of repossession, and to refund to each consumer amounts paid that were more than the balance owed on their loans (after properly calculating the deficiency balance). |