DOB: 6717381 Canada Inc. - CO

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IN THE MATTER OF:

6717381 CANADA INC.
d/b/a SOLIDTRUST PAY

    ("SolidTrust Pay")

   
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CONSENT ORDER        

WHEREAS, the Banking Commissioner (“Commissioner”) is charged with the administration of Part V of Chapter 668, Sections 36a-595 to 36a-612, inclusive, of the Connecticut General Statutes, “Money Transmission Act”;

WHEREAS,
SolidTrust Pay is a Canadian corporation with an office at 47 William Street, Bobcaygeon, Ontario, Canada;

WHEREAS, the Commissioner, through the Consumer Credit Division of the Department of Banking, conducted an investigation pursuant to Section 36a-17(a) of the Connecticut General Statutes into the activities of SolidTrust Pay to determine if it had violated, was violating or was about to violate the provisions of the Connecticut General Statutes within the jurisdiction of the Commissioner;
 
WHEREAS, as a result of such investigation,  on April 7, 2014,the Commissioner, acting pursuant to Section 36a-608(c) of the 2014 Supplement to the General Statutes and Sections 36a-52(a) and 36a-50(a) of the Connecticut General Statutes, issued a Notice of Intent to Issue Order to Cease and Desist, Notice of Intent to Impose Civil Penalty and Notice of Right to Hearing (“Notice”) against SolidTrust Pay, which Notice is incorporated herein by reference;
 
WHEREAS, on April 8, 2014, the Notice was sent to the SolidTrust Pay by registered mail, return receipt requested (Registered Mail No. RA878574499US), and by certified mail, return receipt requested (Certified Mail No. 70121010000172646561);
 
WHEREAS, SolidTrust Pay received the Notice, and on May 9, 2014, SolidTrust Pay requested a hearing on the Notice, which hearing is currently scheduled for October 17, 2014;
 
WHEREAS, in the Notice the Commissioner alleged that SolidTrust Pay engaged in the business of money transmission in Connecticut without a license, in violation of Section 36a-597(a) of the 2014 Supplement to the General Statutes;
 
WHEREAS, Section 4-177(c) of the Connecticut General Statutes and Section 36a-1-55(a) of the Regulations of Connecticut State Agencies provide that a contested case may be resolved by consent order, unless precluded by law;
 
WHEREAS, the Commissioner and SolidTrust Pay now desire to resolve the matters alleged in the Notice and set forth herein;
 
WHEREAS, by email dated May 23, 2014, Counsel for SolidTrust Pay represented that SolidTrust Pay would immediately cease engaging in the alleged unlicensed money transmission business;
 
WHEREAS, on August 18, 2014, SolidTrust Pay filed with the Commissioner an application to obtain a license to engage in the business of money transmission, which application is currently pending;
 
WHEREAS, SolidTrust Pay specifically assures the Commissioner that the violation alleged in the Notice and set forth herein shall not occur in the future;
 
WHEREAS, SolidTrust Pay voluntarily agrees to consent to the entry of sanctions described below without admitting or denying any allegation contained in the Notice and set forth herein and solely for the purpose of obviating the need for further administrative proceedings concerning the allegation contained in the Notice and set forth herein;
 
WHEREAS, SolidTrust Pay agrees that the Notice may be used in construing the terms of this Consent Order, and agrees to the language of this Consent Order;
 
AND WHEREAS, SolidTrust Pay, through its execution of this Consent Order, voluntarily agrees to waive its procedural rights, including a right to a hearing as it pertains to the allegation contained in the Notice and set forth herein, and voluntarily waives its right to seek judicial review or otherwise challenge or contest the validity of this Consent Order.

CONSENT TO ENTRY OF SANCTIONS

WHEREAS, SolidTrust Pay, through its execution of this Consent Order, consents to the Commissioner’s entry of a Consent Order imposing the following sanctions:

1.
No later than the date this Consent Order is executed by SolidTrust Pay, SolidTrust Pay shall remit to the Department of Banking by cashier’s check, certified check or money order made payable to “Treasurer, State of Connecticut”, the sum of Twenty-five Thousand Dollars ($25,000) as a civil penalty;
2. No later than the date this Consent Order is executed by SolidTrust Pay, SolidTrust Pay shall remit to the Department of Banking by cashier’s check, certified check or money order made payable to “Treasurer, State of Connecticut”, the sum of Seven Thousand Six Hundred Twenty-five Dollars ($7,625) as payment for back licensing fees; and
3. SolidTrust Pay shall not engage in the future in the business of money transmission in Connecticut without a license, in violation of Section 36a-597(a) of the Connecticut General Statutes.


CONSENT ORDER

NOW THEREFORE, the Commissioner enters the following:

1.
The Sanctions set forth above be and are hereby entered;
2. Upon issuance of this Consent Order by the Commissioner, this matter will be resolved and the Commissioner will not take any future enforcement action against SolidTrust Pay based upon the allegation contained in the Notice and set forth herein; provided that issuance of this Consent Order is without prejudice to the right of the Commissioner to take enforcement action against SolidTrust Pay based upon a violation of this Consent Order or the matters underlying its entry, if the Commissioner determines that compliance with the terms herein is not being observed or if any representation made by SolidTrust Pay and reflected herein is subsequently discovered to be untrue;
3. Nothing in the issuance of this Consent Order shall adversely affect the ability of SolidTrust Pay to apply for or obtain an original license or renewal license under Part V of Chapter 668, Sections 36a-595 to 36a-612, inclusive, of the Connecticut General Statutes; and
4. This Consent Order shall become final when issued.


Issued at Hartford, Connecticut
this 30th day of September 2014.     _______/s/_________
                                                     Howard F. Pitkin
                                                     Banking Commissioner


I, Stella Hiemstra, state on behalf of 6717381 Canada Inc. d/b/a SolidTrust Pay, that I have read the foregoing Consent Order; that I know and fully understand its contents; that I am authorized to execute this Consent Order on behalf of 6717381 Canada Inc. d/b/a SolidTrust Pay, 6717381 Canada Inc. d/b/a SolidTrust Pay agrees freely and without threat or coercion of any kind to comply with the sanctions entered and terms and conditions ordered herein; and that 6717381 Canada Inc. d/b/a SolidTrust Pay voluntarily agrees to enter into this Consent Order, expressly waiving the procedural rights set forth herein as to the matters described herein.

                                            By: ________/s/___________
                                                  Name:  Stella Hiemstra
                                                  Title:  CEO
                                                  6717381 Canada Inc. d/b/a SolidTrust Pay

State of:  Ontario

County of:  Frontenac

On this the 11th day of September 2014, before me, John M. Glassco, the undersigned officer, personally appeared Stella Hiemstra who acknowledged himself/herself to be the CEO of 6717381 Canada Inc. d/b/a SolidTrust Pay, a Canadian corporation, and that he/she as such CEO, being authorized so to do, executed the foregoing instrument for the purposes therein contained, by signing the name of the limited liability company by himself/herself as CEO.

In witness whereof I hereunto set my hand.


                                                       _________/s/_________
                                                       Notary Public  
                                                       Date Commission Expires:  



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