Dyck-O'Neal, Inc. - Consent Order
By the Division of Banks
COMMONWEALTH OF MASSACHUSETTS
Suffolk, SS.
COMMISSIONER OF BANKS
DEBT COLLECTOR LICENSING
Docket No. 2011-009
CONSENT ORDER
In the Matter of
DYCK-O'NEAL, INC.
Arlington, Texas
Debt Collector License No. DC1208 & DC1209
WHEREAS, DYCK-O'NEAL, INC., Arlington, Texas ("Dyck-O'Neal" or the "Corporation"), a licensed debt collector under Massachusetts General Laws chapter 93, section 24A, has been advised of its right to Notice and Hearing pursuant to General Laws chapter 93, section 24J, and having waived those rights, entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER ("Consent Agreement") with representatives of the Division of Banks ("Division") dated May 5, 2011, whereby, solely for the purpose of settling this matter, and without admitting any allegations or implications of fact or the existence of any violation of state or federal laws and regulations governing the conduct and operation of a debt collector, Dyck-O'Neal agrees to the issuance of this CONSENT ORDER ("Consent Order") by the Commissioner of Banks ("Commissioner");
WHEREAS, an examination/inspection of Dyck-O'Neal was conducted pursuant to General Laws chapter 93, section 24D, as of October 5, 2010, to assess the Corporation's level of compliance with applicable Massachusetts statutes and the Division's regulations governing the conduct of those engaged in the business of a debt collector in the Commonwealth; and
WHEREAS, the Report of Examination/Inspection (the "Report") issued pursuant to the Division's examination/inspection of Dyck-O'Neal as of October 5, 2010 alleged non-compliance with certain applicable state and federal statutes, rules, and regulations governing the conduct of those engaged in the business of a debt collector in Massachusetts.
ORDER
NOW COME the parties in the above-captioned matter, the Division and Dyck-O'Neal, and stipulate and agree as follows:
1.Dyck-O'Neal shall ensure that the Corporation will continue to maintain a separate client trust account for Massachusetts consumers at a federally insured bank and will continue to deposit into such account the gross amount of monies collected from consumers and any other client funds. Dyck-O'Neal shall continue to maintain procedures to ensure that the Corporation deposits money collected for a creditor into a separate client trust account and not commingle such monies with the debt collector's own funds in accordance with the Division's regulation 209 CMR 18.11.
a.The Corporation shall continue to maintain written procedures to ensure that all client funds are maintained in accordance with the provisions of the Division's regulation 209 CMR 18.12 and that such account is routinely monitored and reconciled on a monthly basis.
2.Dyck-O'Neal shall establish, implement and maintain procedures to ensure that the Corporation does not communicate with a Massachusetts consumer in connection with the collection of any debt in excess of two telephone calls to a consumer's residence in each seven day period, in compliance with the provisions of 209 CMR 18.14(1)(d).
3.Dyck-O'Neal shall comply with all laws and regulations applicable to its conducting the business of a debt collector, including, but not limited to, Massachusetts General Laws chapter 93 sections 24 through 28, and the Division's regulation 209 CMR 18.00 et seq.
a.The Corporation's written response that addresses each of the violations and areas of concern specified in the Report has been accepted by the Commissioner and adequately describes the revised policies and procedures adopted by Dyck-O'Neal to implement all corrective actions set forth in: (i) the "Examiner's Comments and Conclusions" section of the Report and (ii) the provisions of this Consent Order; and:
b.Dyck-O'Neal shall continue to maintain procedures and policies to ensure that all applicable staff persons receive adequate instruction and ongoing, periodic training to ensure proper implementation and execution of the revised practices and procedures implemented pursuant to this Consent Order.
4.On the thirtieth (30th) day after the end of each calendar quarter following the date of this Consent Order, Dyck-O'Neal shall furnish written progress reports to the Division, which shall address and include the following:
a.A description of the form, content, and manner of any actions taken, if any, to further address each Section of this Consent Order and the results thereof, including but not limited to, documentation of client trust account activity that would demonstrate the Corporation's compliance with Section 1 of this Consent Order; and
b.Written findings prepared by Dyck-O'Neal detailing a review of management's and staff persons' adherence to the policies, programs, and procedures adopted pursuant to this Consent Order and to applicable statutes, regulations, and rules, as well as a description of any operational changes implemented, if any, during such quarter which are intended to continue to ensure Dyck-O'Neal's compliance condition in Massachusetts and the results thereof.
5.The reporting requirement to the Division referenced in Section 4 of this Consent Order shall remain in effect and shall not be amended or rescinded without the prior written modification, termination, or suspension of the applicable provision of this Consent Order from the Commissioner.
6.Nothing in this Consent Order shall be construed as permitting Dyck-O'Neal to violate any law, rule, regulation, or regulatory bulletin to which Dyck-O'Neal is subject.
7.In consideration of the foregoing Consent Order, the Division agrees not to pursue formal measures, relative to this matter, to suspend or revoke Dyck-O'Neal's debt collector license under General Laws chapter 93, section 24I, while this Consent Order is in effect.
8.Failure to comply with the terms of this Consent Order shall constitute grounds for license suspension and/or revocation, or other formal regulatory action pursuant to applicable provisions of the General Laws of the Commonwealth of Massachusetts.
9.This Consent Order shall become effective immediately upon the date of its issuance.
10.The provisions of this Consent Order shall remain effective and enforceable except to the extent that, and until such time as, any provisions of this Consent Order shall have been modified, terminated, suspended, or set aside by the Commissioner or upon an order of a court of competent jurisdiction.
11.This Consent Order and the Consent Agreement are the complete documents representing the resolution of this matter. There are no other agreements between the Division and Dyck-O'Neal.
BY ORDER AND DIRECTION OF THE COMMISSIONER OF BANKS:
Dated at Boston, Massachusetts, this 5th day of May, 2011
By: David J. Cotney
Commissioner of Banks
http://www.mass.gov/ocabr/business/banking-se ... sent-order.html
Department's Order to Cease & Desist Against Dyck-O'Neal, Inc. Becomes Final
Atlanta, Georgia — On June 22, 2009 an Order to Cease and Desist issued by the Georgia Department of Banking and Finance to Dyck-O'Neal, Inc. of Arlington, TX, became final. This Order to Cease and Desist was issued by the Department after it obtained evidence that Dyck-O'Neal, Inc. of Arlington, TX, engaged in mortgage broker/lending activities without a license or under an applicable exemption.
Pursuant to Georgia law, it is prohibited for any person knowingly to purchase, sell, or transfer a mortgage loan or loan application from or to an entity that is not licensed or exempt from licensing or registration provisions to engage in mortgage broker/lender activities.
Contact:
Rod Carnes
Deputy Commissioner for Non-Depository Financial Institutions
Phone: (770) 986-1371
E-mail:
[email protected]
The Department has regulatory and/or licensing authority over state-chartered banks, credit unions, trust companies, mortgage brokers, mortgage lenders, mortgage processors, check cashers, sale of check companies, money transmitters, international banking organizations, and bank holding companies conducting business in Georgia. Visit us on the Web at:http://dbf.georgia.gov/
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Associated Document(s): C&D_Dyck-O'Neal.pdf
http://www.georgia.gov/00/press/detail/0,2668 ... 4530617,00.html